Virginia's Northern Virginia suburbs of Washington D.C. are among the most expensive markets in the Mid-Atlantic, while the rest of the state offers much more affordable options. Property tax rates vary significantly by county — Fairfax County is notably higher than the statewide average.
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The average effective property tax rate in Virginia is approximately 0.87%. On a $400,000 home, that works out to roughly $3,480 per year, or $290 added to your monthly mortgage payment. Rates vary by county and municipality, so your actual rate may differ.
What is the average mortgage payment in Virginia?
Based on the median home price of approximately $400,000 in Virginia, with 20% down and a 7% interest rate on a 30-year loan, your monthly principal and interest payment would be around $2,129. Add property taxes and insurance and your total PITI payment is typically $2,586/month.
Do I need a special loan for buying in Virginia?
No — conventional, FHA, VA, and jumbo loans are all available in Virginia. If you're a veteran or active-duty service member, a VA loan is worth a close look since it requires no down payment and no PMI. First-time buyers should also check Virginia's state housing finance agency for down payment assistance programs that may be available.
What is the minimum down payment to buy a home in Virginia?
The minimum down payment depends on loan type. Conventional loans allow as little as 3% down. FHA loans require 3.5% (with a 580+ credit score). VA loans allow 0% down for eligible veterans. The higher the purchase price, the more down payment you'll typically need to keep your monthly payment manageable — use the calculator above to model different scenarios.
What salary do I need to afford a home in Virginia?
Using the 28% rule (housing costs should not exceed 28% of gross monthly income), you'd need a gross monthly income of at least $9,234 — about $110,813 per year — to comfortably afford the median-priced home in Virginia with 20% down at current rates.