Income needed to buy a home
Montgomery County, VA
$113,758
a year in household income to buy the typical Montgomery County home with 10% down.
The monthly math
Typical home value$340,750
Down payment (10%)$34,075
Loan$306,675
Principal and interest (7.40%)$2,123/mo
Property tax (0.82% a year)$233/mo
Homeowners insurance (estimate)$170/mo
Mortgage insurance$128/mo
Total monthly cost$2,654/mo
Income needed keeps housing at 28% of gross income, the lender rule of thumb.
What locals earn
Far off
The typical household here earns $72,715 a year, 64% of what it takes.
In Virginia
Montgomery County ranks #79 of 133 for the income a home takes, from least to most.
Easiest to afford in Virginia
| County | Typical home | Income needed |
|---|---|---|
| Buchanan County | $80,245 | $25,804 |
| Martinsville City | $110,964 | $36,993 |
| Dickenson County | $117,295 | $37,872 |
| Lee County | $116,546 | $38,022 |
| Covington City | $115,505 | $38,726 |
Typical home value from the Zillow Home Value Index, August 2026. Rate is the Freddie Mac 30-year average for Oct 8, 2026. Property tax rate is total taxes paid divided by total home value in the county (U.S. Census, ACS 2020-2024). How it works.