Virginia variant. This is a Virginia-specific version of the Home Affordability Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Home Affordability Calculator.
How much house you can afford in Virginia hinges on the $87,249 median income, 0.75% property tax, and current rates. The 28/36 rule turns income into a realistic price ceiling.
Affordability math for Virginia
Lenders typically cap housing costs at 28% of gross income. On Virginia's $87,249 median income, that's about $2,036/month for principal, interest, taxes, and insurance.
After reserving for 0.75% property tax and insurance, the remaining payment supports a home priced near $402,609 with 20% down - compared with the $395,000 state median.
About taxes and housing in Virginia
Virginia levies a graduated income tax with a top marginal rate of about 5.75%.
Virginia's effective property tax rate is moderate near 0.75%, with median home values around $395,000.
Virginia's economy is heavily influenced by the federal government, military installations, and a large defense and technology sector in Northern Virginia.
Worked example: max price on $87,249
28% of $87,249 ÷ 12 ≈ $2,036/month. At 6.5% for 30 years with 20% down, that supports roughly $402,609 in home price before taxes and insurance reduce it further.
Quick reference
- State income tax: 2-5.75% across 4 brackets
- State sales tax: 5.3% (plus 0.47% avg local)
- Median home value: $395,000
- Median household income: $87,249
- Effective property tax rate: 0.75%
- Avg auto insurance: $1,310/yr
Frequently Asked Questions
How much house can I afford in Virginia?
On the $87,249 median income, the 28% rule supports roughly $402,609 in home price at current sample rates - adjust for your real income and debts above.
What is the 28/36 rule?
Spend no more than 28% of gross income on housing and 36% on total debt. It's the standard lender affordability guideline.