Mortgage payment estimates, closing cost breakdowns, and homebuying data for Roanoke, Virginia.
Median Home Price
$215K
Population
100K
Avg Monthly Rent
$1,050
Property Tax Rate
0.82% *
* Property tax shown is the Virginia state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Roanoke.
Roanoke vs Virginia Median
The median home price in Roanoke is $215,000, which is 46% below the Virginia state median of $400,000.
Mortgage Calculator — Roanoke, VA
Pre-filled with Roanoke median home price and Virginia tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $215K home using Virginia's 0.82% tax rate and $1,700/yr insurance.
5% Down
$1,699/mo
Down: $10,750
Loan: $204K
P&I: $1,291
Tax: $147
Insurance: $142
PMI: $119
10% Down
$1,625/mo
Down: $21,500
Loan: $194K
P&I: $1,223
Tax: $147
Insurance: $142
PMI: $113
20% Down (No PMI)
$1,376/mo
Down: $43,000
Loan: $172K
P&I: $1,087
Tax: $147
Insurance: $142
Income needed (28% rule): $59K/year with 20% down, $70K/year with 10% down.
Rent vs Buy in Roanoke
Rent
$1,050/mo
vs
Buy (10% down)
$1,625/mo
Price-to-rent ratio: 17.1 — A ratio between 15-20 means the rent vs buy decision in Roanoke depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Roanoke is $215,000, 46% below the Virginia state median of $400,000. With a population of 100,011, Roanoke is a mid-size city where home prices tend to be more accessible than in many parts of Virginia.
Property taxes in Virginia average 0.82% annually. This moderate property tax rate means a $215,000 home in Roanoke would carry roughly $147/month in property taxes. Homeowners insurance in Virginia runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Roanoke is $1,050/month. The price-to-rent ratio in Roanoke is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Roanoke offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Virginia's Virginia Housing DPA Grant program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Roanoke.