The median home price in Virginia is $371,302, which has increased by 5.1% since the last year. The Virginia housing market has witnessed a 14.7% year-over-year decline in the number of homes listed. With only 1 month’s supply left, the tight inventory is expected to drive an increase in the median sale price.
As per our research, home prices are relatively higher near Arlington situated in the northern part of the state. On the other hand, as you move towards the inland areas of the Old Dominion, like Radford, you can find cheaper housing options.
4 Reasons to live in Virginia ⛰️
- Cheaper Houses: The median home sale price in Virginia is ~$371K. But, you can get houses between $117K and $242K in cities like Martinsville, Danville, and Lynchburg.
- Tax Benefits: Virginia’s standard monthly deduction amount for 2024 is $3,026 for a single taxpayer.
- Affordable Transportation: The cities listed below have transportation costs that are up to 7% lower than the national average.
- Cheaper Rentals: The rent prices in these cities are lower than the national average. You can save up to $1,195 per month in rent.
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View 163 Homes For Sale in Virginia
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Cheapest Places to Live in Virginia in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Martinsville | $36,832 | $117,293 | 13,517 | 3.6% | 25.4% |
| Covington | $41,242 | $131,007 | 5,717 | 3.4% | 15.8% |
| Danville | $38,904 | $137,298 | 42,215 | 9.7% | 23.1% |
| Pulaski | $50,410 | $148,036 | 8,961 | 3.0% | 21.8% |
| Bristol | $43,879 | $192,544 | 17,054 | 3.7% | 17.7% |
| Portsmouth | $54,020 | $236,560 | 97,840 | 3.8% | 17.2% |
| Lynchburg | $54,015 | $242,819 | 79,009 | 4.3% | 12% |
7 Cheapest Places to Live in VA
The cost of living in Virginia is 1% higher than the national average. The 12th-most populous state is home to some of the nation’s most expensive cities. However, amidst this disparity, the Old Dominion has several affordable living options.
1. Martinsville
| 🟢 Cost of Living Compared to National Average | 14%⬇️ |
| 🏡 Median Home Price | $112,787 |
| 💲 Median Rent | $850 |
| 🏎️ Known For | Martinsville Speedway |
Martinsville is one of the most budget-friendly rental destinations in Virginia, with home rent ranging between $550 – $1,300. It also offers affordable food and other necessities at prices 14% lower than the national average.
The city has rich historical significance and is home to the Virginia Museum of Natural History. Apart from this, nature lovers can also enjoy the scenic beauty of Morgan-Monroe State Forest.
» Homes for Sale in Martinsville, VA: Find your dream home in this city.
2. Covington
| 🟢 Cost of Living Compared to National Average | 25%⬇️ |
| 🏡 Median Home Price | $127,692 |
| 💲 Median Rent | $750 |
| 💧 Known For | Falling Springs Waterfall |
Covington’s median house rent is $750, much lower than McLean’s hefty $2,888 monthly rent. The overall cost of living is also 33.5% lower than the national average.
Situated in Alleghany County, Covington is a charming and inviting city. The city offers its residents a variety of attractions, such as George Washington and Jefferson National Forest, the Humpback Bridge, Virginia Safari Park, and the Greenbrier Falconry.
» Homes for Sale in Covington, VA: Browse thousands of property listings in Covington.
3. Danville
| 🟢 Cost of Living Compared to National Average | 19%⬇️ |
| 🏡 Median Home Price | $136,359 |
| 💲 Median Rent | $1,150 |
| 👕 Known For | Dan River Mills |
With rental costs being 19% below the national average, Danville stands as one of the most affordable cities to live in Virginia. The median house rent is $1,150.
Danville is recognized as a Playful City for putting children’s well-being first. Enthusiasts can seek breathtaking views of Danville’s Riverwalk Trail. Besides this, there are amazing locations like the White Historic House and Veteran’s Memorial.
» Homes for Sale in Danville, VA: View all the properties for sale in this city.
