Can I Afford to Buy a House in Charlottesville?

Can I Afford to Buy a House in Charlottesville?

What Is Charlottesville?

Charlottesville is one of the best places that you can choose to live in Virginia. The city offers a mix of urban and suburban feel, attracting many young professionals to the area. Charlottesville is conveniently situated near other popular Virginian cities that also provide a great location to live or work, such as the Crozet area, Staunton, and Waynesboro.

Downtown Charlottesville

Downtown Charlottesville boasts a unique beauty and charm, making the area a popular place to live. The average home price downtown is $500,000. For homeowners who want to be at the center of it all, there is always something happening downtown. Buying a home downtown is an excellent investment for those who want to be within a short walk of the hustle and bustle of nightlife, endless activities, scrumptious food options, and plenty of events.

Outside of the downtown area, the average housing price drops to about $362,000. If you don’t mind a commute to the fun and activities downtown, you can avoid paying the steeper price associated with downtown conveniences.


The Crozet area is located near the Blue Ridge Mountains and offers a blend of great schools, shopping, and restaurants. Homes here cost an average of $462,000.


This charming little town is well known for its excellent schools and fun nightlife. The area is a great place to raise a family. Houses here cost an average of $212,500. Like Charlottesville, there are many breweries and wineries to visit. If Charlottesville is a bit too busy for you, then Staunton may be a perfect fit.


Another popular Virginian town outside of Charlottesville is Waynesboro. This area offers a more affordable place to live, with the average housing price around $184,000. While not as big as Charlottesville, there are plenty of activities to enjoy in Waynesboro. You can visit the Augusta County Railroad Museum or look to become involved in the Wildlife Center of Virginia.

Other Areas

If you don’t want to move into these four cities but still love Charlottesville, there are many other properties available in the surrounding cities. We have listings in Ruckersville, Keswick, Afton, and more. You can search here for a city and home that fits your needs.

What Should You Spend?

Choosing to buy a home requires that you have some cash saved up for a down payment. The amount of your down payment will be higher if you are buying a larger or more expensive home than if you are buying a condo or a small house. Your down payment should be about 20% of the overall cost of your home.

When considering what home you can afford, plan to budget no more than 28% of your monthly gross income for your mortgage payment.

Deciding to buy a home

The question of whether you should buy or rent will depend on how long you plan to stay in the area. If you want to stay for longer than a few months, you should probably plan to buy a home. Rent can be quite costly in Charlottesville and the surrounding areas.

Always be sure to consider what you can afford, and choose a home or a rental that accommodates your whole family with a little room to spare. Contact us today for help in looking for your next home!

Work With Us

The team at Denise Ramey Real Estate has extensive experience in the local market in Central Virginia and the Charlottesville area, allowing you to enjoy a more simplified process. We handle everything in-house, from the first steps of your search through to the final details of the transaction. We leverage our extensive network to benefit buyers and sellers alike, ensuring that your transaction is as simple as possible.

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*Select images on this website are the property of their respective copyright owner J. Beeler. These images are used for educational, informational, and/or illustrative purposes only.