"How much house can I afford?" is the question almost every buyer asks before they ask anything else — and it's usually the first thing people type into a search bar or ask an AI assistant when they start thinking about buying in Hampton Roads. Here's a realistic way to think about it, plus how to get an exact number.
Start With a Simple Guideline
A common starting point lenders use is keeping your total monthly housing payment — principal, interest, property taxes, insurance, and any HOA dues — at or below roughly 28% of your gross monthly income. Total debt (housing plus car payments, student loans, credit cards) is generally kept under about 36-43%, depending on the loan program.
Quick Example
- Household gross income: $7,500/month
- 28% guideline: roughly $2,100/month for housing
- At today's rates, that could support a home in the $300,000-$350,000 range, depending on down payment, taxes, and insurance
The VA Loan Advantage
For eligible veterans, active-duty service members, and surviving spouses, VA loans change this math significantly — 0% down and no PMI mean more of your monthly budget goes toward principal and interest instead of insurance. See the full breakdown in the Military & Relocation Hub.
Other Factors That Move the Number
Property taxes and insurance vary by city and even by neighborhood — flood zone proximity in parts of Virginia Beach and Norfolk can raise insurance costs, which is worth factoring in early. Credit score affects your interest rate, which has a bigger impact on affordability than most buyers expect. And down payment assistance through Virginia Housing can reduce or eliminate the cash you need up front — details in the Guides & Frameworks Library.
Get a Real Number
Rules of thumb are a starting point, not a final answer. The two steps that actually matter:
- Run your numbers through the Mortgage Calculator for a fast estimate.
- Get pre-approved by a lender, who will verify your income, credit, and assets and give you an exact price range.
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