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City · 8,834 residents · Isle of Wight County, Virginia

Smithfield , Virginia

In Smithfield, a typical home is worth $374,900 and typical rent is $1,195 a month. Compared with all of Isle of Wight County, typical household income is 19% higher and typical rent is 12% lower.

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  • Typical home value

    $374,900

    5% above the county

    2% below Virginia

    • Smithfield
    • Isle of Wight
    • Virginia

  • Typical rent

    $1,195a month

    12% below the county

    24% below Virginia

    • Smithfield
    • Isle of Wight
    • Virginia

  • Typical household income

    $113,158a year

    19% above the county

    21% above Virginia

    • Smithfield
    • Isle of Wight
    • Virginia

  • Households that own their home

    82%

    2 points above the county

    15 points above Virginia

    • Smithfield
    • Isle of Wight
    • Virginia

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$402,631
2.4% more than 12 months ago
Typical rent
$2,554 a month

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Smithfield is in Isle of Wight County. The FHA loan limit ($757,850 for a one-unit home), the fair market rents and the help on this page are those of all of Isle of Wight County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Smithfield apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Ettrick, the typical home value is $211,200: 44% less than in Smithfield ($374,900).

  2. The typical household income in Smithfield is $113,158, 19% more than in Isle of Wight County as a whole ($95,241).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Smithfield

What homes there are in Smithfield, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house is the most common home in Smithfield: 77% of homes, near the figure in Isle of Wight County (77%).

Year built

By age, homes in Smithfield look like those in Isle of Wight County: the typical year built is 1992.

By size, homes in Smithfield look like those in Isle of Wight County: 81% have 3 bedrooms or more.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$2,317 a month

Isle of Wight County: $2,228 a month

Without a mortgage

$663 a month

Isle of Wight County: $613 a month

Owners with a mortgage

76%

Isle of Wight County: 66%

The typical cost for an owner with a mortgage in Smithfield is $2,317 a month, near the figure in Isle of Wight County ($2,228).

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Smithfield rose 33% since 2015–2019, about the same as in Isle of Wight County (34%).

The typical rent in Smithfield rose 29% since 2015–2019, about the same as in Isle of Wight County (30%).

Income in Smithfield grew faster than housing: it rose 67%, while home values changed +33% and rent +29%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureSmithfieldIsle of Wight CountyVirginiaUnited States
Rental vacancy Unreliable estimateUnreliable estimate4.8%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.8%0.9%
More than one person per room Unreliable estimateUnreliable estimate2.1%3.4%
People per household 2.432.522.522.53
Drive alone 74%79%68%69%
Carpool 8%8%8%9%
Public transit Unreliable estimateUnreliable estimate2%3%
Walk or bike Unreliable estimateUnreliable estimate2%3%
Work from home 15%11%18%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute Unreliable estimateUnreliable estimate20 to 29 minutes20 to 29 minutes

Much as in Isle of Wight County, a household in Smithfield has 2.43 people on average.

In Smithfield, 15% of workers work from home, more than in Isle of Wight County (11%).

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Smithfield?

A typical home is tight for the typical income

We start with a typical home in Smithfield, worth $374,900, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 33% of the typical household income in Smithfield, which is $113,158 a year. For that payment to be 28% of income, a household would need to earn about $131,385 a year.

The calculator's FHA and conventional loan limits are those of all of Isle of Wight County.

Your numbers

Local data
$

Starts at the typical home value in Smithfield. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $13,122 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$3,066

at 7.18% · 30 years

Loan amount
$368,109
Total interest
$529,623
Paid off in
November 2056

Includes $6,331 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,640 a month

  • Tight

    $2,640 to $3,395 a month

    Your payment · 33%

  • Hard

    more than $3,395 a month

Compared with the typical household income in Smithfield ($113,158 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,066
Principal & interest$2,494
Property tax$250
Home insurance$156
FHA mortgage insurance (MIP)$166

You need at least $13,122 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Smithfield and Isle of Wight County

Smithfield is in Isle of Wight County, Virginia. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Smithfield's own numbers

Typical home value
$374,900
Typical monthly rent
$1,195
Typical yearly household income
$113,158
Households that own their home
82%
Effective property tax rate
0.8%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Isle of Wight County

FHA limit, one-unit home
$757,850
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,667
Price change over 5 years (FHFA)
+46%
Homes in a high flood-risk zone
2%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Isle of Wight County.

