Estimated Monthly Payment — Median Virginia Home
$2,730
Based on $400,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$400,000
Property Tax
0.82%
Avg. HOA
$225/mo
Median Rent
$1,650/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Virginia housing market
Virginia's housing market is moderately priced for the region, with a median home price around $400,000. Virginia Beach is the largest metro, with Norfolk a close second. Virginia's Northern Virginia region commands DC-area prices, while Richmond, Hampton Roads, and rural areas remain substantially more affordable. Virginia's effective property tax rate of 0.82% is below the national average.
The median Virginia home costs $400,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $2,065, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $2,730. First-time buyers in Virginia can explore programs through Virginia HFA.
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FAQ
Virginia mortgage FAQs
What's the property tax rate in Virginia?
Virginia's effective property tax rate averages about 0.82% — below the national average. On a $400,000 home, that's roughly $273/month or $3,280/year.
How much do I need to earn to afford a typical Virginia home?
Using the 28/36 rule, a buyer would need roughly $102,000–$131,000 in gross annual income to comfortably afford Virginia's $400,000 median home with 20% down at current rates.
What first-time buyer programs are available in Virginia?
VHDA offers the Virginia Housing Down Payment Assistance Grant (up to 2.5% of purchase price) and the Plus Second Mortgage program for additional closing cost help. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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