Richmond vs Virginia Beach: Housing Costs in Virginia
Side-by-side comparison of home prices, mortgage payments, and housing costs between Richmond and Virginia Beach, Virginia. Using Virginia's 0.82% property tax rate and $1,700/year insurance. Updated for 2026.
Metric
Richmond
Virginia Beach
Median Home Price
$335K
$365K
Population
226,610
459,470
Average Rent
$1,380/mo
$1,520/mo
Est. Monthly Mortgage (P&I)
$1,906/mo
$2,076/mo
Est. Monthly Property Tax
$229/mo
$249/mo
Est. Monthly Insurance
$142/mo
$142/mo
Est. Total PITI
$2,402/mo
$2,604/mo
Price-to-Rent Ratio
20.2
20.0
Verdict
Richmond edges out Virginia Beach in affordability, saving you roughly $202/month on total housing costs. Both cities are in Virginia, so property tax rates and insurance costs are the same — the difference comes down to home prices and what you get for your money in each market.
Monthly Payment Comparison
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses Virginia's 0.82% property tax rate.
Richmond
Home Price$335,000
Down Payment (10%)$33,500
Loan Amount$301,500
Monthly P&I$1,906
Monthly Property Tax$229
Monthly Insurance$142
Monthly PMI$126
Total PITI$2,402/mo
Annual property tax: $2,747
Virginia Beach
Home Price$365,000
Down Payment (10%)$36,500
Loan Amount$328,500
Monthly P&I$2,076
Monthly Property Tax$249
Monthly Insurance$142
Monthly PMI$137
Total PITI$2,604/mo
Annual property tax: $2,993
Buying in Richmond saves you approximately $202/month ($2,424/year) compared to Virginia Beach, based on median home prices with identical loan terms.
Which City Is Better For...
First-Time Buyers
Richmond is the better choice for first-time buyers, with a median price of $335K versus $365K in Virginia Beach. That's $30K less to save for a down payment. You'd need roughly $12K for an FHA 3.5% down payment in Richmond, compared to $13K in Virginia Beach. Virginia offers the Virginia Housing DPA Grant program (Up to 2.5% grant) which applies in both cities.
Real Estate Investment
Virginia Beach has the better price-to-rent ratio at 20.0x versus 20.2x in Richmond. A lower ratio generally signals better rental income relative to purchase price. Average rent in Virginia Beach is $1,520/month on a $365K median home, making it a stronger candidate for buy-and-rent investors.
Families
Virginia Beach (pop. 459,470) offers more amenities, schools, and services typical of a larger city, while Richmond (pop. 226,610) may offer a quieter, more community-oriented lifestyle. Families on a budget may prefer Richmond, where lower housing costs free up more income for childcare, education, and savings.