Cost of living in Roanoke research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Roanoke is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Virginia, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Roanoke is 87, with 100 being the average.
The cost of living index in Roanoke is 0.9x lower than the national average.
Roanoke ranks as the #15 cheapest in Virginia out of 186.
Roanoke ranks as the #1,101 cheapest out of 6,412 in the US.
The median home value in Roanoke is $140,600.
The median income in Roanoke is $48,476.
According to the most recent data on the cost of living, Roanoke has an overall cost of living index of 87, which is 0.9x lower than the national index of 100.
Compared to Virginia, Roanoke has a cost of living index that's 0.9x lower than Virginia's index of 102.
The standard of living in Roanoke ranks as #15 most affordable out of the 186 places we measured in Virginia. By definition, that implies Roanoke ranks as the #171 most expensive place in the Old Dominion.
For more reading on life in Roanoke, check out:
Six factors go into calculating the cost of living index in Roanoke. Here is how it fairs on each of the criteria:
The Services index in Roanoke is 88.
The Groceries index in Roanoke is 86.
The Health index in Roanoke is 100.
The Housing index in Roanoke is 74.
The Transportation index in Roanoke is 94.
The Utilities index in Roanoke is 98.
|Living Expense||Roanoke||Virginia||National Average|
Housing swings affordability the most between places in Virginia, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Roanoke is $140,600.
The Median Rent in Roanoke is $845.
The Median Income in Roanoke is $48,476.
The Home Value To Income in Roanoke is 2.9x.
The Rent To Monthly Income in Roanoke is 0.21x.
|Median Home Value||$140,600||$295,500||$244,900|
|Home Value To Income||2.9x||3.7x||3.5x|
|Rent To Monthly Income||0.21x||0.2x||0.2x|
The cost of living varies in the cities and towns around Roanoke. Here's a quick look at the cost of living in the most populous nearby places:
Lynchburg, VA has a cost of living index of 88, 1.0x Roanoke.
Blacksburg, VA has a cost of living index of 107, 1.2x Roanoke.
Salem, VA has a cost of living index of 93, 1.1x Roanoke.
|City||Population||Cost Of Living||Vs. Roanoke|
|Cave Spring, VA||25,248||98||1.1x|
|Madison Heights, VA||10,790||86||1.0x|
|Buena Vista, VA||6,649||84||1.0x|