Rent vs buy in Suffolk, VA
In Suffolk, Virginia, the typical rent is $2,028 /mo and the typical home is $386,848.
It's a toss-up: the difference is $1,014 over 7 years.
Using Suffolk's typical rent and home value, plus a 20% down payment and today's mortgage rate. The break-even year is 8.
Our clearly labeled opinion shows the math. These are estimates, not quotes. Adjust a number and the stamp will change.
- Gap
- $1k after 7 years
- When costs balance
- year 8 when owning catches up
- Full cost of ownership
- $3,382 /mo year 1, against $2,028 rent
Change my numbers
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Would renting or buying cost less in Suffolk?
After 7 years, the gap between the two paths is within $1,014, so small changes decide the result. For the first 7 years, renting costs less. Buying catches up during year 8.
Rent. Buy. Net cost to date, organized by year.
Suffolk's average rent compared with its mortgage payment
Rent and mortgage payments don't tell the whole story. Here are all monthly costs for year 1 at Suffolk's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,028 | All of it, every month |
| Mortgage payment | $2,109 | $1,859 of it is interest in year 1 |
| Property tax | $300 | 0.93% of the value a year |
| Insurance | $111 | Census median for the city |
| Upkeep | $322 | 1% of the value a year |
| Owning, cash out | $2,842 | $250 of it builds equity |
| Lost return on the down payment | $629 | Annual return on the cash at 8.3% |
| Buying costs, spread out | $161 | 3.5% of the price over 7 years |
| True cost of owning | $3,382 | The cash cost after deducting equity and adding the two entries above |
The figures behind the Suffolk verdict
- Typical home valueZillow ZHVI, September 2026
- $386,848
- Typical rentZillow ZORI, September 2026
- $2,028 /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, Suffolk
- 0.93% of value
- Home insuranceCensus ACS 2020-2024, Suffolk
- $111 /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
In Suffolk, what would flip it?
Each entry marks where the 7-year Suffolk verdict changes while all other factors stay the same.
When renting comes out ahead
- Home prices rise by less than 4.6% each year. We apply 4.6% as Virginia's long-run rate.
- For the mortgage, the rate stays above 7.19%.
- A similar home rents below $2,040 each month (typical here: $2,028).
- Your move happens before year 8.
When buying comes out ahead
- Prices for homes rise at more than 4.6% each year.
- You secure a mortgage rate under 7.19% (today's is 7.24%).
- For that same home, monthly rent would exceed $2,040.
- You remain in the home for 8 years or more.
How Suffolk compares with the other 812 cities
| Measure | Suffolk | Median city |
|---|---|---|
| Typical home value | $386,848 | $422,451 |
| Typical rent | $2,028 /mo | $1,837 /mo |
| Price-to-rent ratio | 15.9 (#564 of 813) | 18.5 |
| Home prices, last 10 years | 5.3% a year | 6.2% a year |
| Rents, last 5 years | 6.1% a year | 4% a year |
| Property tax | 0.93% | 0.87% |
| Households that rent | 29% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More Virginia cities
- For Newport News, VA, it's a toss-up, with buying ahead by $2k.