Total monthly cost of ownership
Cost to Own a Home in Norton, Virginia
A $101,000 home here costs
$920per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $519. The real number is $401 higher every month — 77% 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.
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 $158 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.
Common questions
How much does it cost to own a home in Norton?
A $101,000 home in Norton, Virginia costs approximately $920 per month with 20% down at 6.66%. That is $519 principal and interest, $66 property tax, $25 homeowners insurance, $226 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 $920 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 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.