Rent vs buy in Portsmouth, VA
A typical home in Portsmouth, Virginia goes for $266,504, and the typical rent is $1,642 /mo.
Over 7 years, buying comes out ahead by $18k
Using Portsmouth's typical home value and rent, plus 20% down at today's mortgage rate. Break-even point: year 5.
An opinion, clearly labelled, with the math shown. These are estimates, not quotes. Change any number and the stamp shifts.
- Owning leads by
- $18k after 7 years
- Break-even point
- in year 5 when owning catches up
- What owning really costs
- $2,377 per month year 1, against $1,642 rent
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The stamp is based on Portsmouth's typical home value and rent. Your own rent, price and years can flip the result.
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In Portsmouth, is renting or buying cheaper?
Count the money that comes back to you when you sell, and buying is cheaper by $17,912 over 7 years. In year 5, the net cost of owning falls under renting and stays lower.
Rent. Own. Net cost to date, by year.
Average rent compared with mortgage payment in Portsmouth
Rent and mortgage payments don't tell you everything, so here are all monthly costs for year 1 using Portsmouth's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,642 | All of it, every month |
| Mortgage payment | $1,453 | $1,281 of it is interest in year 1 |
| Property tax | $231 | 1.04% of the value a year |
| Insurance | $99 | Census median for the city |
| Upkeep | $222 | 1% of the value a year |
| Owning, cash out | $2,005 | $172 of it builds equity |
| Lost return on the down payment | $433 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $111 | 3.5% of the price over 7 years |
| True cost of owning | $2,377 | Cash out, minus the equity part, plus both lines above |
The numbers behind Portsmouth's verdict
- Typical home valueZillow ZHVI, September 2026
- $266,504
- Typical rentZillow ZORI, September 2026
- $1,642 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Virginia, 1995 to 2025
- 4.6% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Portsmouth
- 1.04% of value
- Home insuranceCensus ACS 2020-2024, Portsmouth
- $99 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would reverse the verdict in Portsmouth?
With everything else kept as it is, each line shows where the 7-year result for Portsmouth changes.
Renting wins if
- Home price growth stays under 3.8% per year (the rate we use is 4.6%, Virginia's average over time).
- The mortgage rate remains higher than 8.42%.
- For a home like this, the monthly rent is under $1,450 (typical here: $1,642).
- Your move comes before year 5.
Buying wins if
- Home prices increase by more than 3.8% each year.
- You secure a mortgage rate under 8.42%; the current rate is 7.24%.
- You would pay over $1,450 a month to rent the same home.
- You stay for 5 years or more.
Portsmouth compared with the other 812 cities
| Measure | Portsmouth | Median city |
|---|---|---|
| Typical home value | $266,504 | $422,451 |
| Typical rent | $1,642 /mo | $1,837 /mo |
| Price-to-rent ratio | 13.5 (#702 of 813) | 18.5 |
| Home prices, last 10 years | 5.8% a year | 6.2% a year |
| Rents, last 5 years | 6.5% a year | 4% a year |
| Property tax | 1.04% | 0.87% |
| Households that rent | 42% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Virginia
- Renting wins by $9k in Virginia Beach, VA.
- Renting wins by $12k in Chesapeake, VA.
- Rent. In Richmond, VA, renting wins by $24k.
- Buying wins by $6k in Norfolk, VA.
- Toss-up in Newport News, VA, with buying ahead by $2k.
- Rent. In Alexandria, VA, renting wins by $106k.
- Buying wins by $18k in Hampton, VA.
- Toss-up in Suffolk, VA, with renting ahead by $1k.
- Rent. In Roanoke, VA, renting wins by $10k.
- Rent. In Lynchburg, VA, renting wins by $8k.
- Rent. In Harrisonburg, VA, renting wins by $5k.