CALCMONEY // HOME AFFORDABILITY // VA
Find out how much home you can afford in Virginia using local median home prices, current mortgage rates, and VA-specific property tax data.
Open Full Calculator$395,000
$2,516/mo
$274,477
$107,815/yr
| Median Home Price | $395,000 |
| Down Payment (20%) | $79,000 |
| Loan Amount | $316,000 |
| Monthly PI Payment | $2,081 |
| Monthly Property Tax | $270 |
| Monthly Insurance Est. | $165 |
| Total Monthly PITI | $2,516 |
| Required Gross Income (28% rule) | $107,815/yr |
| Max Affordable Price (28% rule) | $274,477 |
$13,825
$3,215/mo
Virginia Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $395,000 | State median |
| Down Payment (20%) | $79,000 | Conventional |
| Monthly PITI (median home) | $2,516 | 6.9% rate |
| Required Income (28% rule) | $107,815 | Annual gross |
| Max Affordable Home | $274,477 | Based on median income |
| FHA Down Payment (3.5%) | $13,825 | Minimum FHA |
Monthly PITI includes principal, interest, property tax, and homeowners insurance.
The median home price in Virginia is $395,000, with a current 30-year fixed mortgage rate of 6.9%. A buyer putting 20% down on the median home would carry a loan of $316,000, resulting in a monthly principal and interest payment of $2,081. Once property taxes and insurance are added, total monthly housing costs reach $2,516.
Property taxes in Virginia average 0.82%, near the national average of 1.1%. On the median Virginia home, property taxes add $270/month to total housing costs.
Virginia levies a state income tax of 2%–5.75%, which affects take-home pay and therefore what you can realistically budget for housing. Mortgage interest may be deductible on both federal and Virginia state returns — consult a tax professional for your situation.
Using the 28% rule, a household earning Virginia's median income of $80,600/year can afford up to $1,881/month in total housing costs (principal, interest, taxes, and insurance). Based on Virginia's current mortgage rate of 6.9% and property tax rate of 0.82%, that translates to a maximum affordable home price of approximately $274,477 with 20% down on a 30-year loan.
To comfortably afford the median Virginia home priced at $395,000, you need an annual gross income of approximately $107,815. This is based on the standard 28% rule: your total monthly housing costs (principal and interest of $2,081, property taxes of $270, and insurance of $165) come to $2,516/month, which should not exceed 28% of your gross monthly income.
Virginia's average property tax rate is 0.82%, which is near the national average of 1.1%. On the median Virginia home of $395,000, that means annual property taxes of $3,239, or $270/month. Because lenders include property taxes in your debt-to-income calculation, Virginia's property taxes have a relatively modest impact on overall affordability.
The minimum down payment depends on your loan type. For an FHA loan, you can put down as little as 3.5% — on the median Virginia home of $395,000, that is $13,825. Conventional loans typically require 5% down, though some programs allow 3%. Putting down 20% ($79,000 on the median Virginia home) lets you avoid private mortgage insurance (PMI), which can add 0.5%–1% to your annual loan cost. There are no Virginia-specific minimum down payment requirements beyond federal guidelines.