Total monthly cost of ownership
Cost to Own a Home in Midlothian, Virginia
A $382,000 home here costs
$3,000per 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 $128,500 a year.
A standard mortgage calculator would have told you $2,083. The real number is $918 higher every month, 44% more than the payment most buyers budget for.
Compare Chesterfield County 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.
Midlothian against Chesterfield County and Virginia
| Measure | Midlothian | Chesterfield County |
|---|---|---|
| Median home value | $381,600 | $336,700 |
| Median property tax | $3,060 | $2,636 |
| Effective tax rate | 0.802% | 0.783% |
| Median gross rent | $1,764 | $1,542 |
| Population | 18,702 | 371,610 |
The weather behind that power bill
Midlothian sits in Chesterfield County, which averages a high of 89.5°F in its hottest month and a low of 28.8°F in its coldest, with 45.5" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,561 cooling and 3,736 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Chesterfield County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chesterfield County
Full Chesterfield County cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Midlothian 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 Midlothian every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Midlothian I already own here and may sell
Common questions
How much does it cost to own a home in Midlothian?
A $382,000 home in Midlothian, Virginia costs approximately $3,000 per month with 20% down at 7.24%. That is $2,083 principal and interest, $255 property tax, $94 homeowners insurance, $250 utilities and $318 set aside for maintenance.
What is the property tax rate in Midlothian?
Midlothian has an effective property tax rate of 0.802%, based on a median home value of $381,600 and median real estate taxes of $3,060. That is higher than the Chesterfield County average of 0.783%.
What is the average home price in Midlothian?
The median owner-occupied home value in Midlothian, Virginia is $381,600, against $336,700 across Chesterfield County.
Is it cheaper to rent or buy in Midlothian?
Median gross rent in Midlothian is $1,764 a month, against $3,000 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 Midlothian?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Midlothian, Virginia at today's rate takes a household income of roughly $128,500 a year. That covers the full $3,000 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Midlothian, 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.