Housing market snapshot: Virginia
Northern Virginia prices track the D.C. market, while Richmond, Hampton Roads, and western Virginia offer more moderate entry points. Military demand is strong near Norfolk and other installations. With an indicative median near $400,000, Virginia sits in the middle of the national price distribution. Small rate changes move the payment more than many first-time buyers expect.
Property taxes and homestead notes
Virginia's average effective property tax rate of roughly 0.80% is near the middle of the U.S. range. The dollar amount still scales with purchase price, so escrow on a median-priced home is material. Property tax rates are moderate; high NoVA values drive large dollar bills. Local assessments reset with market conditions - check your county's site.
Homeowners insurance in Virginia
Indicative average homeowners insurance around $1,200/year is in a typical U.S. band. Roof age, claims history, and deductibles still swing real quotes. Coastal wind/flood in Hampton Roads and older urban housing elsewhere affect coverage. HOA communities are common in Northern Virginia suburbs.
Worked payment example
Using Virginia's indicative median of $400,000, a 20% down payment of $80,000, a 6.75% rate, and local tax/insurance defaults, principal and interest is about $2,076 with a full monthly payment near $2,442 (including roughly $267 tax and $100 insurance). With only 5% down ($20,000), the same price point jumps to about $3,006 per month because the loan is larger and PMI is typically required — roughly $174 of that total.
A common comfort check is keeping total housing cost near 28% of gross income. At $2,442/month, that implies ballpark gross income around $104,665 per year before other debts. Run your real income and debts through our home affordability calculator rather than relying on this rule of thumb alone.
Adjust the calculator above, or open the home affordability calculator with your income and debts. Methodology details are on how we calculate.
Buyer programs to research in Virginia
- Virginia Housing programs
- Down payment assistance through Virginia Housing
- Military-friendly VA loan usage statewide
Eligibility, funding, and income limits change. Confirm details with the program administrator or a participating lender before relying on assistance in your offer.
Practical tips for Virginia buyers
- Do not use statewide medians for Arlington/Fairfax budgeting.
- Model HOA and condo fees common in NoVA.
- Coastal buyers need flood determination early.
Figures on this page are educational estimates for Virginia, not a lender quote. County tax assessors, insurance agents, and licensed mortgage professionals can confirm the numbers for a specific address. See our methodology page for the formulas and assumptions behind every estimate.