Median Home Price
$454,879.61
Median Rent
$2,014.53/mo
Price-to-Rent Ratio
18.8
Property Tax RateTIE
0.82%
Price Change (1Y)TIE
+0.3%
Price Change (5Y)TIE
+1.3%
Break-Even YearsTIE
N/A
10-Year Wealth Difference
$303,986
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)TIE
+0.3%
Price Change (5Y)TIE
+1.3%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$156,201
Key Differences
Home Prices
Fredericksburg's median home price of $454,879.61 is higher than Norfolk's $301,780.44 by 51%.
Monthly Rent
Renting in Fredericksburg costs $2,014.53/mo compared to $1,631.91/mo in Norfolk—a difference of $382.62/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.