Total monthly cost of ownership
Cost to Own a Home in Hopewell, Virginia
A $165,000 home here costs
$1,386per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $848. The real number is $538 higher every month — 63% 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.
Hopewell against Hopewell city and Virginia
| Measure | Hopewell | Hopewell city |
|---|---|---|
| Median home value | $165,100 | $165,100 |
| Median property tax | $1,600 | $1,600 |
| Effective tax rate | 0.969% | 0.969% |
| Median gross rent | $1,085 | $1,085 |
| Population | 22,944 | 22,944 |
The weather behind that power bill
Hopewell sits in Hopewell city, which averages a high of 89.6°F in its hottest month and a low of 31.2°F in its coldest, with 50.07" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 1,741 cooling and 3,261 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Hopewell city — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hopewell city
No other places of this size are published in Hopewell city.
Full Hopewell city cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Hopewell?
A $165,000 home in Hopewell, Virginia costs approximately $1,386 per month with 20% down at 6.66%. That is $848 principal and interest, $133 property tax, $41 homeowners insurance, $226 utilities and $138 set aside for maintenance.
What is the property tax rate in Hopewell?
Hopewell has an effective property tax rate of 0.969%, based on a median home value of $165,100 and median real estate taxes of $1,600. That is in line with the Hopewell city average of 0.969%.
What is the average home price in Hopewell?
The median owner-occupied home value in Hopewell, Virginia is $165,100, against $165,100 across Hopewell city.
Is it cheaper to rent or buy in Hopewell?
Median gross rent in Hopewell is $1,085 a month, against $1,386 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 Hopewell — 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.