The Most Affordable Neighborhoods in Portsmouth, VA by Home Value

These days, finding an affordable place to live in the Portsmouth area can be challenging. Home prices in Portsmouth are now at a median cost of $251,735, lower than the Virginia average of $443,089.

The average cost of rent is $1,420/mo in Portsmouth, primarily driven by the current value of real estate in the Portsmouth area. In Portsmouth, 42.06% of households rent, and 29.50% of homeowners own their homes outright.

Housing affordability isn’t just about home prices, though. The average household income in Portsmouth is $5,411 per month. Households that rent pay about 26.25% of their income on rent here. Portsmouth’s most expensive areas are in the northeastern regions, while the cheapest areas are in the southern parts of the city.

Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.

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