Total monthly cost of ownership
Cost to Own a Home in Virginia Beach, Virginia
A $366,000 home here costs
$2,747per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,882. The real number is $865 higher every month — 46% 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.
Virginia Beach against Virginia Beach city and Virginia
| Measure | Virginia Beach | Virginia Beach city |
|---|---|---|
| Median home value | $366,300 | $366,300 |
| Median property tax | $2,929 | $2,929 |
| Effective tax rate | 0.800% | 0.800% |
| Median gross rent | $1,649 | $1,649 |
| Population | 457,066 | 457,066 |
The weather behind that power bill
Virginia Beach sits in Virginia Beach city, which averages a high of 87.4°F in its hottest month and a low of 31.6°F in its coldest, with 46.62" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,546 cooling and 3,423 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Virginia Beach city — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Virginia Beach city
No other places of this size are published in Virginia Beach city.
Full Virginia Beach city cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Virginia Beach?
A $366,000 home in Virginia Beach, Virginia costs approximately $2,747 per month with 20% down at 6.66%. That is $1,882 principal and interest, $244 property tax, $90 homeowners insurance, $226 utilities and $305 set aside for maintenance.
What is the property tax rate in Virginia Beach?
Virginia Beach has an effective property tax rate of 0.800%, based on a median home value of $366,300 and median real estate taxes of $2,929. That is in line with the Virginia Beach city average of 0.800%.
What is the average home price in Virginia Beach?
The median owner-occupied home value in Virginia Beach, Virginia is $366,300, against $366,300 across Virginia Beach city.
Is it cheaper to rent or buy in Virginia Beach?
Median gross rent in Virginia Beach is $1,649 a month, against $2,747 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 Virginia Beach — 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.