Total monthly cost of ownership
Cost to Own a Home in Penhook, Virginia
A $477,000 home here costs
$3,559per 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 $152,500 a year.
A standard mortgage calculator would have told you $2,601. The real number is $959 higher every month, 37% more than the payment most buyers budget for.
Compare Franklin County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Penhook from a five-year rolling sample, and with about 1,253 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 Franklin 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.
Penhook against Franklin County and Virginia
| Measure | Penhook | Franklin County |
|---|---|---|
| Median home value | $476,500 | $222,800 |
| Median property tax | $2,327 | $1,188 |
| Effective tax rate | 0.488% | 0.533% |
| Median gross rent | — | $797 |
| Population | 1,253 | 54,958 |
The weather behind that power bill
Penhook sits in Franklin County, which averages a high of 86.6°F in its hottest month and a low of 26.4°F in its coldest, with 49.18" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,066 cooling and 4,291 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Franklin County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Franklin County
Full Franklin County cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Penhook 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 Penhook every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Penhook I already own here and may sell
Common questions
How much does it cost to own a home in Penhook?
A $477,000 home in Penhook, Virginia costs approximately $3,559 per month with 20% down at 7.24%. That is $2,601 principal and interest, $194 property tax, $117 homeowners insurance, $250 utilities and $398 set aside for maintenance.
What is the property tax rate in Penhook?
Penhook has an effective property tax rate of 0.488%, based on a median home value of $476,500 and median real estate taxes of $2,327. That is lower than the Franklin County average of 0.533%.
What is the average home price in Penhook?
The median owner-occupied home value in Penhook, Virginia is $476,500, against $222,800 across Franklin County.
Is it cheaper to rent or buy in Penhook?
Rent data is not published for Penhook at this level of detail.
What salary do you need to buy a home in Penhook?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Penhook, Virginia at today's rate takes a household income of roughly $152,500 a year. That covers the full $3,559 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Penhook, 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.