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 $80,000/year ($6,667/month), that means a maximum housing payment of roughly $1,867/month.
At 6.8% over 30 years with a 12% down payment ($46,800), that monthly budget supports a purchase price of approximately $370,500–$390,000. The median home price in Virginia is $390,000, which means housing is near the national average.