Living in Virginia: Income, Housing, Taxes & Cost of Living (2026)
By Wealthvieu
·
Updated
Table of Contents
Virginia at a Glance
| Metric |
Value |
National Rank |
| Population (2024) |
8.7 million |
12th |
| Median household income |
$87,249 |
7th highest |
| Median home price |
$380,000 |
Above average |
| Cost of living index |
103 (state) / 140+ (NoVA) |
Varies dramatically |
| State income tax |
2-5.75% |
Average |
| Sales tax |
5.3% (+ 0.7% in NoVA) |
Below average |
| Property tax (effective rate) |
0.82% |
Below average |
Two Virginias: NoVA vs. The Rest
Northern Virginia (DC suburbs)
| Area |
Median Income |
Median Home Price |
Median Rent (2BR) |
| Loudoun County |
$156,000 |
$680,000 |
$2,300 |
| Fairfax County |
$134,000 |
$650,000 |
$2,200 |
| Arlington County |
$125,000 |
$700,000 |
$2,400 |
| Prince William County |
$110,000 |
$500,000 |
$1,900 |
| Alexandria (city) |
$105,000 |
$600,000 |
$2,200 |
Rest of Virginia
| City/Area |
Median Income |
Median Home Price |
Median Rent (2BR) |
| Richmond |
$58,000 |
$320,000 |
$1,350 |
| Virginia Beach |
$78,000 |
$350,000 |
$1,450 |
| Norfolk |
$55,000 |
$270,000 |
$1,250 |
| Charlottesville |
$65,000 |
$420,000 |
$1,450 |
| Roanoke |
$48,000 |
$225,000 |
$1,050 |
| Lynchburg |
$48,000 |
$220,000 |
$1,000 |
| Blacksburg |
$48,000 |
$310,000 |
$1,100 |
| Winchester |
$62,000 |
$345,000 |
$1,300 |
Income Tax
Virginia’s top rate of 5.75% kicks in at only $17,001, meaning nearly all working Virginians pay the top rate:
| Taxable Income |
Rate |
| Up to $3,000 |
2% |
| $3,001-$5,000 |
3% |
| $5,001-$17,000 |
5% |
| Over $17,000 |
5.75% |
Federal Government Advantage
Northern Virginia’s economy is anchored by federal government and contractors:
| Employer Type |
Key Examples |
Jobs |
| Federal agencies |
Pentagon, CIA, NSA, DHS |
170,000+ |
| Defense contractors |
Northrop Grumman, Raytheon, SAIC |
100,000+ |
| Tech companies |
Amazon HQ2, Microsoft, Google |
50,000+ |
| Data centers |
Largest concentration in world (Loudoun Co.) |
Growing |
Virginia Pros and Cons
| Financial Pros |
Financial Cons |
| 7th highest median income |
NoVA housing very expensive |
| Strong, recession-resistant job market (federal) |
Top tax rate starts at $17K (low threshold) |
| Below-average sales tax |
NoVA cost of living 140+ index |
| Richmond/Roanoke very affordable |
Traffic congestion in NoVA (among worst in US) |
| Low property taxes (state average) |
Rural Virginia has limited opportunity |
Related: Cost of Living by State | State Income Tax Rates | Property Tax by State | Average Rent by State
