Total monthly cost of ownership
Cost to Own a Home in Gate City, Virginia
A $158,000 home here costs
$1,295per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $812. The real number is $483 higher every month — 59% more than the payment most buyers budget for.
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 $158 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
Common questions
How much does it cost to own a home in Gate City?
A $158,000 home in Gate City, Virginia costs approximately $1,295 per month with 20% down at 6.66%. That is $812 principal and interest, $86 property tax, $39 homeowners insurance, $226 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 $1,295 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.