Total monthly cost of ownership
Cost to Own a Home in Madison Heights, Virginia
A $181,000 home here costs
$1,424per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $931. The real number is $494 higher every month — 53% 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.
Madison Heights against Amherst County and Virginia
| Measure | Madison Heights | Amherst County |
|---|---|---|
| Median home value | $181,300 | $197,200 |
| Median property tax | $864 | $997 |
| Effective tax rate | 0.477% | 0.506% |
| Median gross rent | $826 | $842 |
| Population | 10,398 | 31,385 |
The weather behind that power bill
Madison Heights sits in Amherst County, which averages a high of 86.9°F in its hottest month and a low of 25.8°F in its coldest, with 42.76" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,115 cooling and 4,295 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Amherst County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Amherst County
Full Amherst County cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Madison Heights?
A $181,000 home in Madison Heights, Virginia costs approximately $1,424 per month with 20% down at 6.66%. That is $931 principal and interest, $72 property tax, $44 homeowners insurance, $226 utilities and $151 set aside for maintenance.
What is the property tax rate in Madison Heights?
Madison Heights has an effective property tax rate of 0.477%, based on a median home value of $181,300 and median real estate taxes of $864. That is lower than the Amherst County average of 0.506%.
What is the average home price in Madison Heights?
The median owner-occupied home value in Madison Heights, Virginia is $181,300, against $197,200 across Amherst County.
Is it cheaper to rent or buy in Madison Heights?
Median gross rent in Madison Heights is $826 a month, against $1,424 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 Madison Heights — 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.