Total monthly cost of ownership
Cost to Own a Home in Suffolk, Virginia
A $330,000 home here costs
$2,689per 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 $115,500 a year.
A standard mortgage calculator would have told you $1,828. The real number is $862 higher every month, 47% more than the payment most buyers budget for.
Compare Suffolk 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.
Suffolk against Suffolk city and Virginia
| Measure | Suffolk | Suffolk city |
|---|---|---|
| Median home value | $329,600 | $329,600 |
| Median property tax | $3,073 | $3,073 |
| Effective tax rate | 0.932% | 0.932% |
| Median gross rent | $1,484 | $1,484 |
| Population | 96,638 | 96,638 |
The weather behind that power bill
Suffolk sits in Suffolk city, which averages a high of 86.8°F in its hottest month and a low of 31.1°F in its coldest, with 51.82" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,462 cooling and 3,465 heating degree days, which is what sets the $181 electricity line above.
See the full climate breakdown for Suffolk city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Suffolk city
No other places of this size are published in Suffolk city.
Talk to someone who works this market
These are Suffolk 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 Suffolk every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Suffolk I already own here and may sell
Common questions
How much does it cost to own a home in Suffolk?
A $330,000 home in Suffolk, Virginia costs approximately $2,689 per month with 20% down at 7.4%. That is $1,828 principal and interest, $256 property tax, $81 homeowners insurance, $249 utilities and $275 set aside for maintenance.
What is the property tax rate in Suffolk?
Suffolk has an effective property tax rate of 0.932%, based on a median home value of $329,600 and median real estate taxes of $3,073. That is in line with the Suffolk city average of 0.932%.
What is the average home price in Suffolk?
The median owner-occupied home value in Suffolk, Virginia is $329,600, against $329,600 across Suffolk city.
Is it cheaper to rent or buy in Suffolk?
Median gross rent in Suffolk is $1,484 a month, against $2,689 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 Suffolk?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Suffolk, Virginia at today's rate takes a household income of roughly $115,500 a year. That covers the full $2,689 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Suffolk, 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.