Understanding Housing Affordability in Northern Virginia The Community Foundation for Northern Virginia

We have converted it to an hourly wage for the sake of comparison. The living wage shown is the hourly rate that an individual in a household must earn to support his or herself and their family. The tool provides information for individuals, and households with one or two working adults and zero to three children. In the case of households with two working adults, all values are per working adult, single or in a family unless otherwise noted.

And according to data from the EPI, the average single adult in the state spends $9,689 a year on transportation. Living in Virginia is about as expensive as it is on average across the U.S. as a whole. According to data from the Bureau of Economic Analysis, goods and services in the state cost just 2.0% more than they do on average nationwide. Compared with all other states, Virginia has the 12th highest overall cost of living. For renters, Virginia Realtors data shows that the statewide average rent as of early 2022 was $1,546 per month.

On the other hand, the most expensive neighborhoods are Windsor Gate, Windsor Mews and Windy Hill with an average rent cost of $1,984. Median home cost stand at $550,000 and the average rent price stands at around $2,000. Through comparison, Richmond has a median home cost of $210,000, which is 61% cheaper than Fairfax.

The city of Fairfax and the area immediately surrounding the historical border of the city of Fairfa… If you move to Fairfax from one of these cities, you would have these the changes of your cost of living. This city had 152 entries in the past 12 months by 26 different contributors. Residents of Fairfax County need to make $4,754 every month to maintain a modest standard of living, making it the most expensive place to live in Virginia. In terms of averages, the average size for a two-bedroom apartment in Fairfax County is 1,021 square feet and the average housing cost for a two-bedroom apartment in Fairfax County is $1,909.

In order to pick one thing that Charlotte, NC is known for you have to overlook several amazing things about this city. Stepping away from insane roller coasters you’ll find amazing … Founded in 1976, Bankrate has a long track record of helping people make smart financial choices.

The overall cost of living index in Fairfax, VA is 148.2, 48.2% higher than that of the national average. If you’re planning to relocate to Northern Virginia, it would be beneficial to learn about the cost of living in this area so you can somehow assess if moving there will be a good decision. Across the state, 33.8% of occupied homes are rented, less than the 36.2% national average and the 24th highest renter rate of any state. As of early December 2022, mortgage rates in Virginia were averaging 6.45 percent for a 30-year fixed mortgage and 5.85 percent for a 15-year fixed. Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions.

And the surrounding region is lower than most competitive tech hubs. Check out the latest Maps in a variety of categories including cost of living, population, and commute time. No racist, discriminatory, vulgar or threatening language will be tolerated. A new report shows how much it costs for a family of four to live comfortably in Fairfax County.

If you do decide to relocate here, particularly from out-of-state, don’t forget to factor the cost of moving itself into your budget. If you want to buy a home in the beautiful state of Virginia, you will find that it is one of the highest residential home markets in the country. Besides the down payment, which is usually 15-20% of the selling price, there will be closing costs. If you own a home in your former location the sale of that home needs to be completed as well.

The population of 1,143,529 is made up mostly of suburban neighborhoods with a few tastes of urban living with the high rises of Tysons Corner and Reston Town Center. Between proximity to the nation’s capital, historical sites, good schools, and job opportunities, Northern Virginia and the thehealthrangerstore counties within it have become a destination for families and professionals. The high demand and proximity to large cities make it an expensive and competitive housing market. In this article, we’ll be breaking down the counties that make up NOVA, and why they’re so highly sought after.

Alexandria has grocery prices that are 13% higher than the national average. Before you get the keys to your new home, you’ll have to pay closing costs. Once you understand what they cover, they’ll look less overwhelming. Choosing the right mortgage can help make your home buying journey easier and more affordable.

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