Total monthly cost of ownership
Cost to Own a Home in Virginia Beach, Virginia
A $366,000 home here costs
$2,915per 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 $125,000 a year.
A standard mortgage calculator would have told you $2,027. The real number is $888 higher every month, 44% more than the payment most buyers budget for.
Compare Virginia Beach 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.
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 $181 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
Talk to someone who works this market
These are Virginia Beach 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 Virginia Beach every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Virginia Beach I already own here and may sell
Common questions
How much does it cost to own a home in Virginia Beach?
A $366,000 home in Virginia Beach, Virginia costs approximately $2,915 per month with 20% down at 7.4%. That is $2,027 principal and interest, $244 property tax, $90 homeowners insurance, $249 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 $2,915 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 Virginia Beach?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Virginia Beach, Virginia at today's rate takes a household income of roughly $125,000 a year. That covers the full $2,915 monthly cost, not just the mortgage payment.
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.