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Gate

Learn about the people, housing, costs and businesses in Gate, Virginia

Median Home$156,900
Median Rent$645/month
Population1,936
Leading IndustriesEducation · Retail3% education
Home Value Growth⬆⬆⬆+40.9% over 2 years
Young Adults28% of residentsnear the national average
Homeowners69% of occupied units
NotableAffordable Market$157k median home · lower cost than 71% of the country
Gate City
VA

Frequently Asked Questions

What are today's mortgage rates in Gate?

As of today, the 30-year fixed mortgage rate for Gate is approximately 6.963% (7.002% APR). Rates vary based on your credit score, loan type, down payment, and other factors. Safe Rate updates rates daily using live investor pricing.

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What is the median home price in Gate?

The median home value in Gate is $157k. The median monthly rent is $645. Annual property taxes average $1k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in Gate?

Home values in Gate have increased 40.9% over the past two years. This indicates a strong appreciation trend. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in Gate?

Based on a typical all-in ownership cost of $629/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $27k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in Gate is $50k/year.

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What industries drive the economy in Gate?

The largest employment sectors in Gate are public administration (21%) and retail (15%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.