Total monthly cost of ownership
Cost to Own a Home in Norton, Virginia
A $101,000 home here costs
$976per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $42,000 a year.
A standard mortgage calculator would have told you $551. The real number is $425 higher every month, 77% more than the payment most buyers budget for.
Compare Norton city with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Norton from a five-year rolling sample, and with about 3,620 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Norton city figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Norton against Norton city and Virginia
| Measure | Norton | Norton city |
|---|---|---|
| Median home value | $100,700 | $100,700 |
| Median property tax | $787 | $787 |
| Effective tax rate | 0.782% | 0.782% |
| Median gross rent | $670 | $670 |
| Population | 3,620 | 3,620 |
The weather behind that power bill
Norton sits in Norton city, which averages a high of 80.6°F in its hottest month and a low of 24.6°F in its coldest, with 51.63" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 587 cooling and 4,797 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Norton city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Norton city
No other places of this size are published in Norton city.
Talk to someone who works this market
These are Norton 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 Norton every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Norton I already own here and may sell
Common questions
How much does it cost to own a home in Norton?
A $101,000 home in Norton, Virginia costs approximately $976 per month with 20% down at 7.24%. That is $551 principal and interest, $66 property tax, $25 homeowners insurance, $250 utilities and $84 set aside for maintenance.
What is the property tax rate in Norton?
Norton has an effective property tax rate of 0.782%, based on a median home value of $100,700 and median real estate taxes of $787. That is in line with the Norton city average of 0.782%.
What is the average home price in Norton?
The median owner-occupied home value in Norton, Virginia is $100,700, against $100,700 across Norton city.
Is it cheaper to rent or buy in Norton?
Median gross rent in Norton is $670 a month, against $976 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 Norton?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Norton, Virginia at today's rate takes a household income of roughly $42,000 a year. That covers the full $976 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Norton, 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.