Compare Roanoke city, 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 Roanoke city.
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May 28, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Roanoke city. Understand how much you need to earn to afford a home in Roanoke city, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Roanoke city 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 Roanoke city is right for you.
The median home value for Roanoke city, VA is $178,400
Based on current mortgage rates and a 10% down payment, you need to make $37,217 per year to buy the median priced home in Roanoke city
With this income, you could qualify for a $160,560 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 Roanoke city is $862
The median household income for Roanoke city, VA is $47,891
Based on this income, you can afford a home valued at approximately $229,566
The home price you can afford to buy based on household income in Roanoke city is 129% of the median home value which means housing prices are average. Roanoke city ranks 67 out of 133 counties in Virginia and 2,352 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Roanoke city, VA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Roanoke city below.
Conforming loan limits for Roanoke city, VA
FHA loan limits for Roanoke city, VA
VA loan limits for Roanoke city, VA