Compare Virginia mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Virginia.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Virginia. Plus, shopping lenders is free and there is no obligation.
February 20, 2024
Below we offer valuable insights on the housing market and real estate prices in Virginia. Understand how much you need to make to buy a house in Virginia, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Virginia is affordable for you. We provide this helpful information to help you decide if living in Virginia is right for you.
The median home value for Virginia is $405,155
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Virginia is $84,522
With this income, you could qualify for a $364,640 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Virginia is $1,957
The median household income for Virginia is $89,790
Based on this income, you can afford a home valued at approximately $430,406
The home price you can afford to buy based on household income in Virginia is 106% of the median home value which means housing prices are expensive. Virginia ranks 33 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Virginia is expensive