Total monthly cost of ownership
Cost to Own a Home in Gloucester Point, Virginia
A $287,000 home here costs
$2,155per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,475. The real number is $680 higher every month — 46% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Gloucester Point against Gloucester County and Virginia
| Measure | Gloucester Point | Gloucester County |
|---|---|---|
| Median home value | $286,500 | $289,200 |
| Median property tax | $1,724 | $1,718 |
| Effective tax rate | 0.602% | 0.594% |
| Median gross rent | $1,053 | $1,144 |
| Population | 11,159 | 39,228 |
The weather behind that power bill
Gloucester Point sits in Gloucester County, which averages a high of 84.8°F in its hottest month and a low of 29.4°F in its coldest, with 51.94" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 1,287 cooling and 3,944 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Gloucester County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Gloucester County
Full Gloucester County cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Gloucester Point?
A $287,000 home in Gloucester Point, Virginia costs approximately $2,155 per month with 20% down at 6.66%. That is $1,475 principal and interest, $144 property tax, $71 homeowners insurance, $226 utilities and $239 set aside for maintenance.
What is the property tax rate in Gloucester Point?
Gloucester Point has an effective property tax rate of 0.602%, based on a median home value of $286,500 and median real estate taxes of $1,724. That is in line with the Gloucester County average of 0.594%.
What is the average home price in Gloucester Point?
The median owner-occupied home value in Gloucester Point, Virginia is $286,500, against $289,200 across Gloucester County.
Is it cheaper to rent or buy in Gloucester Point?
Median gross rent in Gloucester Point is $1,053 a month, against $2,155 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Gloucester Point — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Virginia.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.