Quick facts: Broadway, VA

Quick Facts

106
Cost of Living
above US average
4,255
Population
6.82
Crime Rate per 1000
below US average
$62,123
Median Income
below US average
$355,000
Median House Price
above US average
$1395.0
Average Rent
below US average
8%
Poverty Rate
below US average
3.2%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $62,123.

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Income Needed to Buy

βœ— Stretch
$111k/year
Based on $355,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $111k vs median $62,123
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Income Needed to Rent

βœ“ Affordable
$60k/year
Based on $1395.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($62,123) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Broadway, VA

Broadway, Virginia, is a charming small town nestled in the heart of the Shenandoah Valley. Known for its picturesque landscapes and vibrant community, Broadway boasts a rich history, with many buildings dating back to the 19th century. The town is situated near the beautiful Massanutten Mountain, offering residents and visitors ample opportunities for outdoor activities, including hiking, fishing, and scenic drives. Broadway is characterized by its friendly atmosphere, where local shops, restaurants, and markets contribute to a strong sense of community. The annual Broadway Community Festival attracts visitors with entertainment, food, and crafts, showcasing the town’s culture and spirit. Education is a focal point in Broadway, with well-regarded schools serving the area. The town’s location provides convenient access to larger cities like Harrisonburg and Winchester, where additional amenities and services can be found. Overall, Broadway exemplifies the charm of small-town life while being surrounded by the natural beauty and recreational opportunities of the Shenandoah Valley. Its rich traditions and welcoming community make it a delightful place to live or visit.

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