Total monthly cost of ownership
Cost to Own a Home in Cloverdale, Virginia
A $338,000 home here costs
$2,639per 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 $113,000 a year.
A standard mortgage calculator would have told you $1,843. The real number is $796 higher every month, 43% more than the payment most buyers budget for.
Compare Botetourt County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Cloverdale from a five-year rolling sample, and with about 3,095 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Botetourt County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Cloverdale against Botetourt County and Virginia
| Measure | Cloverdale | Botetourt County |
|---|---|---|
| Median home value | $338,000 | $268,900 |
| Median property tax | $2,172 | $1,761 |
| Effective tax rate | 0.643% | 0.655% |
| Median gross rent | $889 | $951 |
| Population | 3,095 | 33,875 |
The weather behind that power bill
Cloverdale 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 $182 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
Talk to someone who works this market
These are Cloverdale 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 Cloverdale every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cloverdale I already own here and may sell
Common questions
How much does it cost to own a home in Cloverdale?
A $338,000 home in Cloverdale, Virginia costs approximately $2,639 per month with 20% down at 7.24%. That is $1,843 principal and interest, $181 property tax, $83 homeowners insurance, $250 utilities and $282 set aside for maintenance.
What is the property tax rate in Cloverdale?
Cloverdale has an effective property tax rate of 0.643%, based on a median home value of $338,000 and median real estate taxes of $2,172. That is lower than the Botetourt County average of 0.655%.
What is the average home price in Cloverdale?
The median owner-occupied home value in Cloverdale, Virginia is $338,000, against $268,900 across Botetourt County.
Is it cheaper to rent or buy in Cloverdale?
Median gross rent in Cloverdale is $889 a month, against $2,639 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 Cloverdale?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cloverdale, Virginia at today's rate takes a household income of roughly $113,000 a year. That covers the full $2,639 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cloverdale, 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.