Homes & Affordability

 
                       (804) 647-7390
                        9231 Midlothian Turnpike
                           Richmond, VA  23236

                              e mail: Karen Hoerath

 

 

  Karen Hoerath, Realtor and Vice President of Membership of the Women's Council of Realtors

 

Home
Regional Resources
Relocation
Lifestyle Links
Homes Under $250,000
Homes Over $250,000
Homes & Affordability 

 

A variety of existing homes and new construction is available in the market.  Please note these guidelines are typical and general, and that price varies according to age of house, location and many other variables.  Basements are rare in any home in the Richmond area and only about 20% of homes have a basement.  Walk up attics prevail.

Homes Under $250,000

A typical house has 1700 square feet and 3 bedrooms, 2 full baths . Lot size varies and the home may include brick or vinyl exterior and 1 or 2 car garage.

Homes Above $250,000

Has as all the features listed above but includes a lot size of 3/4 acre and 2,300-2,800 square feet and features like hardwood floors and premium appliances.  A typical $250,000 home has a lot size of 1 acre and ranges up to 3,000 square feet with a 5th bedroom.

Home Affordability

To determine how much you can borrow, find the monthly house payment you can afford and read across the interest rate column.  Where the two meet you will find the approximate mortgage amount for that principle and interest payment.  Taxes, insurance and other escrows will increase your payment.

Monthly Payment 4% 5% 6% 7%
$600 $125,677 $111,769 $100,075 $90,185
$700 146,623 130,397 116,754 105,215
$800 167,569 149,025 133,433 120,246
$900 188,515 167,653 150,112 135,277
$1,000 209,461 186,282 166,792 150,308
$1,100 230,407 204,910 183,471 165,338
$1,200 251,353 223,538 200,150 180,369
$1,300 272,300 242,166 216,829 195,400
$1,400 293,246 260,794 233,508 210,431
$1,500 314,192 279,422 250,187 225,461

 

Home

 e mail Karen Hoerath