Total monthly cost of ownership
Cost to Own a Home in Castlewood, Virginia
A $163,000 home here costs
$1,313per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $838. The real number is $475 higher every month — 57% 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.
Castlewood against Russell County and Virginia
| Measure | Castlewood | Russell County |
|---|---|---|
| Median home value | $163,300 | $119,600 |
| Median property tax | $871 | $644 |
| Effective tax rate | 0.533% | 0.538% |
| Median gross rent | $740 | $682 |
| Population | 1,120 | 25,635 |
The weather behind that power bill
Castlewood sits in Russell County, which averages a high of 84.0°F in its hottest month and a low of 22.9°F in its coldest, with 45.94" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 740 cooling and 4,838 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Russell County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Russell County
Full Russell County cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Castlewood?
A $163,000 home in Castlewood, Virginia costs approximately $1,313 per month with 20% down at 6.66%. That is $838 principal and interest, $72 property tax, $40 homeowners insurance, $226 utilities and $136 set aside for maintenance.
What is the property tax rate in Castlewood?
Castlewood has an effective property tax rate of 0.533%, based on a median home value of $163,300 and median real estate taxes of $871. That is in line with the Russell County average of 0.538%.
What is the average home price in Castlewood?
The median owner-occupied home value in Castlewood, Virginia is $163,300, against $119,600 across Russell County.
Is it cheaper to rent or buy in Castlewood?
Median gross rent in Castlewood is $740 a month, against $1,313 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 Castlewood — 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.