Total monthly cost of ownership
Cost to Own a Home in Short Pump, Virginia
A $543,000 home here costs
$4,136per 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 $177,500 a year.
A standard mortgage calculator would have told you $2,960. The real number is $1,175 higher every month, 40% more than the payment most buyers budget for.
Compare Henrico 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.
Short Pump against Henrico County and Virginia
| Measure | Short Pump | Henrico County |
|---|---|---|
| Median home value | $543,000 | $333,600 |
| Median property tax | $4,073 | $2,416 |
| Effective tax rate | 0.750% | 0.724% |
| Median gross rent | $1,804 | $1,474 |
| Population | 28,177 | 334,434 |
The weather behind that power bill
Short Pump sits in Henrico 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 Henrico County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Henrico County
Full Henrico County cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Short Pump 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 Short Pump every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Short Pump I already own here and may sell
Common questions
How much does it cost to own a home in Short Pump?
A $543,000 home in Short Pump, Virginia costs approximately $4,136 per month with 20% down at 7.24%. That is $2,960 principal and interest, $339 property tax, $133 homeowners insurance, $250 utilities and $453 set aside for maintenance.
What is the property tax rate in Short Pump?
Short Pump has an effective property tax rate of 0.750%, based on a median home value of $543,000 and median real estate taxes of $4,073. That is higher than the Henrico County average of 0.724%.
What is the average home price in Short Pump?
The median owner-occupied home value in Short Pump, Virginia is $543,000, against $333,600 across Henrico County.
Is it cheaper to rent or buy in Short Pump?
Median gross rent in Short Pump is $1,804 a month, against $4,136 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 Short Pump?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Short Pump, Virginia at today's rate takes a household income of roughly $177,500 a year. That covers the full $4,136 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Short Pump, 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.