Can I Afford to Live in Virginia Beach on My Salary?
Yes. People at nearly every salary level can afford to buy a home in Virginia Beach. I've helped buyers here for more than 20 years, from first-time condo buyers to families buying on the water. The real question is not whether you can afford Virginia Beach. It's which Virginia Beach you can afford, and how to get into the one you want.
Our city has condos, townhomes and single-family homes across a wide range of prices. Neighborhood drives price more than anything else. And one thing works in every buyer's favor: Virginia Beach is a single citywide school division. Every neighborhood is served by the same school system under the same funding formula, so a more affordable neighborhood does not mean a second-tier school district.
What a home costs in Virginia Beach, by neighborhood
Here is the price ladder I walk buyers through today. These are typical ranges for move-in-ready homes, not hard limits.
| Home type | Where to look | Typical price |
|---|---|---|
| 2-bed, 2-bath condo | Off Virginia Beach Boulevard | $150K–$180K |
| Condos | Hilltop and Great Neck area | $100K–$250K |
| Townhome | Off Great Neck Road | Around $250K |
| Entry single-family home | Various areas across the city | From about $275K |
| Single-family home | Off Great Neck Road, Kempsville, Red Mill | $450K–$600K |
| Higher-end single-family home | Farther back in Great Neck toward Shore Drive, and near the beach | $700K–$3M |
The pattern is simple. The closer you get to the Oceanfront and the water, the more you pay, or the more square footage you trade for location.
How to figure out your number
The first thing I ask every buyer to do is talk to a lender. That tells us two things: what you can get approved for, and what monthly payment you're actually comfortable with. Those are often not the same number, and the second one matters more.
Your monthly payment is more than principal and interest. In Virginia Beach, budget for these as well:
- Real estate taxes. The city rate is $0.97 per $100 of assessed value, about 1% of the assessment and the lowest of the seven cities in Hampton Roads (City Assessor). On a $300,000 home, that's about $2,910 a year, or roughly $243 a month.
- Homeowners insurance. This is quoted separately for each home, so get a real quote before you commit.
- HOA or condo fees. Many condos and townhomes have them. Factor them into the payment, not just the price.
- Flood insurance. Much of our city is low-lying. I check the flood maps on every home before we settle on a final price and approval. Listing agents often note an expected flood insurance cost in the listing so buyers can budget, but I always verify it myself.
How buyers here make it work
Virginia Beach has a large military community, and VA loans are the most common financing I see. Eligible buyers can purchase with no down payment, which removes the biggest hurdle for many first-time buyers.
On lower-priced homes, sellers also typically pay 1% to 3% of the buyer's closing costs. Between a VA loan and seller help with closing costs, some buyers get into a home with very little cash out of pocket.
Smart trade-offs when the budget is tight
If your budget is tight, you have two good paths.
Start smaller, then move up. Many of my clients started with a townhome. A few years later, they either kept it as a rental investment or sold it and used the equity to move up to a larger home.
Buy the dated house in the neighborhood you love. When a particular neighborhood is a must, I recommend looking for a home that needs updating at a lower price point. You can do the work over time.
One of my clients did exactly this in Middle Plantation, in the Little Neck area. The house needed a full rehab, but it was livable once they added new paint and carpet. They paid $520,000, lower than anything else in the neighborhood. Over the next five years they updated the dated features a little at a time, putting about $20,000 into the house. When they moved out of town, they sold for over $700,000.
How Virginia Beach compares
I'll be honest: homes in Virginia Beach are not cheap. But they cost less than in Washington, D.C. and Northern Virginia, and our real estate tax rate is the lowest in Hampton Roads. Buyers relocating from those markets usually find their budget goes further here.
And in my experience, owning here is often less expensive than renting.
My advice: start with a plan
So, can you afford Virginia Beach on your salary? It depends on two things: the monthly payment you want and the neighborhood you want to live in. The closer you get to the Oceanfront, the more you'll pay, or the more square footage you'll trade for location. There is almost always a way in. Let's build a plan to get you into the location you want.
Let's build your plan
Tell me your budget and the neighborhoods you love. I'll show you what's possible.
Emily Nied is a real estate broker with Berkshire Hathaway HomeServices RW Towne Realty and has helped buyers and sellers in Virginia Beach and Hampton Roads for more than 20 years.