Uprootmap

Virginia Beach, VA

Rent vs buy in Virginia Beach

Median home $318,000. A 1 bedrooms rents for $1,449 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms
$1,449
per month
Own the median home
$2,119
P&I, tax, insurance, upkeep
Owning costs extra
$670
per month, same metro

What a purchase actually costs

  • 20% down payment$63,600
  • Mortgage at 6.5%$1,608
  • Property tax (0.83% of value)$220/mo · $2,639/yr
  • Insurance and upkeep (1.1%/yr)$292
  • Total monthly ownership$2,119

Months of leftover to save the down payment

At $2,254 left over a month, it takes about 29 months (2.4 years) to save $63,600 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.