The historical home of the first permanent English settlers in what became the United States, as well as one of the 13 original colonies, Virginia carries a special role in early American history. Today the state is a predominant location of many federal government agencies and defense contractors that serve the executive offices in the adjacent District of Columbia to the northeast. That said, the western side of the state is far more rural, divided by major mountain ranges running from the southwest to the northeast, and much of the Appalachian range remains rural and undeveloped. The eastern and northern parts of the state are heavily developed, particularly Fairfax and Loudoun counties in Northern Virginia. The state has a diverse economy beyond government spending, including one of the world's largest concentrations of data centers in Northern Virginia, major port and shipbuilding activity in Hampton Roads, defense and aerospace, agriculture, and tourism. Major urban areas include Virginia Beach, Chesapeake, Arlington, Norfolk, and the capital, Richmond. Virginia is also home to many well-known universities, including the University of Virginia, Virginia Tech, George Mason University, Virginia Commonwealth University, the College of William & Mary, and James Madison University, along with dozens of other colleges and public and private higher-education institutions.
Home to roughly 8.9 million people as of 2025, Old Dominion is the 12th most populous American state. Virginia's economy is large and diverse, with gross state product exceeding $700 billion (2023), and the state contains a great deal of wealth. Several of the highest-income counties in the country are located in Northern Virginia, led by Loudoun and Fairfax.
Top Cities in Virginia
As of 2025, the typical home value in Virginia is roughly $415,000 (Zillow), with median sale prices reported in the mid-$400,000s (Redfin). There is, however, a great deal of variance within the state. Northern Virginia communities such as McLean and Great Falls command median sale prices well into the seven figures, in line with the pockets of wealth in the region, while more affordable markets can be found in rural and southern parts of the state. Because conditions shift over time and vary sharply by region, buyers should check current local values before making decisions.
Virginia Beach
Population: approximately 457,000 (2024 estimate)
Virginia is unusual in that it has numerous independent cities. An independent city is one that does not belong to any particular county. Virginia Beach is one of these cities and is Virginia's largest. As the name implies, the city is known for its beaches and oceanfront. Major employers include GEICO and the Christian Broadcasting Network, and the U.S. military also has a prominent presence in and around the city.
Norfolk
Population: approximately 234,000 (2024 estimate)
Norfolk is also an independent city. Established in 1682, the city is full of historical places of interest and is home to Naval Station Norfolk, the world's largest naval base. The largest local employers include the U.S. Department of Defense, area health systems, the public school system, and Old Dominion University.
Chesapeake
Population: approximately 253,000 (2024 estimate)
Like Norfolk, Chesapeake is part of the Hampton Roads metro area and is now one of Virginia's largest cities by population. It is a relatively new city, officially formed in the 1960s. Top employers include Dollar Tree, which is headquartered there, along with the city government and the public school system.
Compare Today's Interest Rates
Good money management is an essential skill, and a big part of that is choosing a solid bank. For residents of Virginia, there are many options to choose from. On one side are local institutions, community banks and credit unions, that focus on serving specific communities. These institutions tend to have closer relationships with their customers and can sometimes go above and beyond in helping small businesses and homeowners secure loans. At the other end of the spectrum are the large national banks. You may never have a personal relationship with a nationwide bank, but you will typically get top-of-the-line online and mobile banking technology at your fingertips. The Virginia banking landscape has consolidated significantly in recent years, so the institutions below are examples of banks and credit unions operating in Virginia today.
Community and regional banks:
- Atlantic Union Bank
- Burke & Herbert Bank
- Chesapeake Bank
- TowneBank
- United Bank
Credit unions:
- Navy Federal Credit Union
- PenFed Credit Union
- Northwest Federal Credit Union
- Virginia Credit Union
- Chartway Federal Credit Union
- Apple Federal Credit Union
- Langley Federal Credit Union
- State Department Federal Credit Union
- BayPort Credit Union
National banks:
- Bank of America
- Capital One
- PNC Bank
- Regions Bank
- Truist
- Wells Fargo
After seeing all these financial institutions, you're probably looking for a way to find competitive interest rates. RateZip.com was designed to help consumers make exactly these types of decisions. Get started now!
VA Home Loans
Relocating to Virginia for a career or education can be made easier with RateZip.com and its wide database of home loan interest rate information. You can compare multiple quotes from mortgage lenders, banks, and more in just a matter of minutes. This includes lenders based in Virginia and those located outside the state but licensed to lend in Virginia.
One of the most popular home loans in Virginia is the fixed-rate mortgage, or FRM for short. With this type of mortgage, the rate and monthly payment stay constant for as long as the loan lasts. Though you won't automatically benefit from a drop in mortgage rates, you can always look into refinancing. Fixed-rate mortgages provide long-term stability that enables homeowners to plan far into the future.
There are also adjustable-rate mortgages, or ARMs, whose rates adjust according to an underlying market index after an initial fixed period. This means that your rate and monthly payment can rise or fall once the loan begins adjusting. ARMs typically start with an introductory period during which the interest rate may be lower than prevailing fixed rates, and then adjust on a set schedule after that. Common hybrid terms include the 5/1, 7/1, and 10/1, where the first number represents the length of the initial fixed period in years and the second represents how often the rate adjusts thereafter. Because rates change constantly, compare current fixed and adjustable offers before deciding which structure fits your situation.
First-time buyers in Virginia may also want to explore programs offered through Virginia Housing (formerly the Virginia Housing Development Authority, or VHDA), the state's housing finance agency, which offers first-time homebuyer loans and down payment assistance alongside the loan types above.
The U.S. armed forces are a major presence in Virginia, so it's worth mentioning VA home loans. In this case, "VA" refers to the U.S. Department of Veterans Affairs, which guarantees these mortgages. VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses, and they can often be obtained with no down payment and more flexible credit and documentation requirements than conventional financing.