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Patrick Springs

Learn about the people, housing, costs and businesses in Patrick Springs, Virginia

Median Home$118,578
Median Rent$742/month
Population1,877
Leading IndustriesProfessional Services · Information & Media · Wholesale Trade3% professional services
Home Value Growth⬆⬆⬆+41.4% over 2 years
Retirees35% of residentstop 3% nationally
Homeowners76% of occupied units
NotableVeteran Community11% of residents · top 9% nationally
NotableAffordable Market$119k median home · lower cost than 85% of the country
Patrick Springs
VA

Frequently Asked Questions

What are today's mortgage rates in Patrick Springs?

As of today, the 30-year fixed mortgage rate for Patrick Springs is approximately 6.889% (6.925% 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 Patrick Springs?

The median home value in Patrick Springs is $119k. The median monthly rent is $742. Annual property taxes average $715. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in Patrick Springs?

Home values in Patrick Springs have increased 41.4% 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 Patrick Springs?

Based on a typical all-in ownership cost of $667/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $29k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in Patrick Springs is $60k/year.

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What industries drive the economy in Patrick Springs?

The largest employment sectors in Patrick Springs are public administration (22%) and wholesale trade (10%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.