Total monthly cost of ownership
Cost to Own a Home in Big Stone Gap, Virginia
A $170,000 home here costs
$1,450per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $62,000 a year.
A standard mortgage calculator would have told you $927. The real number is $523 higher every month, 56% more than the payment most buyers budget for.
Compare Wise County 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.
Big Stone Gap against Wise County and Virginia
| Measure | Big Stone Gap | Wise County |
|---|---|---|
| Median home value | $169,900 | $116,500 |
| Median property tax | $1,079 | $658 |
| Effective tax rate | 0.635% | 0.565% |
| Median gross rent | $823 | $770 |
| Population | 5,193 | 35,727 |
The weather behind that power bill
Big Stone Gap sits in Wise County, which averages a high of 80.6°F in its hottest month and a low of 24.6°F in its coldest, with 51.63" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 587 cooling and 4,797 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Wise County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wise County
Talk to someone who works this market
These are Big Stone Gap 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 Big Stone Gap every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Big Stone Gap I already own here and may sell
Common questions
How much does it cost to own a home in Big Stone Gap?
A $170,000 home in Big Stone Gap, Virginia costs approximately $1,450 per month with 20% down at 7.24%. That is $927 principal and interest, $90 property tax, $42 homeowners insurance, $250 utilities and $142 set aside for maintenance.
What is the property tax rate in Big Stone Gap?
Big Stone Gap has an effective property tax rate of 0.635%, based on a median home value of $169,900 and median real estate taxes of $1,079. That is higher than the Wise County average of 0.565%.
What is the average home price in Big Stone Gap?
The median owner-occupied home value in Big Stone Gap, Virginia is $169,900, against $116,500 across Wise County.
Is it cheaper to rent or buy in Big Stone Gap?
Median gross rent in Big Stone Gap is $823 a month, against $1,450 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 Big Stone Gap?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Big Stone Gap, Virginia at today's rate takes a household income of roughly $62,000 a year. That covers the full $1,450 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Big Stone Gap, 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.