Portsmouth, VA

Below Avg · 84

Virginia · Population 97,299 · Updated March 2026

$1,266
Median Rent / Month
$58,972
Median Income
$229,400
Median Home Value
$1,312
Owner Costs / Month

Affordability

How far your income goes in Portsmouth

25.8%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Virginia

State-level tax rates that affect your costs

5.75%
Income Tax (Top Rate)
5.3%
Sales Tax
0.8%
Property Tax Rate

Estimated Annual Costs

$15,192
Annual Rent
$3,391
State Income Tax
$1,835
Property Tax (est.)

Cost of Living Overview

Portsmouth is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 84 (where 100 equals the national median), Portsmouth residents can expect to pay median rent of $1,266/month while earning a median household income of $58,972/year.

The median home value in Portsmouth, VA is $229,400, with typical monthly owner costs around $1,312 including mortgage, insurance, and taxes. With a rent-to-income ratio of 25.8%, Portsmouth falls within the generally affordable range, though it's approaching the 30% burden threshold.

Virginia has a moderate income tax rate of 5.75%. Combined with a 5.3% sales tax rate and 0.8% effective property tax rate, the overall tax environment is a factor in the total cost of living in Portsmouth.

Frequently Asked Questions

Common questions about living costs in Portsmouth

What is the cost of living in Portsmouth, VA?
The cost of living index in Portsmouth, VA is 84 (US average = 100). Median monthly rent is $1,266, median household income is $58,972/year, and the median home value is $229,400.
Is Portsmouth, VA affordable?
Yes, Portsmouth is more affordable than the national average with a cost index of 84. The rent-to-income ratio is 25.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Portsmouth, VA?
The median gross rent in Portsmouth, VA is $1,266 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $15,192.
What is the median household income in Portsmouth?
The median household income in Portsmouth, VA is $58,972 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Virginia?
Virginia has a top income tax rate of 5.75%, a sales tax of 5.3%, and an effective property tax rate of 0.8%.