How Much House Can I Afford in Virginia on $120K?
Based on Virginia's 0.82% property tax rate and $1,700/yr homeowners insurance.
Can You Afford the Median Home in Virginia?
Yes — the median home in Virginia is $400K, which is within your $417K budget. You have $17K of headroom, giving you flexibility to choose a better neighborhood, newer construction, or simply keep your payments comfortably below the maximum.
Affordable Cities in Virginia on $120K
These Virginia cities have median home prices within your $417K budget.
Up to 2.5% grant. First-time buyers in Virginia should explore this program to reduce upfront costs. Combined with your $417K budget, state assistance can significantly lower the cash you need to close.
Buying a Home in Virginia on $120K
In Virginia, your $120K salary stretches further than the national average. Because Virginia's 0.82% property tax rate is below the national average of 1.1%, your maximum affordable price is $417K — that is $16K more than the $401K you would get using national averages. Lower property taxes mean a smaller slice of your monthly payment goes to the county, leaving more room for the mortgage itself.
Virginia's combination of 0.82% property taxes and $1,700/yr insurance puts it in the moderate-cost category. Your $417K budget gives you access to homes at and above the state median of $400K. Focus on cities and neighborhoods where your budget represents strong buying power — in many parts of Virginia, $417K buys a well-maintained home in a good school district.
Budget $6K for closing costs in Virginia (roughly 1.5% of the purchase price). Combined with your $41,719 down payment, you will need approximately $48K in cash to close. Virginia Housing DPA Grant may help offset these costs — especially since their assistance does not need to be repaid in full. Get pre-approved with a Virginia-based lender who understands local programs and can close efficiently.