Total monthly cost of ownership
Cost to Own a Home in Patrick Springs, Virginia
A $105,000 home here costs
$928per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $540. The real number is $388 higher every month — 72% 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.
Patrick Springs against Patrick County and Virginia
| Measure | Patrick Springs | Patrick County |
|---|---|---|
| Median home value | $104,700 | $146,500 |
| Median property tax | $582 | $851 |
| Effective tax rate | 0.556% | 0.581% |
| Median gross rent | $744 | $721 |
| Population | 2,094 | 17,606 |
The weather behind that power bill
Patrick Springs sits in Patrick County, which averages a high of 86.1°F in its hottest month and a low of 25.2°F in its coldest, with 52.28" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 997 cooling and 4,216 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Patrick County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Patrick County
Full Patrick County cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Patrick Springs?
A $105,000 home in Patrick Springs, Virginia costs approximately $928 per month with 20% down at 6.66%. That is $540 principal and interest, $49 property tax, $26 homeowners insurance, $226 utilities and $88 set aside for maintenance.
What is the property tax rate in Patrick Springs?
Patrick Springs has an effective property tax rate of 0.556%, based on a median home value of $104,700 and median real estate taxes of $582. That is lower than the Patrick County average of 0.581%.
What is the average home price in Patrick Springs?
The median owner-occupied home value in Patrick Springs, Virginia is $104,700, against $146,500 across Patrick County.
Is it cheaper to rent or buy in Patrick Springs?
Median gross rent in Patrick Springs is $744 a month, against $928 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 Patrick Springs — 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.