Total monthly cost of ownership
Cost to Own a Home in Portsmouth, Virginia
A $229,000 home here costs
$1,855per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,177. The real number is $677 higher every month — 58% 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.
Portsmouth against Portsmouth city and Virginia
| Measure | Portsmouth | Portsmouth city |
|---|---|---|
| Median home value | $229,400 | $229,400 |
| Median property tax | $2,452 | $2,452 |
| Effective tax rate | 1.069% | 1.069% |
| Median gross rent | $1,266 | $1,266 |
| Population | 97,299 | 97,299 |
The weather behind that power bill
Portsmouth sits in Portsmouth city, which averages a high of 88.7°F in its hottest month and a low of 34.0°F in its coldest, with 45.68" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,823 cooling and 3,106 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Portsmouth city — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Portsmouth city
No other places of this size are published in Portsmouth city.
Full Portsmouth city cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Portsmouth?
A $229,000 home in Portsmouth, Virginia costs approximately $1,855 per month with 20% down at 6.66%. That is $1,177 principal and interest, $204 property tax, $56 homeowners insurance, $226 utilities and $191 set aside for maintenance.
What is the property tax rate in Portsmouth?
Portsmouth has an effective property tax rate of 1.069%, based on a median home value of $229,400 and median real estate taxes of $2,452. That is in line with the Portsmouth city average of 1.069%.
What is the average home price in Portsmouth?
The median owner-occupied home value in Portsmouth, Virginia is $229,400, against $229,400 across Portsmouth city.
Is it cheaper to rent or buy in Portsmouth?
Median gross rent in Portsmouth is $1,266 a month, against $1,855 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 Portsmouth — 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.