Rent vs Buy in Virginia
Compare 17 cities across Virginia. Find out whether renting or buying makes more financial sense in your area.
17cities analyzed
Avg Home:$344,146
Avg Rent:$1,699/mo
Avg Price/Rent:16.4
Virginia Housing Market Summary
17
Cities Analyzed
0
Favor Buying
15
Favor Renting
2
Toss-Up
Across Virginia's 17 analyzed cities, the majority (15 cities) favor renting over buying. High home prices relative to rents make renting more financially attractive in much of Virginia.
The average home price in Virginia is $344,146, with average rents at $1,699/month. This gives an average price-to-rent ratio of 16.4.
$Most Affordable Cities
$$Most Expensive Cities
All Virginia Cities
Sorted by population. Click any city for detailed analysis.
| City | Median Price | Median Rent | Price/Rent | Break-even | Verdict |
|---|---|---|---|---|---|
| Virginia Beach | $411,608.02 | $1,998.57 | 17.2 | N/A | Rent |
| Norfolk | $301,780.44 | $1,631.91 | 15.4 | N/A | Rent |
| Chesapeake | $409,594.98 | $2,084.02 | 16.4 | N/A | Rent |
| Richmond | $355,756.62 | $1,578.37 | 18.8 | N/A | Rent |
| Newport News | $284,020.02 | $1,556.55 | 15.2 | N/A | Rent |
| Alexandria | $664,551.64 | $2,302.9 | 24.0 | N/A | Rent |
| Hampton | $269,351.18 | $1,614.33 | 13.9 | N/A | Rent |
| Lynchburg | $239,431.46 | $1,282.4 | 15.6 | N/A | Rent |
| Roanoke | $215,832.95 | $1,270.69 | 14.2 | N/A | Rent |
| Suffolk | $373,720.35 | $1,909.72 | 16.3 | N/A | Rent |
| Charlottesville | $473,134.72 | $2,056.59 | 19.2 | N/A | Rent |
| Danville | $132,015.87 | $1,160.42 | 9.5 | 12 yrs | Toss-up |
| Harrisonburg | $317,336.56 | $1,533.1 | 17.2 | N/A | Toss-up |
| Manassas | $482,654.87 | $2,182.34 | 18.4 | N/A | Rent |
| Petersburg | $188,125.78 | $1,298.94 | 12.1 | N/A | Rent |
| Fredericksburg | $454,879.61 | $2,014.53 | 18.8 | N/A | Rent |
| Staunton | $276,692.77 | $1,402.5 | 16.4 | N/A | Rent |
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