Total monthly cost of ownership
Cost to Own a Home in Galax, Virginia
A $127,000 home here costs
$1,160per 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 $49,500 a year.
A standard mortgage calculator would have told you $692. The real number is $467 higher every month, 68% more than the payment most buyers budget for.
Compare Galax 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.
Galax against Galax city and Virginia
| Measure | Galax | Galax city |
|---|---|---|
| Median home value | $126,800 | $126,800 |
| Median property tax | $962 | $962 |
| Effective tax rate | 0.759% | 0.759% |
| Median gross rent | $692 | $692 |
| Population | 6,698 | 6,698 |
The weather behind that power bill
Galax sits in Galax city, which averages a high of 82.2°F in its hottest month and a low of 23.3°F in its coldest, with 45.58" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 581 cooling and 5,111 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Galax city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Galax city
No other places of this size are published in Galax city.
Talk to someone who works this market
These are Galax 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 Galax every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Galax?
A $127,000 home in Galax, Virginia costs approximately $1,160 per month with 20% down at 7.24%. That is $692 principal and interest, $80 property tax, $31 homeowners insurance, $250 utilities and $106 set aside for maintenance.
What is the property tax rate in Galax?
Galax has an effective property tax rate of 0.759%, based on a median home value of $126,800 and median real estate taxes of $962. That is in line with the Galax city average of 0.759%.
What is the average home price in Galax?
The median owner-occupied home value in Galax, Virginia is $126,800, against $126,800 across Galax city.
Is it cheaper to rent or buy in Galax?
Median gross rent in Galax is $692 a month, against $1,160 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 Galax?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Galax, Virginia at today's rate takes a household income of roughly $49,500 a year. That covers the full $1,160 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Galax, 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.