The typical owner-occupied home in Cumberland is worth about $227,900, 41% below the Virginia median of $383,700 and 31% below the national median of $332,700. Owners pay a median $744 a year in property taxes, about 0.33% of their home's value, lower than the Virginia rate of 0.73%. The median household earns $34,828 a year, so the median home costs 6.5 times the median income (4.1 times for Virginia). 83% of occupied homes here are lived in by their owners, and 22% of those owners still have a mortgage.
Cumberland at a glance
| Cumberland | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $227,900 | $383,700 | $332,700 |
| Median property tax paid per year | $744 | $2,790 | $3,119 |
| Property tax as a share of value | 0.33% | 0.73% | 0.94% |
| Median household income | $34,828 | $93,170 | $80,734 |
| Homes lived in by their owners | 83% | 67% | 65% |
| Owner homes with a mortgage | 22% | 67% | 61% |
| Median monthly costs, owners with a mortgage | – | $2,127 | $1,963 |
| Median rent | – | $1,579 | $1,413 |
| Median year homes were built | 1977 | 1984 | 1980 |
| Vacant homes | 0.0% | 8.7% | 10.1% |
| Population | 273 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Cumberland
At this week's average 30-year rate of 7.11%, buying the median Cumberland home of $227,900 with 20% down costs about $1,384 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,764, 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 $59,319 for the 20%-down payment. That payment is 48% of the median Cumberland household income of $34,828; at that income and 20% down, the 28% guideline points to a home of about $134,000.
| Down payment | $45,580 |
|---|---|
| Loan amount | $182,320 |
| Principal and interest | $1,226 |
| Property taxes (0.33% a year) | $63 |
| Homeowners insurance (our estimate, 0.5% a year) | $95 |
| PMI | $0 |
| Total per month | $1,384 |
Change the numbers in the calculator
| Down payment | $7,976 |
|---|---|
| Loan amount | $223,772 |
| Principal and interest | $1,505 |
| Property taxes (0.33% a year) | $63 |
| Homeowners insurance (our estimate, 0.5% a year) | $95 |
| FHA mortgage insurance | $101 |
| Total per month | $1,764 |
Change the numbers in the calculator
Questions about home buying in Cumberland
What is the median home value in Cumberland?
About $227,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cumberland?
Homeowners pay a median $744 a year, which is about 0.33% 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 Cumberland?
For the median home with 20% down at 7.11%, the payment is about $1,384 a month. Keeping that under 28% of gross income takes about $59,319 a year.
More about Cumberland
- Mortgage Refinance in Cumberland
- Debt Relief in Cumberland
- Home Equity Loans in Cumberland
- 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