Total monthly cost of ownership
Cost to Own a Home in Fairfax, Virginia
A $677,000 home here costs
$5,204per 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 $223,000 a year.
A standard mortgage calculator would have told you $3,691. The real number is $1,513 higher every month, 41% more than the payment most buyers budget for.
Compare Fairfax 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.
Fairfax against Fairfax city and Virginia
| Measure | Fairfax | Fairfax city |
|---|---|---|
| Median home value | $677,400 | $677,400 |
| Median property tax | $6,392 | $6,392 |
| Effective tax rate | 0.944% | 0.944% |
| Median gross rent | $2,122 | $2,122 |
| Population | 24,478 | 24,478 |
The weather behind that power bill
Fairfax sits in Fairfax city, which averages a high of 83.8°F in its hottest month and a low of 23.4°F in its coldest, with 43.57" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 964 cooling and 4,931 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Fairfax city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Fairfax city
No other places of this size are published in Fairfax city.
Talk to someone who works this market
These are Fairfax 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 Fairfax every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Fairfax I already own here and may sell
Common questions
How much does it cost to own a home in Fairfax?
A $677,000 home in Fairfax, Virginia costs approximately $5,204 per month with 20% down at 7.24%. That is $3,691 principal and interest, $533 property tax, $166 homeowners insurance, $250 utilities and $564 set aside for maintenance.
What is the property tax rate in Fairfax?
Fairfax has an effective property tax rate of 0.944%, based on a median home value of $677,400 and median real estate taxes of $6,392. That is in line with the Fairfax city average of 0.944%.
What is the average home price in Fairfax?
The median owner-occupied home value in Fairfax, Virginia is $677,400, against $677,400 across Fairfax city.
Is it cheaper to rent or buy in Fairfax?
Median gross rent in Fairfax is $2,122 a month, against $5,204 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 Fairfax?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Fairfax, Virginia at today's rate takes a household income of roughly $223,000 a year. That covers the full $5,204 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Fairfax, 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.