In 2021, 68% of Virginia’s population were homeowners. That is slightly lower than the previous year at 70.4%. Several factors influence the homeownership rate of a state, such as property values.
Virginia’s median home value is $264,200, and the state’s average outstanding mortgage amount is $242,397. That means there’s a $21,803 difference between the cost of a home and the average mortgage balance in Virginia.
The average household in Virginia earns $8,167 per month, so homeowners spend around 16.3% of their income or $1,334 monthly on a mortgage payment.
In this guide, MoneyGeek explains how and why to use the mortgage calculator for Virginia to help you get a personalized estimate for a mortgage payment. We also explain how to reduce your mortgage payment costs and more.