Median Home Price
$301,780.44
Median Rent
$1,631.91/mo
Price-to-Rent Ratio
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 Difference
$156,201
Median Home PriceBETTER
$188,125.78
Median RentBETTER
$1,298.94/mo
Price-to-Rent RatioBETTER
12.1
Property Tax RateTIE
0.82%
Price Change (1Y)
-2.1%
Price Change (5Y)
-10.4%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$28,395
Key Differences
Home Prices
Norfolk's median home price of $301,780.44 is higher than Petersburg's $188,125.78 by 60%.
Monthly Rent
Renting in Norfolk costs $1,631.91/mo compared to $1,298.94/mo in Petersburg—a difference of $332.97/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.