Total monthly cost of ownership
Cost to Own a Home in Buchanan, Virginia
A $202,000 home here costs
$1,584per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,038. The real number is $546 higher every month — 53% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Buchanan against Botetourt County and Virginia
| Measure | Buchanan | Botetourt County |
|---|---|---|
| Median home value | $201,900 | $268,900 |
| Median property tax | $1,219 | $1,761 |
| Effective tax rate | 0.604% | 0.655% |
| Median gross rent | $929 | $951 |
| Population | 1,271 | 33,875 |
The weather behind that power bill
Buchanan sits in Botetourt County, which averages a high of 86.5°F in its hottest month and a low of 26.9°F in its coldest, with 43.61" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,223 cooling and 4,271 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Botetourt County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Botetourt County
Full Botetourt County cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Buchanan?
A $202,000 home in Buchanan, Virginia costs approximately $1,584 per month with 20% down at 6.66%. That is $1,038 principal and interest, $102 property tax, $50 homeowners insurance, $226 utilities and $168 set aside for maintenance.
What is the property tax rate in Buchanan?
Buchanan has an effective property tax rate of 0.604%, based on a median home value of $201,900 and median real estate taxes of $1,219. That is lower than the Botetourt County average of 0.655%.
What is the average home price in Buchanan?
The median owner-occupied home value in Buchanan, Virginia is $201,900, against $268,900 across Botetourt County.
Is it cheaper to rent or buy in Buchanan?
Median gross rent in Buchanan is $929 a month, against $1,584 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Buchanan — 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.