The typical owner-occupied home in Iron Gate is worth about $84,600, 78% below the Virginia median of $383,700 and 75% below the national median of $332,700. Owners pay a median $754 a year in property taxes, about 0.89% of their home's value, higher than the Virginia rate of 0.73%. The median household earns $70,000 a year, so the median home costs 1.2 times the median income (4.1 times for Virginia). 92% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Iron Gate at a glance
| Iron Gate | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $84,600 | $383,700 | $332,700 |
| Median property tax paid per year | $754 | $2,790 | $3,119 |
| Property tax as a share of value | 0.89% | 0.73% | 0.94% |
| Median household income | $70,000 | $93,170 | $80,734 |
| Homes lived in by their owners | 92% | 67% | 65% |
| Owner homes with a mortgage | 49% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,243 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 16.9% | 20.1% | 21.0% |
| Median rent | $715 | $1,579 | $1,413 |
| Rent as a share of renters' income | 38.5% | 29.4% | 30.6% |
| Median year homes were built | 1961 | 1984 | 1980 |
| Vacant homes | 11.6% | 8.7% | 10.1% |
| Population | 426 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Iron Gate
At this week's average 30-year rate of 7.11%, buying the median Iron Gate home of $84,600 with 20% down costs about $553 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $694, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $23,712 for the 20%-down payment. That payment is 9% of the median Iron Gate household income of $70,000; at that income and 20% down, the 28% guideline points to a home of about $250,000.
The median rent here is $715 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $16,920 |
|---|---|
| Loan amount | $67,680 |
| Principal and interest | $455 |
| Property taxes (0.89% a year) | $63 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| PMI | $0 |
| Total per month | $553 |
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| Down payment | $2,961 |
|---|---|
| Loan amount | $83,068 |
| Principal and interest | $559 |
| Property taxes (0.89% a year) | $63 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| FHA mortgage insurance | $37 |
| Total per month | $694 |
Change the numbers in the calculator
Questions about home buying in Iron Gate
What is the median home value in Iron Gate?
About $84,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Iron Gate?
Homeowners pay a median $754 a year, which is about 0.89% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Iron Gate?
For the median home with 20% down at 7.11%, the payment is about $553 a month. Keeping that under 28% of gross income takes about $23,712 a year.
More about Iron Gate
- Mortgage Refinance in Iron Gate
- Debt Relief in Iron Gate
- Home Equity Loans in Iron Gate
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data