Cost of Living in Portsmouth, VA
Cost of Living in Portsmouth, VA has an overall index of 92, 8% below the U.S. baseline of 100. The typical home value is $229,400; typical monthly rent is $1,557; and median household income is $58,972.
Cost index: committed city housing/rent inputs and BEA 2024 metro-area price parities. Home value: Census ACS 2023 fallback place estimate. Rent: Zillow ZORI market signal as of 2026-02. A place-level signal, not a personal affordability decision or financial recommendation.
Rent and home prices are comparatively balanced with local income. This describes the local market, not your household.
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Frequently asked questions about Portsmouth
Living in Portsmouth
Is Portsmouth, VA an affordable place to live?+
Yes — everyday expenses in Portsmouth run about 8% below the US average (Cost Index: 92). Housing is especially affordable: the median home is valued around $229,400, compared to the $303,400 national median. Monthly rent is $1,557, versus $1,348 nationally.
How does Portsmouth fit a household housing budget?+
Start with housing. Typical monthly rent is $1,557, while local median household income is $58,972. That implies a rent-burden proxy of about 32% before utilities and other costs. Use that as a planning signal for whether the place looks manageable under your own household assumptions.
How much are taxes in Portsmouth, VA?+
Virginia uses a progressive model; 5.75% is top marginal-rate context. Applying the 0.82% state-level effective owner-occupied proxy to a home worth $229,400 gives a planning estimate near $1,881 per year; it is not a city, county, parcel, or individual tax bill. State plus average local sales-tax context is around 5.75%.
How much does it cost to rent in Portsmouth, VA?+
The typical monthly rent in Portsmouth is around $1,557. That's about 16% higher than the $1,348 national median. For comparison, the median home value here is $229,400, so buyers should also factor in mortgage payments, property taxes, and insurance.
How much does a house cost in Portsmouth, VA?+
The typical home value in Portsmouth is $229,400. With 20% down and the committed 6.11% national 30-year fixed benchmark as of 2026-03-12, principal and interest are roughly $1,113/month before property tax and insurance. This is a planning estimate, not a local lender quote. About 57% of residents here own their homes.
Are groceries and utilities expensive in Portsmouth?+
Grocery prices in Portsmouth are about average compared to the rest of the US (index: 97, where 100 is the national average). Utility bills (electricity, gas, water) are about typical (index: 90). Overall, these everyday costs shouldn't cause major surprises if you're moving from another similarly-sized US city.
What is Portsmouth, VA like to live in?+
Portsmouth is a smaller city with a population of about 97,299. The median age of residents is 35.8, which is close to the national median. The local poverty rate is 17.59%, above the national average of 12.4%.