Everything about Isle of Wight County

Buying

Buying a home in Smithfield

A typical home in Smithfield is worth $374,900: 5% above the county and 2% below Virginia. With the typical household income in Smithfield ($113,158 a year), a typical home costs 3.3 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Smithfield 3.3 years
  • Isle of Wight 3.7 years
  • Virginia 4.1 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Isle of Wight County

According to FHFA’s house price index, home prices in Isle of Wight County rose 66% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Isle of Wight County.

Period County Virginia U.S.
Last year (2025) +4.8% +3.7% +2.9%
5 years (2020–2025) +46% +49% +47%
10 years (2015–2025) +66% +75% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Smithfield next to Isle of Wight County, Virginia and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Smithfield $374,900
  • Isle of Wight $356,500
  • Virginia $383,700
  • United States $332,700
Typical monthly rent
  • Smithfield $1,195
  • Isle of Wight $1,359
  • Virginia $1,579
  • United States $1,413
Typical yearly household income
  • Smithfield $113,158
  • Isle of Wight $95,241
  • Virginia $93,170
  • United States $80,734
See the full table
Smithfield next to Isle of Wight County and Virginia
Measure Smithfield Isle of Wight County Virginia U.S.
Typical home value $374,900 $356,500 $383,700 $332,700
Typical monthly rent $1,195 $1,359 $1,579 $1,413
Typical yearly household income $113,158 $95,241 $93,170 $80,734
Households that own their home 82% 80% 67% 65%
Typical yearly property tax $2,991 $2,510 $2,790 $3,119
Effective property tax rate 0.8% 0.7% 0.73% 0.94%
Renters with high rent for their income 54% 43% 49% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Isle of Wight County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Smithfield

For a typical $374,900 home in Smithfield, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Smithfield's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,066a month

    Least cash to close
    Down payment
    $13,122
    Cash to close
    $24,369
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $166

  • Conventional, 5% down $2,997a month

    Down payment
    $18,745
    Cash to close
    $29,992
    Rate
    7.18%
    Mortgage insurance
    PMI · $178

  • Conventional, 20% down, no PMI $2,438a month

    Down payment
    $74,980
    Cash to close
    $86,227
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,785a month

    Down payment
    $56,235
    Cash to close
    $67,482
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Smithfield and for Isle of Wight County.

Property tax

Effective rate in Smithfield

0.8%of the home’s value each year

$2,991 a year for the typical owner in Smithfield.

  • Smithfield 0.8%
  • Isle of Wight 0.7%
  • Virginia 0.73%

What Virginia publishes Local exemption or deferral for people 65 and older or with disabilities (Virginia General Assembly (Code of Virginia))

Exemptions and deadlines in Virginia

Flood risk in Isle of Wight County

FEMA does not publish these numbers by city: they are for all of Isle of Wight County.

Homes in the high-risk zone
2%
398
Of those, with NFIP insurance
14%
County Virginia U.S.
Homes in the high-risk zone 2% 1.5% 3.5%
Of those, with NFIP insurance 14% 100% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Smithfield

Typical rent in Smithfield is $1,195 a month: 12% below the county. In Smithfield, 54% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Isle of Wight County, by unit size. To pay the 2-bedroom one ($1,667 a month) without spending more than 30% of your income, you would need to earn $32.06 an hour working full time.

HUD fair market rent for all of Isle of Wight County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,470 $28.27 $58,800
1 bedroom $1,488 $28.62 $59,520
2 bedrooms $1,667 $32.06 $66,680
3 bedrooms $2,298 $44.19 $91,920
4 bedrooms $2,710 $52.12 $108,400

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Smithfield

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Smithfield is in ZIP code 23430.

For 2 bedrooms it is $1,420: $247 less than the fair market rent for Isle of Wight County ($1,667).

  • 23430 $1,420$1,960

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Smithfield when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Smithfield

HUD lists 6 buildings with rents for lower incomes in Smithfield. These are the largest.

