The typical owner-occupied home in Caroline County is worth about $307,700, 20% below the Virginia median of $383,700 and 8% below the national median of $332,700. Owners pay a median $1,597 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 $87,407 a year, so the median home costs 3.5 times the median income (4.1 times for Virginia). 82% of occupied homes here are lived in by their owners, and 72% of those owners still have a mortgage.
Caroline County at a glance
| Caroline County | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $307,700 | $383,700 | $332,700 |
| Median property tax paid per year | $1,597 | $2,790 | $3,119 |
| Property tax as a share of value | 0.52% | 0.73% | 0.94% |
| Median household income | $87,407 | $93,170 | $80,734 |
| Homes lived in by their owners | 82% | 67% | 65% |
| Owner homes with a mortgage | 72% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,725 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 20.6% | 20.1% | 21.0% |
| Median rent | $1,293 | $1,579 | $1,413 |
| Rent as a share of renters' income | 29.3% | 29.4% | 30.6% |
| Median year homes were built | 1993 | 1984 | 1980 |
| Vacant homes | 7.2% | 8.7% | 10.1% |
| Population | 32,098 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Caroline County
At this week's average 30-year rate of 7.11%, buying the median Caroline County home of $307,700 with 20% down costs about $1,917 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,430, 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 $82,178 for the 20%-down payment. That payment is 26% of the median Caroline County household income of $87,407; at that income and 20% down, the 28% guideline points to a home of about $327,000.
The median rent here is $1,293 a month, so owning the median home costs about $624 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $61,540 |
|---|---|
| Loan amount | $246,160 |
| Principal and interest | $1,656 |
| Property taxes (0.52% a year) | $133 |
| Homeowners insurance (our estimate, 0.5% a year) | $128 |
| PMI | $0 |
| Total per month | $1,917 |
Change the numbers in the calculator
| Down payment | $10,770 |
|---|---|
| Loan amount | $302,127 |
| Principal and interest | $2,032 |
| Property taxes (0.52% a year) | $133 |
| Homeowners insurance (our estimate, 0.5% a year) | $128 |
| FHA mortgage insurance | $136 |
| Total per month | $2,430 |
Change the numbers in the calculator
Questions about home buying in Caroline County
What is the median home value in Caroline County?
About $307,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Caroline County?
Homeowners pay a median $1,597 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 Caroline County?
For the median home with 20% down at 7.11%, the payment is about $1,917 a month. Keeping that under 28% of gross income takes about $82,178 a year.
More about Caroline County
- Mortgage Refinance in Caroline County
- Debt Relief in Caroline County
- Home Equity Loans in Caroline County
- 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