Total monthly cost of ownership
Cost to Own a Home in Newport News, Virginia
A $243,000 home here costs
$2,066per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $88,500 a year.
A standard mortgage calculator would have told you $1,346. The real number is $720 higher every month, 53% more than the payment most buyers budget for.
Compare Newport News city with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Newport News against Newport News city and Virginia
| Measure | Newport News | Newport News city |
|---|---|---|
| Median home value | $243,300 | $243,300 |
| Median property tax | $2,507 | $2,507 |
| Effective tax rate | 1.030% | 1.030% |
| Median gross rent | $1,285 | $1,285 |
| Population | 184,774 | 184,774 |
The weather behind that power bill
Newport News sits in Newport News city, which averages a high of 88.2°F in its hottest month and a low of 30.6°F in its coldest, with 45.14" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,562 cooling and 3,536 heating degree days, which is what sets the $181 electricity line above.
See the full climate breakdown for Newport News city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Newport News city
No other places of this size are published in Newport News city.
Full Newport News city cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Newport News averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Newport News every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Newport News I already own here and may sell
Common questions
How much does it cost to own a home in Newport News?
A $243,000 home in Newport News, Virginia costs approximately $2,066 per month with 20% down at 7.4%. That is $1,346 principal and interest, $209 property tax, $60 homeowners insurance, $249 utilities and $203 set aside for maintenance.
What is the property tax rate in Newport News?
Newport News has an effective property tax rate of 1.030%, based on a median home value of $243,300 and median real estate taxes of $2,507. That is in line with the Newport News city average of 1.030%.
What is the average home price in Newport News?
The median owner-occupied home value in Newport News, Virginia is $243,300, against $243,300 across Newport News city.
Is it cheaper to rent or buy in Newport News?
Median gross rent in Newport News is $1,285 a month, against $2,066 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Newport News?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Newport News, Virginia at today's rate takes a household income of roughly $88,500 a year. That covers the full $2,066 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Newport News, 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.