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Cost of Living in Roanoke

Is it better to rent or buy in Roanoke? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$72,056
$1,073/mo

Median in area: $1,073

$260,594

Median in area: $260,594

$52,119

If you Rent

🔑
$1,252 /mo
Base Rent$1,073
Est. Utilities$179
% of Income20.9%
Pre-tax Residual$4,753

If you Buy

🏠
$1,715 /mo
P&I (6.5%)$1,318
Taxes & Ins$218
Est. Utilities$179
% of Income28.6%
Pre-tax Residual$4,290

Cost of Living FAQs

Is it cheaper to rent or buy in Roanoke?›

Based on median housing data, renting is currently more affordable on a monthly basis in Roanoke. The estimated all-in monthly cost for renting is $1,252, while owning a median-priced home with a 20% down payment is roughly $1,715 per month (a difference of $463).

How much do utilities cost in Roanoke?›

The average monthly utility cost (electricity and natural gas) for a typical home in Roanoke is approximately $179. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Roanoke?›

To comfortably afford the median rent and utilities in Roanoke without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $50,080 per year.