Total monthly cost of ownership
Cost to Own a Home in Gate City, Virginia
A $158,000 home here costs
$1,368per 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 $58,500 a year.
A standard mortgage calculator would have told you $861. The real number is $507 higher every month, 59% more than the payment most buyers budget for.
Compare Scott County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Gate City from a five-year rolling sample, and with about 1,939 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 Scott 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.
Gate City against Scott County and Virginia
| Measure | Gate City | Scott County |
|---|---|---|
| Median home value | $158,400 | $122,300 |
| Median property tax | $1,038 | $826 |
| Effective tax rate | 0.655% | 0.675% |
| Median gross rent | $600 | $665 |
| Population | 1,939 | 21,504 |
The weather behind that power bill
Gate City sits in Scott County, which averages a high of 86.4°F in its hottest month and a low of 26.3°F in its coldest, with 43.97" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,105 cooling and 4,150 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Scott County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Scott County
Talk to someone who works this market
These are Gate City 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 Gate City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Gate City I already own here and may sell
Common questions
How much does it cost to own a home in Gate City?
A $158,000 home in Gate City, Virginia costs approximately $1,368 per month with 20% down at 7.24%. That is $861 principal and interest, $86 property tax, $39 homeowners insurance, $250 utilities and $132 set aside for maintenance.
What is the property tax rate in Gate City?
Gate City has an effective property tax rate of 0.655%, based on a median home value of $158,400 and median real estate taxes of $1,038. That is lower than the Scott County average of 0.675%.
What is the average home price in Gate City?
The median owner-occupied home value in Gate City, Virginia is $158,400, against $122,300 across Scott County.
Is it cheaper to rent or buy in Gate City?
Median gross rent in Gate City is $600 a month, against $1,368 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 Gate City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Gate City, Virginia at today's rate takes a household income of roughly $58,500 a year. That covers the full $1,368 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Gate City, 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.