The typical owner-occupied home in Grottoes is worth about $275,700, 28% below the Virginia median of $383,700 and 17% below the national median of $332,700. Owners pay a median $1,424 a year in property taxes, about 0.52% of their home's value, lower than the Virginia rate of 0.73%. The median household earns $100,291 a year, so the median home costs 2.7 times the median income (4.1 times for Virginia). 81% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Grottoes at a glance
| Grottoes | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $275,700 | $383,700 | $332,700 |
| Median property tax paid per year | $1,424 | $2,790 | $3,119 |
| Property tax as a share of value | 0.52% | 0.73% | 0.94% |
| Median household income | $100,291 | $93,170 | $80,734 |
| Homes lived in by their owners | 81% | 67% | 65% |
| Owner homes with a mortgage | 65% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,552 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 18.5% | 20.1% | 21.0% |
| Median rent | $840 | $1,579 | $1,413 |
| Rent as a share of renters' income | 18.4% | 29.4% | 30.6% |
| Median year homes were built | 1991 | 1984 | 1980 |
| Vacant homes | 12.9% | 8.7% | 10.1% |
| Population | 2,961 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Grottoes
At this week's average 30-year rate of 7.11%, buying the median Grottoes home of $275,700 with 20% down costs about $1,718 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,177, 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 $73,632 for the 20%-down payment. That payment is 21% of the median Grottoes household income of $100,291; at that income and 20% down, the 28% guideline points to a home of about $376,000.
The median rent here is $840 a month, so owning the median home costs about $878 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $55,140 |
|---|---|
| Loan amount | $220,560 |
| Principal and interest | $1,484 |
| Property taxes (0.52% a year) | $119 |
| Homeowners insurance (our estimate, 0.5% a year) | $115 |
| PMI | $0 |
| Total per month | $1,718 |
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| Down payment | $9,650 |
|---|---|
| Loan amount | $270,706 |
| Principal and interest | $1,821 |
| Property taxes (0.52% a year) | $119 |
| Homeowners insurance (our estimate, 0.5% a year) | $115 |
| FHA mortgage insurance | $122 |
| Total per month | $2,177 |
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Questions about home buying in Grottoes
What is the median home value in Grottoes?
About $275,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Grottoes?
Homeowners pay a median $1,424 a year, which is about 0.52% 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 Grottoes?
For the median home with 20% down at 7.11%, the payment is about $1,718 a month. Keeping that under 28% of gross income takes about $73,632 a year.
More about Grottoes
- Mortgage Refinance in Grottoes
- Debt Relief in Grottoes
- Home Equity Loans in Grottoes
- 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