Safe Rate Local

Cost of Living in Virginia

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

← Back to Virginia Hub

Rent vs. Buy Affordability Calculator

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

$107,210
$1,699/mo

Median in area: $1,699

$437,609

Median in area: $437,609

$87,522

If you Rent

🔑
$1,892 /mo
Base Rent$1,699
Est. Utilities$193
% of Income21.2%
Pre-tax Residual$7,042

If you Buy

🏠
$2,899 /mo
P&I (6.814%)$2,286
Taxes & Ins$420
Est. Utilities$193
% of Income32.4%
Pre-tax Residual$6,036

Cost of Living FAQs

Is it cheaper to rent or buy in Virginia?›

Based on median housing data, renting is currently more affordable on a monthly basis in Virginia. The estimated all-in monthly cost for renting is $1,892, while owning a median-priced home with a 20% down payment is roughly $2,899 per month (a difference of $1,007).

How much do utilities cost in Virginia?›

The average monthly utility cost (electricity and natural gas) for a typical home in Virginia is approximately $193. This estimate uses local utility rate schedules combined with median energy consumption profiles.

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

To comfortably afford the median rent and utilities in Virginia without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $75,680 per year.