How High Is the Cost of Living in Virginia?
The cost of living in Virginia is only slightly higher than the national average—but there are still affordable areas.
Written by Bonnie Stinson
Reviewed by Melanie Reiff
The cost of living in Virginia is only slightly higher than the national average—and transportation costs are unusually high. A single adult needs at least $40,352 to live comfortably here.
Adjacent to the nation’s capital, and stretching from the Atlantic coast to the Appalachian Mountains, Virginia has an important place in the past—and future—of the United States. With incredible poverty and innovative industry, it’s hard to know what life will look like in Virginia in the coming years. One thing is for certain: the cost of living in Virginia is still pretty affordable as of 2022.
How high is the cost of living in Virginia?
Virginia includes major metropolises like Arlington and small towns like Abingdon. So what is the average cost of living in this state? The cost of living index (COLI) in Virginia is 103.7.
Let’s break down what COLI really means. The national average cost of living in the United States is 100. As a result, any location with a COLI of more than 100 has a higher-than-average cost of living.
At 103.7, Virginia is slightly more expensive than the national average.
By comparison,
Texas’s
cost of living index is 93.9 while New Hampshire
and Wyoming’s
are 105.4 and 98.1, respectively. Now, let’s get some more details. Cost of living includes groceries, healthcare, housing, and transportation. It does not include date nights, brunches, or your daily coffee run. Here are what these essential expenses currently cost in Virginia as compared to the national average.
Food: $279.25 to $821.33 per month
Whether it’s oysters or pawpaws, everybody’s gotta eat! This category includes grocery costs but excludes restaurant bills and other to-go items like coffee or fast food.
The annual cost of food in Virginia ranges from $3,351 to $9,856, depending on family size, income, and location.
If your household includes one adult, you can expect to spend at least $279.25 per month on groceries in Virginia. If your household has four people (two adults and two children), then you can expect to spend about $821.33 each month on groceries.
Wondering how this compares to the national average? According to the Bureau of Labor Statistics, the average monthly grocery spend for US households in 2020 was around $411.
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Healthcare: $228 per month
Healthcare in Virginia is not the best and it’s not the worst. Quality of care aside, average annual healthcare costs per individual in this state are $2,736 or about $228 per month. That is significantly less than the $477 monthly national average.
Keep in mind that it’s hard to generalize an average figure for healthcare costs. You may have a family member in your household who needs costly prescriptions or other expensive care. Adjust this figure accordingly—and remember that Virginia has low-income healthcare options for those who need it.
Housing: $1,140.08 to $1,379.92 per month
For most Americans,
housing
costs take up the biggest chunk of the monthly budget. The typical home value here was $353,198 as of summer 2022, and this figure can grow—or drop—as the economy sorts itself out. Housing costs in Virginia vary dramatically depending on what type of home you live in:
- Median monthly mortgage payment: $1,792
- Average studio rent: $781
- Average one-bedroom rent: $842
- Average two-bedroom rent: $1,007
- Average three-bedroom rent: $1,335
- Average four-bedroom rent: $1,577
Of course, your housing costs also depend on where in Virginia you live. The numbers above represent the overall state average, but some cities are much more expensive (or affordable!). For instance, in downtown Virginia Beach, the average monthly rent for a studio apartment is about $1,237. If we look at Richmond, housing costs are even more expensive—a one-bedroom will cost you about $1,789 per month.
Now let’s look at how Virginia's housing costs compare to the rest of the country. The national average home value ($337,560) is slightly less than Virginia’s average cost. For renters, Virginia rental costs are lower than the average national rent ($1,904 per month).
Transportation: $459.08 to $1,251 per month
Transportation is surprisingly costly in Virginia. Whether you’re commuting in Appalachia or transiting in Arlington, you’ll have to pay a pretty penny to get around. That being said, your transportation costs depend heavily on where exactly you live (and whether public transit is available).
Virginia residents pay anywhere between $459.08 and $1,251 per month for transportation. For context, the national average for a two-person household is $818 per month.
Let’s see how that breaks down:
- Monthly Transit pass in Richmond: $60
- Average cost of a gallon of gas, July 2022: $4.083
How much you need to live comfortably in Virginia: $40,352 to $53,144 per year
One person needs to earn at least $40,352 per year (or $19.40/hour) to afford basic costs in Virginia. If you have a family of four, the required minimum annual income is $53,144 or $25.55/hour. Remember, this figure is only for essential spending. You will need to earn more if you want to save for retirement or travel.
It can be a serious struggle to live comfortably in Virginia, especially since Virginia’s minimum wage is just $11/hour. If you want to do anything “non-essential,” like go see a movie or eat out with friends, you must earn more than the baseline figure listed above.
Here are the prices for several basic non-essentials in Virginia, as well as the national average:
- Average cost of a date: $140.85 (US average: $116)
- Average cost of a night at the movies: $8.53 (US average: $10.61)
- Average cost of a Big Mac: $4.67 (US average: $3.99)
- Kings Dominion Amusement Park: $49.99+ per person for a one-day pass (US average theme park ticket price: $91)
- Average sales tax: 5.3% (US average: 5.09%)
If you’re a couponer and a minimalist, you might be able to live comfortably for less than $40,000. Every person’s situation is unique. But in general, the average person needs to earn at least $40,352 per year in Virginia to pay for basic needs.
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The Virginia cities with the lowest cost of living
If you want to live in Virginia but you don’t want to pay more than the national average for cost of living expenses, we have good news! There are a few cities in Virginia with a low cost of living.
Here are a few Virginia locations that fall below the state (and national) average:
- Roanoke(COLI: 84.1): Located in the Blue Ridge Mountains, Roanoke has a strong economy, outdoor recreation opportunities, and a racially diverse population.
- Vinton(COLI: 88.6): Just outside of Roanoke is Vinton, a charming small town with nice weather and historic buildings.
- Petersburg(COLI: 80.2): This medium-sized city offers affordable housing and has important colonial sites.
- Lynchburg(COLI: 82.9): Full of young professionals, this dense city has a manufacturing history and an attractive cost of living.
Consider one of these four cities if you're looking for a low-cost place to settle in Virginia!
How to easily find home and car insurance in Virginia
Spending money is unavoidable if you want a roof over your head. It’s even more costly if you own a car—but the
Jerry
app can help you avoid overpaying for your Virginia car insurance
.With the power of technology on your site, it’s easy to compare rates fast and switch to a more affordable policy. Jerry is a licensed broker and smartphone app. Just enter your information and let Jerry do the research—and the paperwork….and the phone calls. All you do is save money! That’s a pretty good ROI for 60 seconds of tapping.
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FAQ
How much does it cost to live in Virginia per month?
A one-person household may spend about $3,492 per month in Virginia to live comfortably. If you’re saving up for a trip or retirement—or if you have a serious Starbucks habit—you may need to earn quite a bit more.
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