The typical owner-occupied home in Phenix is worth about $129,200, 66% below the Virginia median of $383,700 and 61% below the national median of $332,700. Owners pay a median $559 a year in property taxes, about 0.43% of their home's value, lower than the Virginia rate of 0.73%. The median household earns $73,125 a year, so the median home costs 1.8 times the median income (4.1 times for Virginia). 83% of occupied homes here are lived in by their owners, and 36% of those owners still have a mortgage.
Phenix at a glance
| Phenix | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $129,200 | $383,700 | $332,700 |
| Median property tax paid per year | $559 | $2,790 | $3,119 |
| Property tax as a share of value | 0.43% | 0.73% | 0.94% |
| Median household income | $73,125 | $93,170 | $80,734 |
| Homes lived in by their owners | 83% | 67% | 65% |
| Owner homes with a mortgage | 36% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,135 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 15.0% | 20.1% | 21.0% |
| Median rent | $758 | $1,579 | $1,413 |
| Rent as a share of renters' income | 15.5% | 29.4% | 30.6% |
| Median year homes were built | 1962 | 1984 | 1980 |
| Vacant homes | 6.3% | 8.7% | 10.1% |
| Population | 418 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Phenix
At this week's average 30-year rate of 7.11%, buying the median Phenix home of $129,200 with 20% down costs about $795 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,011, 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 $34,090 for the 20%-down payment. That payment is 13% of the median Phenix household income of $73,125; at that income and 20% down, the 28% guideline points to a home of about $277,000.
The median rent here is $758 a month, so owning the median home costs about $37 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $25,840 |
|---|---|
| Loan amount | $103,360 |
| Principal and interest | $695 |
| Property taxes (0.43% a year) | $46 |
| Homeowners insurance (our estimate, 0.5% a year) | $54 |
| PMI | $0 |
| Total per month | $795 |
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| Down payment | $4,522 |
|---|---|
| Loan amount | $126,860 |
| Principal and interest | $853 |
| Property taxes (0.43% a year) | $46 |
| Homeowners insurance (our estimate, 0.5% a year) | $54 |
| FHA mortgage insurance | $57 |
| Total per month | $1,011 |
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Questions about home buying in Phenix
What is the median home value in Phenix?
About $129,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Phenix?
Homeowners pay a median $559 a year, which is about 0.43% 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 Phenix?
For the median home with 20% down at 7.11%, the payment is about $795 a month. Keeping that under 28% of gross income takes about $34,090 a year.
More about Phenix
- Mortgage Refinance in Phenix
- Debt Relief in Phenix
- Home Equity Loans in Phenix
- 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