Suburbs You Can Afford Based On Salary in Northern Virginia

Feb 27, 2024

Let's assume a 7% interest rate and a 5% down payment, along with some additional debt like a $500 monthly car payment or $500 monthly student loan. We'll break down the affordability by yearly salary and see what areas you can consider.

Salary Range: $80,000 - $100,000

If you're making around $80,000 to $100,000 a year, you should be able to afford a home priced at around $460,000. This translates to a monthly payment of approximately $3,500 at a 7% interest rate. Here are a few areas I would suggest:

1. Culpeper, Virginia

Located a bit further out from Washington DC and Northern Virginia, Culpeper, Virginia offers a medium sales price of around $480,000. This area has been named the number one small town in all of Virginia by numerous magazines. It has a charming downtown area and is close to Lake Anna Virginia. It's about a 30 to 45-minute drive from Fredericksburg, Virginia. There are options to buy a new townhouse for around $350,000 or a single-family home for $450,000 to $500,000.

2. Winchester, Virginia

With a medium sales price of around $365,000, Winchester is the fastest-growing town in the state of Virginia. It has a charming downtown area with walkable shopping, breweries, and wineries. Winchester is about a 30 to 45-minute drive to Ashburn and Leesburg, Virginia. There are options to buy brand new homes and neighborhoods for $400,000 to $500,000.

3. Manassas, Virginia

Manassas is located about 30 miles west of Washington DC and offers a medium sales price of around $435,000. It has a rich history, including the Manassas Battlefield and Old Town Manassas. Manassas is home to many companies like Lockheed Martin, Aurora Flight Services, and Micron. There are options to buy a condo or an older single-family home for under the $460,000 budget.

4`.` Fredericksburg, Virginia

With a medium sales price of $435,000, Fredericksburg is located right off I-95. It offers a variety of things to do, including downtown Fredericksburg, the Fredericksburg Nationals stadium, and Central Park with its shopping options. Fredericksburg is close to Quantico Marine Base and offers options for older Rambler-style houses or townhomes for around $400,000.

Salary Range: $100,000 - $150,000

If you're making around $100,000 to $150,000 a year, you can consider a home priced up to $735,000. This translates to a monthly payment of approximately $5,500 at a 7% interest rate. Here are a few areas I would suggest:

1. Reston, Virginia

Located in Fairfax County, Reston offers a medium sales price of $535,000. It is known for its Metro system and the popular Reston Town Center, where you can live, work, and shop. Reston has a range of housing options, from high-rise condos to townhouses, with prices varying from a couple million to $500,000 to $600,000.

2. Haymarket, Virginia

A bit further out from Reston, Haymarket offers a medium sales price of around $750,000. It is known for its golf course and gated-style communities. Haymarket has a charming downtown area and offers options for large single-family homes or townhomes with two-car garages.

3. Arlington, Virginia

Arlington is a highly walkable area close to Washington DC, with a medium sales price of $646,000. It offers a range of housing options, from condos that may be hard to get a loan on to townhouses and older single-family homes. Arlington is popular among young professionals and offers easy access to Crystal City, National Airport, and many headquarters of major companies.

4. Alexandria, Virginia

Alexandria offers a medium sales price of $622,000. While Old Town Alexandria can be quite expensive, there are options closer to the Springfield area side of Alexandria that fall within the $500,000 to $600,000 range. Alexandria is known for its walkability and proximity to Washington DC, making it a popular area for those who prefer a busy city life.

Salary Range: $150,000 - $200,000

If you're making around $150,000 to $200 ,000 a year, you can consider a home priced up to $1 million. This translates to a monthly payment of approximately $7,500 at a 7% interest rate. Here are a few areas I would suggest:

1. Herndon, Virginia

Herndon is a great location for those commuting to Amazon HQ2 or other companies in Arlington. It offers a medium sales price of $616,000 and has seen a significant increase in value. It is close to Ashburn, Reston, and the Metro, making it a convenient location for many professionals.

2. Ashburn, Virginia

Ashburn is known for its data centers and offers a medium sales price of $775,000. It has a variety of amenities, including shopping centers, golf courses, and the iFly experience. Ashburn has become quite expensive, but there are options for beautiful townhomes within the $900,000 to $1 million range.

3. Vienna, Virginia

Vienna offers a medium sales price of $1.1 million and is close to Tyson's Corner, where you can find high-end shopping and other attractions. It is a desirable area with plenty of housing options, including townhouses and smaller single-family homes.

Salary Range: $200,000 - $300,000

If you're making around $200,000 to $300,000 a year, you can consider a home priced up to $1.4 million. This translates to a monthly payment of approximately $10,000 at a 7% interest rate. Here are a few areas I would suggest :

1. McLean, Virginia

McLean offers a medium sales price of $1.1 million and is located closer to Washington DC. While you may not be able to afford a mansion, you can find a nice townhouse or a smaller single-family home in this area.

2. Vienna, Virginia

Vienna, with a medium sales price of $1.15 million, is another option for those looking to be closer to DC. It offers a variety of housing options and is located near Tyson's Corner, which is known for its high-end shopping.

3. Great Falls, Virginia

Great Falls is a prestigious area with a medium sales price of $1.44 million. It offers larger properties, including houses on 10 acres or waterfront properties in Woodbridge. This area provides a more secluded and luxurious lifestyle.

4. Arlington, Virginia

Arlington is still an option for those with a higher budget, as you can find townhouses or older single-family homes for around $1.5 million. Arlington offers a bustling city life with plenty of amenities and attractions.

These are just a few examples of the affordability of different suburbs in Northern Virginia based on your salary. There are many other areas to explore, and I would be happy to help you find the perfect home in any of these locations. Feel free to subscribe to my channel and reach out to me if you're thinking about buying or selling a home in Northern Virginia. I have extensive knowledge of the area and work with buyers from my YouTube channel regularly.

Northern Virginia and DC Real Estate Expert - Chris Colgan

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