  • Bradford Mews 102 Cattail Ln, Smithfield 23430 120 low-income homes · In service since 2013 · For families
  • Jersey Park 775 Wrenn Rd, Smithfield 23430 80 low-income homes · 1 bd: 16 · 2 bd: 64 · In service since 2007 · For families (757) 357-7250
  • Woods Edge (isle of Wight County) 758 Wrenn Rd, Smithfield 23430 60 low-income homes · 1 bd: 24 · 2 bd: 28 · 3 bd: 8 · In service since 1999 · For families
  • Church Manor 513 Main St, Smithfield 23430 50 low-income homes · 1 bd: 6 · 2 bd: 36 · 3 bd: 8 · In service since 2006 · For families
  • Covenant Place 601 Cedar St, Smithfield 23430 40 low-income homes · For older adults (757) 357-4469

See all 9 buildings in Isle of Wight County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Smithfield

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Isle of Wight County. The nearest ones are below; many serve by phone or online.

An older man and his daughter go over papers with a professional.

HUD counseling is free or low-cost

Assistance programs in Smithfield

No down payment, repair or rent-help program on our list is for Smithfield or Isle of Wight County. The ones below are statewide in Virginia: they work in Smithfield the same as in the rest of the state.

Which programs do I qualify for? All programs in Virginia

  • Down Payment Assistance Grant

    Statewide in Virginia

    Virginia state agency down payment grant that you do not repay; for first-time buyers, or any buyer in economic opportunity zones, with a Virginia Housing mortgage. Offered by Virginia Housing (Virginia Housing Development Authority).

    Grant

    See the program Official page

  • Virginia Housing Plus Second Mortgage

    Statewide in Virginia

    Virginia Housing 30-year fixed-rate second mortgage of up to 5% of the price for the down payment (and part of the closing costs with a credit score of 680 or higher); for first-time buyers and for people who have owned a home before. Offered by Virginia Housing (Virginia Housing Development Authority).

    Type not stated

    See the program Official page

  • Closing Cost Assistance Grant

    Statewide in Virginia

    Virginia Housing grant that you do not repay, of up to 2% of the price, for the closing costs of buyers with a Virginia Housing RD (Rural Development) or VA loan. Offered by Virginia Housing (Virginia Housing Development Authority).

    Grant

    See the program Official page

Housing counselors near Smithfield

The HUD-approved agencies closest to the center of Smithfield, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Commonwealth Catholic Charities

    740 Thimble Shoals Blvd, Newport News · 11 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 5 more
    (804) 285-5986

  • Hampton Roads Community Action Program, Inc.

    2410 Wickham Ave, Newport News · 11 miles away

    • Mortgage delinquency workshops
    • Budget and financial counseling
    • and 8 more
    (757) 247-0379

  • Catholic Charities of Eastern Virginia

    12829 Jefferson Ave Ste 101, Newport News · 13 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 8 more
    (757) 875-0060

All counseling agencies in Virginia

Help in Spanish near Smithfield

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Smithfield

HUD lists no housing authority with an office in Isle of Wight County. One in a neighboring county or the state’s may serve the area.

All housing agencies in Virginia Source: HUD

Cities

Other cities in Isle of Wight County

These cities are also in Isle of Wight County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Isle of Wight County Housing in Virginia

Nearby cities

The cities closest to Smithfield, with the typical home value.

Neighboring counties

If Isle of Wight County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Smithfield.

All guides
A mother and her daughters smile together on a mountain trail with a snowy peak behind them.

Questions

Housing questions about Smithfield

Short answers with the numbers for Smithfield and all of Isle of Wight County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Smithfield?

The typical home value in Smithfield is $374,900, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Isle of Wight County it is $356,500.

How much does it cost to rent in Smithfield?

Typical rent in Smithfield is $1,195 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Isle of Wight County is $1,667.

What is the FHA loan limit in Smithfield?

Smithfield uses the FHA limit for all of Isle of Wight County (2026): $757,850 for a one-unit home and $1,457,450 for a four-unit home.

How much property tax do owners pay in Smithfield?

The typical homeowner in Smithfield pays $2,991 a year, according to the U.S. Census Bureau. That is 0.8% of the home’s value; in Isle of Wight County, the rate is 0.7%.

Where can I find free help to buy or rent in Smithfield?

We found no HUD-approved counseling agencies with an office in Isle of Wight County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).