Income needed to buy a house in Virginia
A median-priced home in Virginia costs $403,500. With 20% down you'd need about $106,440 a year, $14,350 more than the state's median household income of $92,090. Virginia ranks #32 of 51 for the lowest income needed.
Income needed: $106,440 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 6.95% (Freddie Mac, week of 2026-09-17).
You'd need a household income of about $106,440 a year to buy a $403,500 home in Virginia with $80,700 down.
Based on lenders' 28/36 rule: housing costs under 28% of gross income, all debt under 36%.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $2,137 |
| Property tax | $239 |
| Homeowners insurance | $108 |
| Total | $2,484 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $20,175 | $3,044 | $130,456 |
| 10% | $40,350 | $2,902 | $124,372 |
| 20% | $80,700 | $2,484 | $106,440 |
Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in Virginia: what's different
- Transfer tax
- 0.25% recordation + 0.1% grantor
- On the median home
- $1,410
- Homestead break
- Local senior relief only
- First-time buyer help
- Virginia Housing
- Transfer and recording taxes. The state recordation tax on a deed is 25 cents per $100 (0.25%), and cities and counties can add their own. The seller pays a separate grantor's tax of 50 cents per $500 (0.1%). On the median Virginia home ($403,500), that's about $1,410 in state recordation and grantor's taxes.
- Property tax breaks for your home. Virginia has no statewide homestead exemption. Cities and counties set their own tax relief for owners 65 and older or disabled.
- First-time buyer help. Virginia Housing offers the Down Payment Assistance Grant through participating lenders. Check its site for income and price limits.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in the Virginia metro areas we cover
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Washington, D.C. (49% in VA) | $160,826 | $604,800 | $126,244 |
| Virginia Beach, VA | $97,614 | $363,400 | $82,402 |
| Richmond, VA | $99,993 | $378,100 | $83,460 |
With 20% down, the median home takes about $97,614 a year in the Virginia Beach area and $160,826 in the Washington, D.C. area, compared with $106,440 for the statewide median.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. The metro area centered in Washington, DC is included because many of its residents live in Virginia; the share in the state is in parentheses. Rows are ordered by how many residents live in Virginia. Income needed: 20% down at 6.95%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in Virginia more expensive than most states
- Home prices: the median value of $403,500 is 12% above the U.S. median of $360,600.
- Property tax: about 0.71% of value a year ($239 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,290 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $221 a month on this loan.
20 states need at least 20% less income to buy their median home. States with a similar income requirement:
Frequently asked questions
How much do you need to make to buy a house in Virginia?
About $106,440 a year for the median home of $403,500 with 20% down at 6.95%. With 10% down it's about $124,372.
What is the property tax rate in Virginia?
The median Virginia homeowner pays $2,872 a year, about 0.71% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in Virginia?
Median rent is $1,646 a month, while owning the median home costs about $2,484 a month with 20% down, before maintenance. Renting affordably takes about $65,840 a year under the 30% rule.