The typical owner-occupied home in Merrifield is worth about $660,800, 72% above the Virginia median of $383,700 and 99% above the national median of $332,700. Owners pay a median $6,725 a year in property taxes, about 1.02% of their home's value, higher than the Virginia rate of 0.73%. The median household earns $136,373 a year, so the median home costs 4.8 times the median income (4.1 times for Virginia). 39% of occupied homes here are lived in by their owners, and 79% of those owners still have a mortgage.
Merrifield at a glance
| Merrifield | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $660,800 | $383,700 | $332,700 |
| Median property tax paid per year | $6,725 | $2,790 | $3,119 |
| Property tax as a share of value | 1.02% | 0.73% | 0.94% |
| Median household income | $136,373 | $93,170 | $80,734 |
| Homes lived in by their owners | 39% | 67% | 65% |
| Owner homes with a mortgage | 79% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $2,920 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 20.9% | 20.1% | 21.0% |
| Median rent | $2,368 | $1,579 | $1,413 |
| Rent as a share of renters' income | 26.2% | 29.4% | 30.6% |
| Median year homes were built | 2001 | 1984 | 1980 |
| Vacant homes | 4.2% | 8.7% | 10.1% |
| Population | 20,698 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Merrifield
At this week's average 30-year rate of 7.11%, buying the median Merrifield home of $660,800 with 20% down costs about $4,393 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,494, 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 $188,280 for the 20%-down payment. That payment is 39% of the median Merrifield household income of $136,373; at that income and 20% down, the 28% guideline points to a home of about $479,000.
The median rent here is $2,368 a month, so owning the median home costs about $2,025 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $132,160 |
|---|---|
| Loan amount | $528,640 |
| Principal and interest | $3,556 |
| Property taxes (1.02% a year) | $562 |
| Homeowners insurance (our estimate, 0.5% a year) | $275 |
| PMI | $0 |
| Total per month | $4,393 |
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| Down payment | $23,128 |
|---|---|
| Loan amount | $648,831 |
| Principal and interest | $4,365 |
| Property taxes (1.02% a year) | $562 |
| Homeowners insurance (our estimate, 0.5% a year) | $275 |
| FHA mortgage insurance | $292 |
| Total per month | $5,494 |
Change the numbers in the calculator
Questions about home buying in Merrifield
What is the median home value in Merrifield?
About $660,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Merrifield?
Homeowners pay a median $6,725 a year, which is about 1.02% 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 Merrifield?
For the median home with 20% down at 7.11%, the payment is about $4,393 a month. Keeping that under 28% of gross income takes about $188,280 a year.
More about Merrifield
- Mortgage Refinance in Merrifield
- Debt Relief in Merrifield
- Home Equity Loans in Merrifield
- 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