Arlington vs Richmond: Mortgage Cost Comparison
Thinking about buying in Arlington or Richmond? Here's a side-by-side comparison of mortgage costs in both cities.
$4,203
Arlington PITI
$2,037
Richmond PITI
$2,165/mo
Difference
-
? Monthly payment PITI with taxes & insurance included
-
? Bi-weekly payment PITI if paid every other week
-
-
-
-
-
-
Arlington vs Richmond: Full Mortgage Comparison
Buying a home in Richmond is $2,165/month cheaper based on average home prices and local costs.
| Arlington, VA | Richmond, VA | |
|---|---|---|
| Avg. Home Price | $690,000 | $330,000 |
| Down Payment (20%) | $138,000 | $66,000 |
| Loan Amount | $552,000 | $264,000 |
| Property Tax Rate | 0.98% | 0.87% |
| Annual Property Tax | $6,762 | $2,871 |
| Annual Insurance | $1,800 | $1,550 |
| Monthly P&I | $3,489 | $1,669 |
| Monthly PITI | $4,203 | $2,037 |
| Total Interest (30yr) | $704,046 | $336,717 |
What Drives the Difference?
Home prices are the biggest factor — Arlington’s average home costs $360,000 more than Richmond’s.
Property taxes also favor Richmond — Arlington’s 0.98% rate is higher than Richmond’s 0.87%.
Insurance is $250/year more in Arlington.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Arlington | Richmond | |
|---|---|---|
| Monthly PITI | $4,203 | $2,037 |
| Income needed | $180,108 | $87,303 |
Try Your Own Numbers
The calculator above is pre-filled with Arlington’s averages. Adjust the values to match your situation, or try the Richmond calculator for Richmond-specific numbers.