Mortgage Rates in Virginia

Purchasing a Virginia home can be affordable if you choose a low cost of living area and shop around carefully for the best mortgage rates. Banks, credit unions and online lenders all offer loans, so it's best to get quotes from at least three different loan providers to find the best mortgage deal for you.

5 affordable places to live in Virginia

We scoured local statistics (as well as information on Tax-rates.org) to identify the most affordable Virginia cities. If you're looking for a reasonably price locale to purchase your Virginia home, here are five places in Virginia that have been recognized for their low cost of living.

1. Newport News

Newport News is one of the Virginia cities with the lowest cost of living. Close to half of the city's population of just over 180,000 people own their own homes, which is not a surprise as the area's median home value of $194,000 is below the national median of $217,500. However, Newport News has an average tax rate of 0.96% of a property's assessed fair market value.

Newport News was named one of the best cities for outdoor activities, as well as one of the most diverse cities in America by Niche, and it offers plenty of activities for both residents and visitors including the Mariner's Museum and Park and the Virginia Living Museum where you can follow trails past wildlife exhibits.

2. Hampton

Hampton is also one of the Virginia cities with the lowest cost of living, and Niche ranks it as one of the best cities in which to retire and one of the most diverse cities in the country.

An estimated 56% of residents of Hampton are homeowners, and homes in the area have a median home value of $186,700, which is below the national median home value. Hampton City has a tax rate averaging 0.89% of a property's assessed fair market value.

3. Norfolk

Norfolk is larger than some of the other cities on the list, with a population of around 245,000. A higher median home value of $206,700 hasn't prevented 43% of local residents from becoming homeowners, nor have the high property taxes, which average 0.96% of a property's assessed fair market value. The Virginia Zoo and Norfolk Botanical gardens both offer plenty of recreational opportunities for locals, and the wealth of recreational activities have helped to make Norfolk both one of the best cities for young professionals as well as one of the best cities in which to retire, according to Niche.

4. Virginia Beach

Virginia Beach, with its population of around 450,000, is one of the larger locales on this list. The median home value here is $280,800, which is a bit above the national median home value -- but 64% of residents are homeowners. Virginia Beach has been named the 23rd best city in America to raise a family by Niche, as well as one of the top cities to buy a house in the U.S. However, Virginia Beach has an average rate of 0.81% of a property's assessed fair market value.

5. Richmond

In Richmond, 43% of local residents own their homes, which have a median value of $230,500. Richmond also has high median property taxes of 1.05% of a property's assessed fair market value. However, Richmond has still been recognized for its affordability by Niche, as well as for being one of the best cities for young professionals, one of the best cities in which to retire, and one of the most diverse cities in America.

While affordability is just one factor to consider when determining where to purchase a home, you can make your monthly payments far less expensive by choosing a low cost of living area and comparing rates and terms among multiple lenders to find the best mortgage rates in Virginia.