Cost to Buy vs Rent in 10 Virginia Cities

In states like Illinois and Michigan, you might save money each month by buying instead of renting.

Virginia homebuyers will usually spend more to buy, but it could be worth it.

With the state’s rising property values and proximity to Washington D.C., many homebuyers will find that in a few years, they are enjoying a locked-in home payment as rents rise around them.

So, how much more expensive is it monthly to buy a single-family home in Old Dominion?

Like all things real estate, it depends. We assumed a 5% down payment plus estimated costs of private mortgage insurance (PMI), property taxes, and homeowner’s insurance. See the full methodology at the end of this article.

Here’s how much you might spend in 10 prominent cities.

See if you qualify to buy a Virginia home.

Monthly Cost Difference to Buy

1. Virginia Beach +$1,193
2. Richmond +$646
3. Chesapeake +$640
4. Arlington +$3,347
5. Roanoke +$374
6. Charlottesville +$1,269
7. Lynchburg +$411
8. Winchester +$761
9. Harrisonburg +$811
10. Staunton +$504

1. Virginia Beach

Virginia’s largest city at around 450,000 offers over 35 miles of beaches and plenty of employment opportunities with the four military bases in the area. Home prices reflect the strong economy, at nearly $400,000 for the typical single-family home.

2. Richmond

While it costs more to rent than to buy here, you don’t have to be a rich man north of Richmond to afford a home in the town mentioned in the viral hit song. At around $330,000, there’s plenty of housing stock here under the national average of $417,700.

3. Chesapeake

Though home prices are pushing $400,000, the cost to buy a home in Chesapeake isn’t astronomically higher than renting a house here. High rents in the area should give renters pause before signing another year’s lease.

4. Arlington

Just outside of Washington D.C., home prices in Arlington have more in common with this large city than the rest of the state. At nearly $1 million for the average house, it’s much more affordable to rent. According to our study, it costs over $3,000 more per month to buy.

5. Roanoke

Roanoke is one of the more affordable Virginia towns on the list in terms of home prices and monthly cost versus renting. At under $250,000, buying will cost around $400 more per month than renting a similar house.

6. Charlottesville

Charlottesville is home to Monticello, Thomas Jefferson’s famous house and property. Homes here are near $500,000, thanks to a high standard of living and attractive surroundings, causing inbound migration to the city.

7. Lynchburg

The most affordable city on our list, Lynchburg homes can be had for around $400 more per month than renting.

8. Winchester

This town 90 minutes west of Washington, D.C. has a population of 28,000. Renting here isn’t cheap at nearly $2,000 per month for a single-family home. Residents might think about buying, considering the area’s history of home appreciation. Home prices are up 11% year over year according to Redfin.

9. Harrisonburg

Another town not too far from Washington, D.C. is Harrisonburg. Though it costs around $800 more per month to buy a home here, it’s not stifling demand. Homes stay on the market just nine days before going under contract, says Redfin.

10. Staunton

The affordable community of Staunton is a “friendly combination of small town USA and a vibrant cultural scene,” says the town's tourism website Visit Staunton. Homebuyers will love the area for more than its friendliness: home prices are well under $300,000 here.

Get Pre-Approved for Your Virginia Home

Homes in Virginia are in a range of prices affordable to just about any budget. See what home price you qualify for by requesting your pre-approval from a reputable lender.

Start your Virginia home pre-approval.

Methodology

To compare the costs of buying versus renting in 10 Virginia cities, we started with typical home prices as reported on the Zillow Home Value Index (ZHVI) Single-Family Home Time Series for November 2023. We assumed a 5% down payment, the typical requirement for first-time buyers. We then calculated the monthly payment on a 30-year fixed mortgage using a 6.845% rate, the average rate at the time of data collection as published on Optimal Blue Mortgage Market Indices for a buyer with less than 20% down and a 700 FICO score. We added PMI costs per rates from mortgage insurance provider MGIC. Then we added annual homeowner’s insurance premiums as reported by Policygenius and property tax data from Roofstock and the U.S. Census Bureau. We assumed zero HOA dues. We compared this total housing payment with rent data from the Zillow Observed Rent Index (ZORI) Smoothed Single Family Residence Time Series except when no data was available, in which case we searched for current rent statistics on Zillow’s site. City selection was based on the highest population except where it made sense to bypass a suburb of a major city to highlight one in a different area.