Total monthly cost of ownership
Cost to Own a Home in Charlottesville, Virginia
A $448,000 home here costs
$3,480per 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 $149,000 a year.
A standard mortgage calculator would have told you $2,442. The real number is $1,037 higher every month, 42% more than the payment most buyers budget for.
Compare Charlottesville 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.
Charlottesville against Charlottesville city and Virginia
| Measure | Charlottesville | Charlottesville city |
|---|---|---|
| Median home value | $448,400 | $448,400 |
| Median property tax | $3,649 | $3,649 |
| Effective tax rate | 0.814% | 0.814% |
| Median gross rent | $1,453 | $1,453 |
| Population | 45,863 | 45,863 |
The weather behind that power bill
Charlottesville sits in Charlottesville city, which averages a high of 83.9°F in its hottest month and a low of 28.1°F in its coldest, with 48.18" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,110 cooling and 4,239 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Charlottesville city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Charlottesville city
No other places of this size are published in Charlottesville city.
Full Charlottesville city cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Charlottesville 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 Charlottesville every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Charlottesville I already own here and may sell
Common questions
How much does it cost to own a home in Charlottesville?
A $448,000 home in Charlottesville, Virginia costs approximately $3,480 per month with 20% down at 7.24%. That is $2,442 principal and interest, $304 property tax, $110 homeowners insurance, $250 utilities and $373 set aside for maintenance.
What is the property tax rate in Charlottesville?
Charlottesville has an effective property tax rate of 0.814%, based on a median home value of $448,400 and median real estate taxes of $3,649. That is in line with the Charlottesville city average of 0.814%.
What is the average home price in Charlottesville?
The median owner-occupied home value in Charlottesville, Virginia is $448,400, against $448,400 across Charlottesville city.
Is it cheaper to rent or buy in Charlottesville?
Median gross rent in Charlottesville is $1,453 a month, against $3,480 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 Charlottesville?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Charlottesville, Virginia at today's rate takes a household income of roughly $149,000 a year. That covers the full $3,480 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Charlottesville, 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.