Compare Fairfax, VA 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 Fairfax.
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March 20, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Fairfax. Understand how much you need to earn to afford a home in Fairfax, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Fairfax fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Fairfax is right for you.
The median home value for Fairfax, VA is $696,604
Based on current mortgage rates and a 10% down payment, you need to make $145,323 per year to buy the median priced home in Fairfax
With this income, you could qualify for a $626,943 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 Fairfax is $3,365
The median household income for Fairfax, VA is $136,073
Based on this income, you can afford a home valued at approximately $652,265
The home price you can afford to buy based on household income in Fairfax is 94% of the median home value which means housing prices are expensive. Fairfax ranks 123 out of 133 counties in Virginia and 2,879 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Fairfax, VA is expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Fairfax below.
Conforming loan limits for Fairfax, VA
FHA loan limits for Fairfax, VA
VA loan limits for Fairfax, VA