Median Home Price
$473,134.72
Median Rent
$2,056.59/mo
Price-to-Rent Ratio
19.2
Property Tax RateTIE
0.82%
Price Change (1Y)
-0.2%
Price Change (5Y)
-1.1%
Break-Even YearsTIE
N/A
10-Year Wealth Difference
$252,970
Median Home PriceBETTER
$301,780.44
Median RentBETTER
$1,631.91/mo
Price-to-Rent RatioBETTER
15.4
Property Tax RateTIE
0.82%
Price Change (1Y)BETTER
+0.3%
Price Change (5Y)BETTER
+1.3%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$156,201
Key Differences
Home Prices
Charlottesville's median home price of $473,134.72 is higher than Norfolk's $301,780.44 by 57%.
Monthly Rent
Renting in Charlottesville costs $2,056.59/mo compared to $1,631.91/mo in Norfolk—a difference of $424.68/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.