The typical owner-occupied home in Pennington Gap is worth about $92,900, 76% below the Virginia median of $383,700 and 72% below the national median of $332,700. Owners pay a median $681 a year in property taxes, about 0.73% of their home's value, close to the Virginia rate of 0.73%. The median household earns $21,633 a year, so the median home costs 4.3 times the median income (4.1 times for Virginia). 43% of occupied homes here are lived in by their owners, and 33% of those owners still have a mortgage.
Pennington Gap at a glance
| Pennington Gap | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $92,900 | $383,700 | $332,700 |
| Median property tax paid per year | $681 | $2,790 | $3,119 |
| Property tax as a share of value | 0.73% | 0.73% | 0.94% |
| Median household income | $21,633 | $93,170 | $80,734 |
| Homes lived in by their owners | 43% | 67% | 65% |
| Owner homes with a mortgage | 33% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $888 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 27.5% | 20.1% | 21.0% |
| Median rent | $766 | $1,579 | $1,413 |
| Rent as a share of renters' income | 40.8% | 29.4% | 30.6% |
| Median year homes were built | 1965 | 1984 | 1980 |
| Vacant homes | 21.4% | 8.7% | 10.1% |
| Population | 1,798 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Pennington Gap
At this week's average 30-year rate of 7.11%, buying the median Pennington Gap home of $92,900 with 20% down costs about $595 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $750, 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 $25,508 for the 20%-down payment. That payment is 33% of the median Pennington Gap household income of $21,633; at that income and 20% down, the 28% guideline points to a home of about $79,000.
The median rent here is $766 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $18,580 |
|---|---|
| Loan amount | $74,320 |
| Principal and interest | $500 |
| Property taxes (0.73% a year) | $57 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| PMI | $0 |
| Total per month | $595 |
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| Down payment | $3,252 |
|---|---|
| Loan amount | $91,217 |
| Principal and interest | $614 |
| Property taxes (0.73% a year) | $57 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| FHA mortgage insurance | $41 |
| Total per month | $750 |
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Questions about home buying in Pennington Gap
What is the median home value in Pennington Gap?
About $92,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Pennington Gap?
Homeowners pay a median $681 a year, which is about 0.73% 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 Pennington Gap?
For the median home with 20% down at 7.11%, the payment is about $595 a month. Keeping that under 28% of gross income takes about $25,508 a year.
More about Pennington Gap
- Mortgage Refinance in Pennington Gap
- Debt Relief in Pennington Gap
- Home Equity Loans in Pennington Gap
- 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