Virginia Mortgage & Property Tax Guide 2025
Virginia has an average property tax rate of 0.87% and a state income tax of 2–5.75%. The median home price is approximately $365,000.
Is Virginia a Good State to Buy a Home?
Virginia is one of the best-value states for home buyers — low property tax, moderate income tax, strong job market (especially Northern VA tech corridor), and relatively affordable prices outside the DC suburbs.
Property Tax in Virginia
On a $365,000 home in Virginia, you would pay approximately $3,176/year (265/month) in property taxes at the 0.87% average rate. Rates vary by county.
What is the average mortgage payment in Virginia?
For a $320,000 home with 20% down at 7.2% over 30 years, expect to pay approximately $2,103/month including property tax and insurance in Virginia.
How much income do I need to buy a house in Virginia?
To comfortably afford a $320,000 home in Virginia (28% DTI rule), you typically need a household income of at least $90,000/year.
Does Virginia have a first-time home buyer program?
Yes. Virginia offers state-level down payment assistance and mortgage credit certificate programs for eligible first-time buyers. Contact your local housing finance agency for current income and purchase price limits.