VA · Housing affordability · 2024

VirginiaHousing Affordability by County

Virginia's housing market varies sharply: affluent suburbs, and communities under severe stress

Statewide, Virginia homes cost $383,700 — moderate by national standards — but 9 Virginia counties or independent cities rank in the top quartile for rent burden, eviction, and debt stress combined. Petersburg city, where 44.7% of adults carry debt in collections and the eviction rate ranks in the top 1% nationally, is among the most financially distressed communities in the United States.

Getting pricey Population: 8,705,170

A mid-range market — neither a bargain nor a crisis by national standards.

Years of income to buy a home

4.1×

▼ 2% vs US average

Typical home price

$383,700

▲ 11% vs US average

Typical monthly rent

$1,579

▲ 20% vs US average

Renters paying too much for rent

45.3%

▲ 1% vs US average

Homeowners stretched thin

16.7%

▲ 4% vs US average

Typical household income

$93,170

▲ 16% vs US average

How to read the bars: the coloured bar is VA's value; the grey tick is the US average. "Paying too much" means spending more than 30% of income on housing — the standard economic threshold for cost burden.

What the data shows

Buying a home in Virginia is manageable for many families, though it takes real commitment. The typical home costs $383,700, which is about 4.1× of the typical household income of $93,170 a year. A family saving their entire income would need around 4.1 years to cover the purchase price — before mortgage interest, taxes, or upkeep.

Renters face real pressure. The typical rent in Virginia is $1,579 a month, and 45% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 1% higher than the national average of 45%.

16.7% of Virginia homeowners with a mortgage spend more than 30% of their income on housing — above the national average of 16.1%.

How Virginia ranks nationally

Rank 1 = most expensive / highest burden. Compared against all 50 states and DC (51 in total).

Years to buy a home

21st

of 51 states

Typical home price

17th

of 51 states

Typical monthly rent

12th

of 51 states

Renters paying too much

23rd

of 51 states

Common questions

Is Virginia affordable to live in? +

It depends on what you're comparing to. Virginia is in the middle of the pack nationally. The typical home costs $383,700, which is 4.1× of the typical household income — above the national average, but far from the extremes seen in California or Hawaii.

What is the average rent in Virginia? +

The typical monthly rent in Virginia is $1,579, according to the 2024 American Community Survey. About 45% of VA renters spend more than 30% of their income on rent.

How much do you need to earn to buy a home in Virginia? +

As a rough guide, you'd need a household income of around $96,000 a year to comfortably afford the typical Virginia home of $383,700, assuming a 20% down payment and standard mortgage terms. The typical Virginia household earns $93,170 a year.

Explore Virginia county by county on the map

The state average is only part of the story. Drill into individual counties and census tracts to see where affordability varies most across Virginia.

Open VA on the map

Other states in the same tier — Getting pricey