Home Affordability in Virginia Beach, VA
The median home price in Virginia Beach is $350,000 with a median household income of $79,162. Housing is moderately affordable relative to local incomes.
Median Home Price
$350,000
Median Income
$79,162
Price-to-Income Ratio
4.4x
Est. Affordable Home
$308,000
Property Tax Rate
0.79%
Annual Property Tax
$2,765
Sales Tax Rate
6.00%
Cost of Living Index
102
Buying a Home in Virginia Beach
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $79,162 in Virginia Beach can afford a monthly housing payment of approximately $1,847. This translates to a home price of roughly $308,000, which is below the median home price of $350,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Virginia Beach would be approximately $2,765 per year ($230/month) at the effective rate of 0.79%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $10,500 | $339,500 | Yes |
| 5% | $17,500 | $332,500 | Yes |
| 10% | $35,000 | $315,000 | Yes |
| 20% | $70,000 | $280,000 | No |
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