In Virginia, the median home costs $462K and the median household income is $92K/year. Find out how much house you can afford based on your income, debts, and down payment. Formula shown, sources cited — no account required.
A median home price of $462,000 against a median household income of $92,090 puts Virginia's price-to-income ratio at roughly 5.0x — a demanding figure that requires either high income, a large down payment, or both. At 12% down, buyers need to save $55,440 for the down payment plus roughly 2.0% in closing costs, another $9,240, totaling about $64,680 before the loan closes. The 0.82% property tax rate keeps the ongoing tax burden manageable at roughly $316 per month on a median home — one of the lower figures among East Coast states at similar price levels. Northern Virginia markets like Fairfax County and Arlington run well above the statewide median, so buyers should use local data rather than statewide averages when planning. The HOMEownership Down Payment Assistance program can reduce the cash burden for qualifying buyers. Use a home affordability calculator with your actual income and debt load to find the price range where Virginia's market aligns with your financial position.
How Much House Can You Afford in Virginia?
Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With Virginia's median income of $92,090/year ($7,674/month), that means a maximum housing payment of roughly $2,149/month.
At 6.51% over 30 years with a 12% down payment ($55,440), that monthly budget supports a purchase price of approximately $438,900–$462,000. The median home price in Virginia is $462,000, which means housing is near the national average.