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Everyone wants a home that mixes affordability with comfort and Virginia does this very well. Families love the Old Dominion's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Virginia that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Virginia for 2021.
So where is the most expensive place to live in Virginia? That would be Blacksburg.
the 2015-2019 American Community Survey for the 61 places in Virginia with more than 5,000 people.
What's the most expensive place to live in Virginia? Well, HomeSnacks crunched the numbers and discovered that Blacksburg is the most expensive place to live in Virginia.
So hopefully Covington (the cheapest place to live in Virginia) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Virginia and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Virginia For 2021
The median income in Blacksburg comes in at $43,173 and the median home value is $298,400 for 2021.
The median income in Williamsburg comes in at $57,463 and the median home value is $306,000 for 2021.
The median income in Fredericksburg comes in at $65,641 and the median home value is $367,200 for 2021.
The median income in Woodstock comes in at $42,868 and the median home value is $215,100 for 2021.
The median income in Charlottesville comes in at $59,471 and the median home value is $299,600 for 2021.
The median income in Richmond comes in at $47,250 and the median home value is $230,500 for 2021.
The median income in Alexandria comes in at $100,939 and the median home value is $572,900 for 2021.
The median income in Farmville comes in at $35,995 and the median home value is $185,800 for 2021.
The median income in Lexington comes in at $42,632 and the median home value is $235,700 for 2021.
The median income in Falls Church comes in at $127,610 and the median home value is $789,300 for 2021.
How We Determined The Most Expensive Places To Live In The Old Dominion For 2021
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2015-2019 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Virginia to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 61 places in Virginia that have more than 5,000 people.
The place with the highest cost of living in Virginia according to the data is Blacksburg. You can download the data here.
Taking A Chunk Out Of Your Paycheck In Virginia For 2021
Well there you have it, the places in Virginia that have the highest cost of living, with Blacksburg ranking as the most expensive city in the Old Dominion.
Here's a look at the most affordable cities in Virginia according to the data:
- Big Stone Gap
For more Virginia reading, check out:
- Best Places To Live In Virginia
- Cheapest Places To Live In Virginia
- Most Dangerous Cities In Virginia
- Best Places To Raise A Family In Virginia
- Safest Places In Virginia
- Worst Cities In Virginia For 2017
Detailed List Of The Most Expensive Cities In Virginia
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