Quick facts: Portsmouth, VA

Quick Facts

106
Cost of Living
above US average
97,029
Population
58.15
Crime Rate per 1000
above US average
$57,154
Median Income
below US average
$275,000
Median House Price
above US average
$1798.59
Average Rent
above US average
15%
Poverty Rate
above US average
3.6%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $57,154.

🏠

Income Needed to Buy

βœ— Stretch
$86k/year
Based on $275,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $86k vs median $57,154
🏒

Income Needed to Rent

⚠ Stretch
$77k/year
Based on $1798.59/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $77k vs median $57,154
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Portsmouth, VA

Portsmouth, Virginia, is a historic city located on the Elizabeth River, directly across from Norfolk. Known for its maritime heritage, Portsmouth features a vibrant waterfront and a rich tapestry of history and culture. The city played a significant role in American naval history and is home to the historic Norfolk Naval Shipyard, one of the oldest shipyards in the United States. Visitors can explore the charming Olde Towne area, which boasts cobblestone streets, historic homes, and boutique shops, alongside a diverse range of dining options. The city hosts various cultural attractions, including the Virginia Sports Hall of Fame and Museum, the Children's Museum of Virginia, and the beautifully landscaped Portsmouth Memorial Military Park. Portsmouth's waterfront park areas, such as the scenic Waterside District, provide recreational opportunities and picturesque views of the river and the bustling Norfolk skyline. The city also has access to nearby beaches and parks, making it an ideal location for outdoor enthusiasts. With a strong community spirit, Portsmouth embraces its historic roots while also fostering growth and development for future generations.

πŸ” Search & Compare Places

First Location πŸ“