Total monthly cost of ownership
Cost to Own a Home in Alexandria, Virginia
A $697,000 home here costs
$5,435per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $233,000 a year.
A standard mortgage calculator would have told you $3,861. The real number is $1,575 higher every month, 41% more than the payment most buyers budget for.
Compare Alexandria city with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Alexandria against Alexandria city and Virginia
| Measure | Alexandria | Alexandria city |
|---|---|---|
| Median home value | $696,800 | $696,800 |
| Median property tax | $6,879 | $6,879 |
| Effective tax rate | 0.987% | 0.987% |
| Median gross rent | $2,031 | $2,031 |
| Population | 156,788 | 156,788 |
The weather behind that power bill
Alexandria sits in Alexandria city, which averages a high of 89.6°F in its hottest month and a low of 30.1°F in its coldest, with 41.82" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,738 cooling and 3,769 heating degree days, which is what sets the $181 electricity line above.
See the full climate breakdown for Alexandria city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Alexandria city
No other places of this size are published in Alexandria city.
Full Alexandria city cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Alexandria averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Alexandria every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Alexandria I already own here and may sell
Common questions
How much does it cost to own a home in Alexandria?
A $697,000 home in Alexandria, Virginia costs approximately $5,435 per month with 20% down at 7.4%. That is $3,861 principal and interest, $573 property tax, $171 homeowners insurance, $249 utilities and $581 set aside for maintenance.
What is the property tax rate in Alexandria?
Alexandria has an effective property tax rate of 0.987%, based on a median home value of $696,800 and median real estate taxes of $6,879. That is in line with the Alexandria city average of 0.987%.
What is the average home price in Alexandria?
The median owner-occupied home value in Alexandria, Virginia is $696,800, against $696,800 across Alexandria city.
Is it cheaper to rent or buy in Alexandria?
Median gross rent in Alexandria is $2,031 a month, against $5,435 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Alexandria?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Alexandria, Virginia at today's rate takes a household income of roughly $233,000 a year. That covers the full $5,435 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Alexandria, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Virginia.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.