The typical owner-occupied home in Luray is worth about $253,900, 34% below the Virginia median of $383,700 and 24% below the national median of $332,700. Owners pay a median $2,001 a year in property taxes, about 0.79% of their home's value, higher than the Virginia rate of 0.73%. The median household earns $50,150 a year, so the median home costs 5.1 times the median income (4.1 times for Virginia). 65% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Luray at a glance
| Luray | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $253,900 | $383,700 | $332,700 |
| Median property tax paid per year | $2,001 | $2,790 | $3,119 |
| Property tax as a share of value | 0.79% | 0.73% | 0.94% |
| Median household income | $50,150 | $93,170 | $80,734 |
| Homes lived in by their owners | 65% | 67% | 65% |
| Owner homes with a mortgage | 49% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,642 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 28.5% | 20.1% | 21.0% |
| Median rent | $892 | $1,579 | $1,413 |
| Rent as a share of renters' income | 31.8% | 29.4% | 30.6% |
| Median year homes were built | 1961 | 1984 | 1980 |
| Vacant homes | 10.6% | 8.7% | 10.1% |
| Population | 4,827 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Luray
At this week's average 30-year rate of 7.11%, buying the median Luray home of $253,900 with 20% down costs about $1,639 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,062, 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 $70,257 for the 20%-down payment. That payment is 39% of the median Luray household income of $50,150; at that income and 20% down, the 28% guideline points to a home of about $181,000.
The median rent here is $892 a month, so owning the median home costs about $747 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $50,780 |
|---|---|
| Loan amount | $203,120 |
| Principal and interest | $1,366 |
| Property taxes (0.79% a year) | $167 |
| Homeowners insurance (our estimate, 0.5% a year) | $106 |
| PMI | $0 |
| Total per month | $1,639 |
Change the numbers in the calculator
| Down payment | $8,886 |
|---|---|
| Loan amount | $249,301 |
| Principal and interest | $1,677 |
| Property taxes (0.79% a year) | $167 |
| Homeowners insurance (our estimate, 0.5% a year) | $106 |
| FHA mortgage insurance | $112 |
| Total per month | $2,062 |
Change the numbers in the calculator
Questions about home buying in Luray
What is the median home value in Luray?
About $253,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Luray?
Homeowners pay a median $2,001 a year, which is about 0.79% 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 Luray?
For the median home with 20% down at 7.11%, the payment is about $1,639 a month. Keeping that under 28% of gross income takes about $70,257 a year.
More about Luray
- Mortgage Refinance in Luray
- Debt Relief in Luray
- Home Equity Loans in Luray
- 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