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Roanoke, VA mortgage & affordability calculator

The typical home in Roanoke, VA is worth about $260,000. With 20% down that's a loan near $208,000 — the calculator is pre-filled with that figure. Roanoke's location at the junction of two interstates and a historic rail-hub economy have kept it one of the more affordable metros in Virginia, well below the D.C. suburbs or Richmond. Norfolk Southern's continued rail-freight operations remain a significant local employer.

$1,350.47 / month

Total interest
$278,165
Total paid
$486,165
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$52k$104k$156k$208k0612182430Year

How much you need to earn

Roanoke, VA's median household income is about $58,000 a year. Under standard 28/36 lending rules that supports a home price around $211,155 with 20% down — below the $260,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$211,140 max home price

Max loan amount
$159,140
Housing payment budget
$1,353
P&I budget
$1,033
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

Typical asking rent in Roanoke, VA is about $1,250 a month, so owning the median home costs roughly $420 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Roanoke, VA?
On the metro's roughly $260,000 typical home with 20% down, the loan is about $208,000. Principal and interest run near $1,350 a month at today's rate, and Roanoke, VA's property tax plus insurance add about $320, for a full payment near $1,670.
Can I afford a home in Roanoke, VA on the median income?
The median household income is about $58,000 a year. Under standard 28/36 lending rules that supports a home price around $211,155 with 20% down — below the $260,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Roanoke, VA?
Typical asking rent is about $1,250 a month. The full owner payment on a median home is near $1,670, so owning costs roughly $420 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Roanoke, VA?
The effective property tax rate in the core county is about 0.90% of market value — roughly $2,340 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Roanoke, VA rising or falling?
Home values are up about 4% over the past year. Roanoke's location at the junction of two interstates and a historic rail-hub economy have kept it one of the more affordable metros in Virginia, well below the D.C. suburbs or Richmond. Norfolk Southern's continued rail-freight operations remain a significant local employer.

Nearby metros

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