The typical owner-occupied home in Cape Charles is worth about $640,600, 67% above the Virginia median of $383,700 and 93% above the national median of $332,700. Owners pay a median $4,118 a year in property taxes, about 0.64% of their home's value, lower than the Virginia rate of 0.73%. The median household earns $73,750 a year, so the median home costs 8.7 times the median income (4.1 times for Virginia). 66% of occupied homes here are lived in by their owners, and 56% of those owners still have a mortgage.
Cape Charles at a glance
| Cape Charles | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $640,600 | $383,700 | $332,700 |
| Median property tax paid per year | $4,118 | $2,790 | $3,119 |
| Property tax as a share of value | 0.64% | 0.73% | 0.94% |
| Median household income | $73,750 | $93,170 | $80,734 |
| Homes lived in by their owners | 66% | 67% | 65% |
| Owner homes with a mortgage | 56% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $2,294 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 19.6% | 20.1% | 21.0% |
| Median rent | $800 | $1,579 | $1,413 |
| Rent as a share of renters' income | 29.6% | 29.4% | 30.6% |
| Median year homes were built | 1976 | 1984 | 1980 |
| Vacant homes | 42.3% | 8.7% | 10.1% |
| Population | 1,201 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Cape Charles
At this week's average 30-year rate of 7.11%, buying the median Cape Charles home of $640,600 with 20% down costs about $4,056 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,123, 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 $173,831 for the 20%-down payment. That payment is 66% of the median Cape Charles household income of $73,750; at that income and 20% down, the 28% guideline points to a home of about $272,000.
The median rent here is $800 a month, so owning the median home costs about $3,256 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $128,120 |
|---|---|
| Loan amount | $512,480 |
| Principal and interest | $3,447 |
| Property taxes (0.64% a year) | $342 |
| Homeowners insurance (our estimate, 0.5% a year) | $267 |
| PMI | $0 |
| Total per month | $4,056 |
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| Down payment | $22,421 |
|---|---|
| Loan amount | $628,997 |
| Principal and interest | $4,231 |
| Property taxes (0.64% a year) | $342 |
| Homeowners insurance (our estimate, 0.5% a year) | $267 |
| FHA mortgage insurance | $283 |
| Total per month | $5,123 |
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Questions about home buying in Cape Charles
What is the median home value in Cape Charles?
About $640,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cape Charles?
Homeowners pay a median $4,118 a year, which is about 0.64% 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 Cape Charles?
For the median home with 20% down at 7.11%, the payment is about $4,056 a month. Keeping that under 28% of gross income takes about $173,831 a year.
More about Cape Charles
- Mortgage Refinance in Cape Charles
- Debt Relief in Cape Charles
- Home Equity Loans in Cape Charles
- 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