Median home: $385,000 | Mortgage rate: 7% | Property tax: 0.82% | Insurance: $1,200/yr
Virginia is a prosperous Mid-Atlantic state with a diverse economy. With a median home price of $385,000 and mortgage rates averaging 7%, understanding what you can afford before house hunting is essential.
The 28/36 rule is the gold standard: spend no more than 28% of gross income on housing and no more than 36% on total debt. In Virginia, with a property tax rate of 0.82% and average insurance of $1,200/year, these costs add significantly to your monthly payment beyond just principal and interest.
A 20% down payment on the median Virginia home requires $77,000. FHA loans with 3.5% down need just $13,475, but you will pay mortgage insurance. Virginia has no state transfer tax and relatively low property taxes for the Mid-Atlantic.
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Based on the 28/36 rule, your total housing payment should not exceed 28% of gross monthly income, and total debts should stay under 36%. In Virginia, with median home prices at $385,000, you typically need a household income of at least $385,000 to afford the median home.
To afford the median Virginia home at $385,000 with 20% down at 7% interest, you need approximately $87,820 annual household income. This is based on the 28% housing cost guideline.
The median home price in Virginia is approximately $385,000 as of 2026. Prices vary significantly by city and county. Virginia is a prosperous Mid-Atlantic state with a diverse economy.
A 20% down payment on the median Virginia home ($385,000) is $77,000. FHA loans allow 3.5% down ($13,475) and VA loans offer 0% down for eligible veterans.
Virginia has a property tax rate of 0.82%, which is near the national average. On the median home, that is $3,157/year. Virginia has no state transfer tax and relatively low property taxes for the Mid-Atlantic.