Total monthly cost of ownership
Cost to Own a Home in Lake Caroline, Virginia
A $291,000 home here costs
$2,170per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,496. The real number is $674 higher every month — 45% 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.
Lake Caroline against Caroline County and Virginia
| Measure | Lake Caroline | Caroline County |
|---|---|---|
| Median home value | $291,300 | $283,100 |
| Median property tax | $1,608 | $1,585 |
| Effective tax rate | 0.552% | 0.560% |
| Median gross rent | $1,634 | $1,201 |
| Population | 2,708 | 31,541 |
The weather behind that power bill
Lake Caroline sits in Caroline County, which averages a high of 88.7°F in its hottest month and a low of 27.9°F in its coldest, with 45.81" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,420 cooling and 3,957 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Caroline County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Caroline County
Full Caroline County cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Lake Caroline?
A $291,000 home in Lake Caroline, Virginia costs approximately $2,170 per month with 20% down at 6.66%. That is $1,496 principal and interest, $134 property tax, $72 homeowners insurance, $226 utilities and $243 set aside for maintenance.
What is the property tax rate in Lake Caroline?
Lake Caroline has an effective property tax rate of 0.552%, based on a median home value of $291,300 and median real estate taxes of $1,608. That is in line with the Caroline County average of 0.560%.
What is the average home price in Lake Caroline?
The median owner-occupied home value in Lake Caroline, Virginia is $291,300, against $283,100 across Caroline County.
Is it cheaper to rent or buy in Lake Caroline?
Median gross rent in Lake Caroline is $1,634 a month, against $2,170 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 Lake Caroline — 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.