The typical owner-occupied home in Fairfax is worth about $722,600, 88% above the Virginia median of $383,700 and 2.2 times the national median of $332,700. Owners pay a median $6,515 a year in property taxes, about 0.90% of their home's value, higher than the Virginia rate of 0.73%. The median household earns $132,348 a year, so the median home costs 5.5 times the median income (4.1 times for Virginia). 70% of occupied homes here are lived in by their owners, and 71% of those owners still have a mortgage.
Fairfax at a glance
| Fairfax | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $722,600 | $383,700 | $332,700 |
| Median property tax paid per year | $6,515 | $2,790 | $3,119 |
| Property tax as a share of value | 0.90% | 0.73% | 0.94% |
| Median household income | $132,348 | $93,170 | $80,734 |
| Homes lived in by their owners | 70% | 67% | 65% |
| Owner homes with a mortgage | 71% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $3,193 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 21.0% | 20.1% | 21.0% |
| Median rent | $2,245 | $1,579 | $1,413 |
| Rent as a share of renters' income | 30.6% | 29.4% | 30.6% |
| Median year homes were built | 1967 | 1984 | 1980 |
| Vacant homes | 1.7% | 8.7% | 10.1% |
| Population | 25,026 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Fairfax
At this week's average 30-year rate of 7.11%, buying the median Fairfax home of $722,600 with 20% down costs about $4,732 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,936, 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 $202,792 for the 20%-down payment. That payment is 43% of the median Fairfax household income of $132,348; at that income and 20% down, the 28% guideline points to a home of about $472,000.
The median rent here is $2,245 a month, so owning the median home costs about $2,487 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $144,520 |
|---|---|
| Loan amount | $578,080 |
| Principal and interest | $3,889 |
| Property taxes (0.90% a year) | $542 |
| Homeowners insurance (our estimate, 0.5% a year) | $301 |
| PMI | $0 |
| Total per month | $4,732 |
Change the numbers in the calculator
| Down payment | $25,291 |
|---|---|
| Loan amount | $709,512 |
| Principal and interest | $4,773 |
| Property taxes (0.90% a year) | $542 |
| Homeowners insurance (our estimate, 0.5% a year) | $301 |
| FHA mortgage insurance | $320 |
| Total per month | $5,936 |
Change the numbers in the calculator
Questions about home buying in Fairfax
What is the median home value in Fairfax?
About $722,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Fairfax?
Homeowners pay a median $6,515 a year, which is about 0.90% 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 Fairfax?
For the median home with 20% down at 7.11%, the payment is about $4,732 a month. Keeping that under 28% of gross income takes about $202,792 a year.
More about Fairfax
- Mortgage Refinance in Fairfax
- Debt Relief in Fairfax
- Home Equity Loans in Fairfax
- 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