How your housing costs change when you relocate. Based on 2026 data with 10% down, 6.5% rate, 30-year fixed.
Your housing costs will decrease by approximately $559 per month ($6,708/year) when you move from New York to Virginia.
If you sell your median-priced New York home ($430K) and buy in Virginia ($400K):
Your New York equity covers the 20% down payment on a median Virginia home with $49K left over. That surplus can cover closing costs, moving expenses, or go into savings.
Over 10 years, this move saves you approximately $67K in housing costs alone.
Your dollar stretches further in Virginia. The median home costs 7% less than in New York, which translates to a $30K difference in purchase price. This means a smaller loan, a lower monthly payment, and less total interest paid over the life of your mortgage.
Good news on taxes: Virginia's 0.82% property tax rate is significantly lower than New York's 1.72%. You'll save approximately $4,116 per year on property taxes, which adds up to $41K over a decade.
When you buy in Virginia, expect about $6K in closing costs (1.5% of purchase price). This includes a 0.25% transfer tax. Budget for this amount on top of your down payment.
Virginia's Virginia Housing DPA Grant offers Up to 2.5% grant. If you haven't owned a home in three years (or are buying in Virginia for the first time), you may qualify. Check eligibility requirements and income limits on Virginia's housing finance agency website.