The typical owner-occupied home in Winchester city is worth about $343,000, 11% below the Virginia median of $383,700 and 3% above the national median of $332,700. Owners pay a median $2,591 a year in property taxes, about 0.76% of their home's value, close to the Virginia rate of 0.73%. The median household earns $63,974 a year, so the median home costs 5.4 times the median income (4.1 times for Virginia). 44% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Winchester city at a glance
| Winchester city | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $343,000 | $383,700 | $332,700 |
| Median property tax paid per year | $2,591 | $2,790 | $3,119 |
| Property tax as a share of value | 0.76% | 0.73% | 0.94% |
| Median household income | $63,974 | $93,170 | $80,734 |
| Homes lived in by their owners | 44% | 67% | 65% |
| Owner homes with a mortgage | 64% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,782 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 20.5% | 20.1% | 21.0% |
| Median rent | $1,315 | $1,579 | $1,413 |
| Rent as a share of renters' income | 32.2% | 29.4% | 30.6% |
| Median year homes were built | 1968 | 1984 | 1980 |
| Vacant homes | 8.4% | 8.7% | 10.1% |
| Population | 27,913 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Winchester city
At this week's average 30-year rate of 7.11%, buying the median Winchester city home of $343,000 with 20% down costs about $2,206 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,777, 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 $94,545 for the 20%-down payment. That payment is 41% of the median Winchester city household income of $63,974; at that income and 20% down, the 28% guideline points to a home of about $232,000.
The median rent here is $1,315 a month, so owning the median home costs about $891 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $68,600 |
|---|---|
| Loan amount | $274,400 |
| Principal and interest | $1,846 |
| Property taxes (0.76% a year) | $217 |
| Homeowners insurance (our estimate, 0.5% a year) | $143 |
| PMI | $0 |
| Total per month | $2,206 |
Change the numbers in the calculator
| Down payment | $12,005 |
|---|---|
| Loan amount | $336,787 |
| Principal and interest | $2,266 |
| Property taxes (0.76% a year) | $217 |
| Homeowners insurance (our estimate, 0.5% a year) | $143 |
| FHA mortgage insurance | $152 |
| Total per month | $2,777 |
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Questions about home buying in Winchester city
What is the median home value in Winchester city?
About $343,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Winchester city?
Homeowners pay a median $2,591 a year, which is about 0.76% 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 Winchester city?
For the median home with 20% down at 7.11%, the payment is about $2,206 a month. Keeping that under 28% of gross income takes about $94,545 a year.
More about Winchester city
- Mortgage Refinance in Winchester city
- Debt Relief in Winchester city
- Home Equity Loans in Winchester city
- 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