4. Pulaski
| 🟢 Cost of Living Compared to National Average | 5%⬇️ |
| 🏡 Median Home Price | $143,727 |
| 💲 Median Rent | $700 |
| ⛹🏼♂️ Known For | Yankees baseball club |
Pulaski offers budget-friendly living with a median rent of $700. The cost of living is 5% lower than the national average. With monthly utility costs being 12% lower than the national average, the city stands out as one of the cheapest places to live in Virginia.
The city has various outdoor attractions like Raymond F. Ratcliffe Transportation Museum, Draper Mountain Overlook, Dora Trail, and more.
» Homes for Sale in Pulaski, VA: Browse through thousands of affordable properties.
5. Bristol
| 🟢 Cost of Living Compared to National Average | 14%⬇️ |
| 🏡 Median Home Price | $190,712 |
| 💲 Median Rent | $1,250 |
| 🎶 Known For | Brunel’s SS Great Britain |
Also called “the Birthplace of Country Music,” Bristol’s cost of living is 14% lower than the national average. The average health care expenses are 8% lower than the national average.
Bristol’s affordable food, health, housing, and transportation facilities make the city one of the cheapest places to live in the US. The city offers local families a wide range of areas to visit, including the Appalachian Caverns and Bristol Caverns.
» Homes for Sale in Bristol, VA: Browse through thousands of properties in this beautiful city.
6. Portsmouth
| 🟢 Cost of Living Compared to National Average | 1%⬇️ |
| 🏡 Median Home Price | $237,082 |
| 💲 Median Rent | $1,450 |
| ⚓ Known For | Naval Shipyard Museum |
The median house rent in Portsmouth is $1,450. With an average household income of $57,154, you can comfortably live in this city.
The Portsmouth beckons outdoor enthusiasts with attractions like the Children’s Museum of Virginia, the Portsmouth Naval Shipyard Museum, and Hoffler Creek Wildlife. All this makes Portsmouth one of the best places to live in Virginia.
» Homes for Sale in Portsmouth, VA: Find a home in one of the cheapest places to live in Virginia.
7. Lynchburg
| 🟢 Cost of Living Compared to National Average | 9%⬇️ |
| 🏡 Median Home Price | $239,007 |
| 💲 Median Rent | $1,427 |
| 🏫 Known For | Thomas Jefferson’s Poplar Forest |
The median home price in Lynchburg is $239,007. The food and grocery expenditure is 10% lower than the average national average. This makes it one of the most budget-friendly options across the country.
Lynchburg is renowned for its moderate climatic conditions. Residents enjoy visiting areas including Lynchburg Community Market, Liberty Mountain Snowflex Centre, and Maier Museum of Art. The city also offers warm climatic conditions and has year-round sunshine.
» Homes for Sale in Lynchburg, VA: Get yourself a home in Lynchburg.
Bottom Line
The cost of living in Virginia is 1% higher than the national average. It is also home to some of the most expensive cities in America. However, if you want to shift to Virginia, you can find affordable housing in cities like Martinsville, Pulaski, and Lynchburg.
Cities like Great Falls and Upperville have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
Find Homes for Sale in VA Under Your Specific Budget
Find an Affordable Home in Virginia With Houzeo
With thousands of property listings, Houzeo.com is one of the biggest property listing sites in the US. Find condos, townhouses, co-ops, and other types of homes for sale in Virginia on Houzeo.
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View 163 Homes For Sale in Virginia
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» Need More Clarity? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.
Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in Virginia, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow.
Frequently Asked Questions
Which is the cheapest place to live in Virginia?
The cheapest place to live in Virginia is Martinsville. It offers affordable healthcare, which is 14% lower than the national average.
» 7 Cheapest Places to Live in Virginia: Find out the other cheapest places to live in Virginia!
Where is the best place to live in Virginia?
The best place to live in Virginia is Martinsville, followed by Danville, Bristol, Big Stone Gap, Bluefield, Roanoke, and Lynchburg.
Is Virginia the cheapest place to live in?
No, it is not. The median home value is $371,302. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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