Total monthly cost of ownership
Cost to Own a Home in Cave Spring, Virginia
A $297,000 home here costs
$2,287per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,527. The real number is $760 higher every month — 50% 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.
Cave Spring against Roanoke County and Virginia
| Measure | Cave Spring | Roanoke County |
|---|---|---|
| Median home value | $296,700 | $267,300 |
| Median property tax | $2,561 | $2,340 |
| Effective tax rate | 0.863% | 0.875% |
| Median gross rent | $1,224 | $1,148 |
| Population | 26,014 | 96,793 |
The weather behind that power bill
Cave Spring sits in Roanoke County, which averages a high of 88.1°F in its hottest month and a low of 28.7°F in its coldest, with 42.82" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,368 cooling and 3,869 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Roanoke County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Roanoke County
Full Roanoke County cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Cave Spring?
A $297,000 home in Cave Spring, Virginia costs approximately $2,287 per month with 20% down at 6.66%. That is $1,527 principal and interest, $214 property tax, $73 homeowners insurance, $226 utilities and $248 set aside for maintenance.
What is the property tax rate in Cave Spring?
Cave Spring has an effective property tax rate of 0.863%, based on a median home value of $296,700 and median real estate taxes of $2,561. That is lower than the Roanoke County average of 0.875%.
What is the average home price in Cave Spring?
The median owner-occupied home value in Cave Spring, Virginia is $296,700, against $267,300 across Roanoke County.
Is it cheaper to rent or buy in Cave Spring?
Median gross rent in Cave Spring is $1,224 a month, against $2,287 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 Cave Spring — 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.