How much house can I afford on $40,000 in Virginia?
About $144,000 with 20% down ($115,000 with an FHA loan), using Virginia's 0.71% property tax rate.
That is $268,081 less than the typical Virginia home ($412,252), so on $40,000 you'd look at cheaper areas or a smaller home. The payment of $933 covers $776 principal and interest, $85 property tax and $72 insurance.
Counties in Virginia you can afford on $40,000
11 of 133 counties have a typical home value at or below $144,000:
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Lunenburg County | $143,388 | -1.3% | 0.39% |
| Russell County | $143,358 | +3.8% | 0.48% |
| Henry County | $141,597 | -4.1% | 0.47% |
| Wise County | $135,234 | +0.9% | 0.58% |
| Danville City | $133,231 | -1.0% | 0.65% |
| Norton City | $130,808 | -4.7% | 0.73% |
| Lee County | $116,115 | +9.4% | 0.6% |
| Covington City | $116,111 | +8.2% | 0.82% |
| Dickenson County | $115,970 | +14.6% | 0.47% |
| Martinsville City | $110,817 | -5.9% | 0.77% |
| Buchanan County | $76,546 | -3.8% | 0.44% |
Affordable metro areas
Assumes a 30-year fixed loan at 7.11%, property tax of 0.71% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Other salaries in Virginia
Frequently asked questions
How much house can I afford on $40,000 in Virginia?
About $144,000 with 20% down at 7.11%, keeping the payment (with Virginia's 0.71% property tax and insurance) under $933 a month.
Is $40,000 enough to buy a house in Virginia?
Not the typical home: the typical Virginia home is worth $412,252 (Zillow, September 2026) and $40,000 supports about $144,000. 11 of 133 counties are within budget.