Home Affordability in Newport News, VA
The median home price in Newport News is $240,000 with a median household income of $53,874. Housing is moderately affordable relative to local incomes.
Median Home Price
$240,000
Median Income
$53,874
Price-to-Income Ratio
4.5x
Est. Affordable Home
$210,000
Property Tax Rate
1.07%
Annual Property Tax
$2,568
Sales Tax Rate
6.00%
Cost of Living Index
92
Buying a Home in Newport News
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $53,874 in Newport News can afford a monthly housing payment of approximately $1,257. This translates to a home price of roughly $210,000, which is below the median home price of $240,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Newport News would be approximately $2,568 per year ($214/month) at the effective rate of 1.07%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $7,200 | $232,800 | Yes |
| 5% | $12,000 | $228,000 | Yes |
| 10% | $24,000 | $216,000 | Yes |
| 20% | $48,000 | $192,000 | No |
Use Our Home Affordability Calculator
Get a personalized estimate based on your income, debts, down payment, and credit score.
Calculate Now