7-Year Rent vs Buy in Virginia Beach, VA
If you plan to stay in Virginia Beach for 7 years, here's how renting and buying compare.
⚖️ It's Close Either Way
Potential savings by renting: $4,006
Total Rent Paid
$147,119
Total Owner Costs
$300,541
Equity After Selling
$149,416
Customize Your Analysis
The above results use default assumptions. Adjust the inputs below to match your specific situation.
Rent vs Buy in Virginia Beach, Virginia
Should you rent or buy a home? Calculate your best option.
Your Scenario
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7 years
1 years30 years
Explore Scenarios
Adjust these sliders to see how different assumptions affect your decision.
Mortgage Rate7.00%
5%7%9%
Home Appreciation3.0%
0%3%5%
Rent Growth3.0%
0%3%6%
Time Horizon7 years
35710
💡 Tips
- • Higher mortgage rates favor renting
- • Higher home appreciation favors buying
- • Higher rent growth favors buying
- • Longer time horizons typically favor buying
⚖️It's a Toss-Up
You could save $4,006 by renting
Over 7 years
Monthly Cost (Rent)
$1,751
Average
Monthly Cost (Own)
$2,620
Average (excl. equity)
Total Rent Paid
$147,119
Total Owner Costs
$300,541
Final Equity
$149,416
After selling costs
Break-Even Year
Never
Beyond horizon
Upfront Costs to Buy
Down Payment (20%)$70,000
Closing Costs (3%)$10,500
Total Needed$80,500
Cost Comparison Over Time
Total Rent Paid
Total Owner Costs
Net Cost (After Equity)
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