Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New York and Virginia. Updated for 2026.
Metric
New York
Virginia
Median Home Price
$430K
$400K
Property Tax Rate
1.72%
0.82%
Avg Closing Costs
$12K
$6K
Closing Cost %
2.8%
1.5%
Transfer Tax
0.8%
0.25%
Homeowners Insurance
$2,100/yr
$1,700/yr
First-Time Buyer Program
SONYMA Achieving the Dream
Up to $15,000 DPAL
Virginia Housing DPA Grant
Up to 2.5% grant
Verdict
Virginia wins 6 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $400K and lower overall costs, Virginia offers meaningful savings compared to New York. Both states offer first-time buyer programs — explore the state pages for full details.