The typical owner-occupied home in New River is worth about $133,600, 65% below the Virginia median of $383,700 and 60% below the national median of $332,700. Owners pay a median $683 a year in property taxes, about 0.51% of their home's value, lower than the Virginia rate of 0.73%. The median household earns $41,628 a year, so the median home costs 3.2 times the median income (4.1 times for Virginia). 77% of occupied homes here are lived in by their owners, and 6% of those owners still have a mortgage.
New River at a glance
| New River | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $133,600 | $383,700 | $332,700 |
| Median property tax paid per year | $683 | $2,790 | $3,119 |
| Property tax as a share of value | 0.51% | 0.73% | 0.94% |
| Median household income | $41,628 | $93,170 | $80,734 |
| Homes lived in by their owners | 77% | 67% | 65% |
| Owner homes with a mortgage | 6% | 67% | 61% |
| Median monthly costs, owners with a mortgage | – | $2,127 | $1,963 |
| Median rent | – | $1,579 | $1,413 |
| Median year homes were built | 1973 | 1984 | 1980 |
| Vacant homes | 0.0% | 8.7% | 10.1% |
| Population | 268 | 8,705,170 | 334,922,499 |
What a typical home costs per month in New River
At this week's average 30-year rate of 7.11%, buying the median New River home of $133,600 with 20% down costs about $831 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,054, 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 $35,633 for the 20%-down payment. That payment is 24% of the median New River household income of $41,628; at that income and 20% down, the 28% guideline points to a home of about $156,000.
| Down payment | $26,720 |
|---|---|
| Loan amount | $106,880 |
| Principal and interest | $719 |
| Property taxes (0.51% a year) | $57 |
| Homeowners insurance (our estimate, 0.5% a year) | $56 |
| PMI | $0 |
| Total per month | $831 |
Change the numbers in the calculator
| Down payment | $4,676 |
|---|---|
| Loan amount | $131,180 |
| Principal and interest | $882 |
| Property taxes (0.51% a year) | $57 |
| Homeowners insurance (our estimate, 0.5% a year) | $56 |
| FHA mortgage insurance | $59 |
| Total per month | $1,054 |
Change the numbers in the calculator
Questions about home buying in New River
What is the median home value in New River?
About $133,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New River?
Homeowners pay a median $683 a year, which is about 0.51% 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 New River?
For the median home with 20% down at 7.11%, the payment is about $831 a month. Keeping that under 28% of gross income takes about $35,633 a year.
More about New River
- Mortgage Refinance in New River
- Debt Relief in New River
- Home Equity Loans in New River
- 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