The typical owner-occupied home in Gloucester Point is worth about $320,700, 16% below the Virginia median of $383,700 and 4% below the national median of $332,700. Owners pay a median $1,880 a year in property taxes, about 0.59% of their home's value, lower than the Virginia rate of 0.73%. The median household earns $74,001 a year, so the median home costs 4.3 times the median income (4.1 times for Virginia). 67% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Gloucester Point at a glance
| Gloucester Point | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $320,700 | $383,700 | $332,700 |
| Median property tax paid per year | $1,880 | $2,790 | $3,119 |
| Property tax as a share of value | 0.59% | 0.73% | 0.94% |
| Median household income | $74,001 | $93,170 | $80,734 |
| Homes lived in by their owners | 67% | 67% | 65% |
| Owner homes with a mortgage | 69% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,723 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 21.4% | 20.1% | 21.0% |
| Median rent | $1,062 | $1,579 | $1,413 |
| Rent as a share of renters' income | 27.2% | 29.4% | 30.6% |
| Median year homes were built | 1982 | 1984 | 1980 |
| Vacant homes | 10.7% | 8.7% | 10.1% |
| Population | 11,109 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Gloucester Point
At this week's average 30-year rate of 7.11%, buying the median Gloucester Point home of $320,700 with 20% down costs about $2,017 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,551, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $86,451 for the 20%-down payment. That payment is 33% of the median Gloucester Point household income of $74,001; at that income and 20% down, the 28% guideline points to a home of about $275,000.
The median rent here is $1,062 a month, so owning the median home costs about $955 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $64,140 |
|---|---|
| Loan amount | $256,560 |
| Principal and interest | $1,726 |
| Property taxes (0.59% a year) | $158 |
| Homeowners insurance (our estimate, 0.5% a year) | $134 |
| PMI | $0 |
| Total per month | $2,017 |
Change the numbers in the calculator
| Down payment | $11,224 |
|---|---|
| Loan amount | $314,891 |
| Principal and interest | $2,118 |
| Property taxes (0.59% a year) | $158 |
| Homeowners insurance (our estimate, 0.5% a year) | $134 |
| FHA mortgage insurance | $142 |
| Total per month | $2,551 |
Change the numbers in the calculator
Questions about home buying in Gloucester Point
What is the median home value in Gloucester Point?
About $320,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gloucester Point?
Homeowners pay a median $1,880 a year, which is about 0.59% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Gloucester Point?
For the median home with 20% down at 7.11%, the payment is about $2,017 a month. Keeping that under 28% of gross income takes about $86,451 a year.
More about Gloucester Point
- Mortgage Refinance in Gloucester Point
- Debt Relief in Gloucester Point
- Home Equity Loans in Gloucester Point
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data