Virginia Mortgage Calculator

Mortgage Calculator in Virginia

The median home price in Virginia is $370,000, which is 12% below the national average of $420,000. Virginia's effective property tax rate of 0.8% is 0.3 percentage points lower than the national average of 1.1%.

Metric	Virginia (VA)	National Avg	vs National Average
Median Home Price	$370,000	$420,000	-12%
Property Tax Rate	0.8%	1.1%	-0.30%
Home Insurance (Annual)	$1,800	$2,300	-22%
State Sales Tax	5.3%	5%	+0.3%
FHA Loan Limit	$766,550	$472,030	Higher
Conforming Loan Limit	$766,550	$766,550	Standard

Homeownership in Virginia

Virginia's housing market is defined by Northern Virginia -- the DC suburbs of Fairfax, Arlington, Alexandria, and Loudoun County -- where median prices regularly exceed $600,000 driven by federal government and defense contractor employment. The statewide median around $370,000 is a blend of this expensive north with more affordable central and southwest Virginia. Virginia's income tax tops out at 5.75% and the state has no estate tax, maintaining a relatively competitive overall profile.

Tips for Virginia Homebuyers and Homeowners

• Northern Virginia properties in Arlington and Fairfax are assessed at market value annually -- budgets must account for potential assessment increases as the DC market remains under constant demand pressure.
• Virginia's property tax rates vary substantially by jurisdiction -- Arlington County (1.02%) and Fairfax County (1.14%) are moderate, but rural counties in southwest Virginia can be below 0.5%.
• Virginia has a Personal Property Tax on vehicles in addition to real property taxes -- this adds $600-$1,500 per year per vehicle in most jurisdictions, a cost often overlooked by buyers relocating from states without this tax.
• The Military and Veterans Tax Exemption exempts surviving spouses of military members killed in action from real property taxes on their primary residence.

Virginia Programs and Assistance

• Virginia Housing First-Time Homebuyers Program (Virginia Housing) -- competitive 30-year fixed rate mortgages for first-time buyers with DPA options including grants and deferred loans.
• Virginia Housing Down Payment Assistance Grant -- provides 2-2.5% of the purchase price as an outright grant (no repayment required) for buyers using Virginia Housing first mortgages.
• Virginia Housing Mortgage Credit Certificate -- 20% of annual mortgage interest as a direct federal tax credit, available statewide to first-time buyers.

Did you know? Northern Virginia's Loudoun County saw a 200% population increase between 2000 and 2020, driven by data center construction, federal agency expansion, and Dulles airport growth -- making it one of the fastest-growing counties in the entire country during that period.