The cost of homes in the United States has increased significantly in the past few years. The median price of homes for sale increased by almost 50% from the second quarter of 2020 to the third quarter of 2022 due to increased demand and limited supply caused by the pandemic. The sale price of a typical American home has decreased in recent months, but housing prices are still very high compared to historical levels.
Home values have increased significantly, and the costs of borrowing for home buyers have also gone up. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, which is the highest it has been in almost 15 years. Many Americans cannot afford to buy a home because prices and mortgage rates are very high.
However, housing prices can be influenced by various factors that are separate from overall national market trends, and one of these factors is location. The price of two nearly identical homes can differ by hundreds of thousands of dollars, depending on their location. For people looking to buy a home on a limited budget, certain cities in Virginia are more affordable than others.
Based on data from the U.S. Census Bureau’s 2022 American Community Survey, the average home value in Virginia is $339,800. However, in the state, there are 44 cities, towns, and unincorporated communities with populations of at least 25,000. The median home values in these areas vary from around $100,000 to over $1.2 million.
Home prices in local markets are usually based on what residents can afford. In Virginia, there are many affordable cities for homebuyers that are not considered high-income areas. Out of the 44 cities in Virginia that have data from the ACS, 17 of them have a median home value that is lower than the median value for the entire state. In all but three of these places, most households earn less than the average income of $87,249 for the entire state. Similarly, in Virginia, the housing markets that are more expensive tend to have populations with higher incomes.
The cheapest and most expensive housing markets in Virginia
McLean
- Median home value: $1,257,900
- Homes worth over $1 million: 73.9%
- Homeownership rate: 87.6%
- Median household income: $250,001
- Total population: 49,587
Oakton
- Median home value: $763,000
- Homes worth over $1 million: 24.5%
- Homeownership rate: 67.4%
- Median household income: $158,343
- Total population: 36,529
South Riding
- Median home value: $652,000
- Homes worth over $1 million: 7.0%
- Homeownership rate: 83.6%
- Median household income: $183,056
- Total population: 33,358
Also Read: These Counties Becomes the Poorest Counties in Entire California
West Falls Church
- Median home value: $635,200
- Homes worth over $1 million: 5.0%
- Homeownership rate: 65.5%
- Median household income: $126,737
- Total population: 31,121
Ashburn
- Median home value: $618,000
- Homes worth over $1 million: 4.0%
- Homeownership rate: 69.1%
- Median household income: $147,192
- Total population: 45,479
Springfield
- Median home value: $594,300
- Homes worth over $1 million: 3.7%
- Homeownership rate: 66.1%
- Median household income: $117,598
- Total population: 31,022
Leesburg
- Median home value: $572,500
- Homes worth over $1 million: 3.0%
- Homeownership rate: 68.1%
- Median household income: $132,298
- Total population: 48,465
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