How Much House Can I Afford in Virginia? (2026)
Last updated: April 2026 · Source: Zillow, Freddie Mac, Tax Foundation
Quick Answer
At the Virginia median income of $80,000/year, you can typically afford a home up to $320,000 (4× rule), or $240,000 conservatively (3× rule). The median home in Virginia costs $395,000, so a household earning $98,750+ can afford the typical home.
Virginia Housing & Mortgage Data
| Median Home Price | $395,000 |
| 30-Year Fixed Rate | 6.88%(State average, Apr 2026) |
| Property Tax Rate | 0.80%(Effective rate) |
| Avg HO Insurance | $1,400/yr ($117/mo) |
| Typical Down Payment | 10% ($39,500) |
| Median Household Income | $80,000/yr |
Key Facts for Virginia
- ✓Virginia median home price is $395,000 as of 2026
- ✓30-year fixed mortgage rates in Virginia average 6.88%
- ✓Property taxes in Virginia are 0.80% — near the national average of 1.10%
- ✓Homeowners insurance averages $1,400/year in Virginia
- ✓A household earning $98,750/year can typically afford the median Virginia home
More Virginia Calculators
Frequently Asked Questions — Mortgage Affordability Calculator in Virginia
- What income do I need to afford a home in Virginia?
- Using the 28% front-end ratio rule: your mortgage payment (PITI) should not exceed 28% of gross monthly income. The Virginia median home at $395,000 has a total monthly PITI of approximately $2,717. That implies a minimum gross income of $9,702/month.
- What is the debt-to-income ratio limit for mortgages in Virginia?
- Most Virginia lenders require a back-end DTI (all debts including the mortgage) of 43% or below for conventional loans. FHA allows up to 50% DTI with compensating factors. The front-end DTI (mortgage payment only) should ideally be below 28%. If you have $500/month in existing debt payments, your maximum mortgage payment is reduced accordingly.
- What is the average mortgage payment in Virginia?
- The average monthly mortgage payment (principal + interest) in Virginia is approximately $2,337 for a $355,500 loan at 6.88% over 30 years. Adding property tax ($263/mo) and homeowners insurance ($117/mo) brings total PITI to about $2,717/month.
- What credit score do I need for a mortgage in Virginia?
- Most Virginia lenders require a minimum 620 credit score for conventional loans and 580 for FHA loans (with 3.5% down). For the best rates in Virginia, aim for 740+. A higher score can reduce your rate by 0.5–1.0%, saving $53,325 over the life of a 30-year loan.
- How much down payment is required to buy a home in Virginia?
- You can buy a home in Virginia with as little as 0% down (VA, USDA loans for eligible buyers), 3% down (conventional), or 3.5% down (FHA). On the Virginia median home price of $395,000, a 20% down payment is $79,000 and lets you avoid PMI. Virginia also has state-level down payment assistance programs for first-time buyers.
- What are current mortgage rates in Virginia?
- Current 30-year fixed mortgage rates in Virginia average 6.88% as of April 2026. 15-year fixed rates are typically 0.5–0.75% lower. Rates vary by lender, credit score, and loan-to-value ratio. Compare at least 3–5 lenders to ensure you get the best Virginia mortgage rate.
- What is the property tax rate in Virginia?
- Virginia's effective property tax rate is 0.80%. On the Virginia median home value of $395,000, annual property taxes are approximately $3,160 ($263/month). Property taxes in Virginia are typically escrowed in your monthly mortgage payment.