Total monthly cost of ownership
Cost to Own a Home in Patrick Springs, Virginia
A $105,000 home here costs
$984per 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 $42,000 a year.
A standard mortgage calculator would have told you $572. The real number is $412 higher every month, 72% more than the payment most buyers budget for.
Compare Patrick County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Patrick Springs from a five-year rolling sample, and with about 2,094 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Patrick County figures are drawn from a far larger sample if you want a steadier number.
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 $182 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
Talk to someone who works this market
These are Patrick Springs 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 Patrick Springs every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Patrick Springs I already own here and may sell
Common questions
How much does it cost to own a home in Patrick Springs?
A $105,000 home in Patrick Springs, Virginia costs approximately $984 per month with 20% down at 7.24%. That is $572 principal and interest, $49 property tax, $26 homeowners insurance, $250 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 $984 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 Patrick Springs?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Patrick Springs, Virginia at today's rate takes a household income of roughly $42,000 a year. That covers the full $984 monthly cost, not just the mortgage payment.
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.