7 Most Affordable Places to Live in Virginia

Virginia is known for its landscapes, arts scene, culture, seafood, and diverse geography. The site of the first permanent English settlement in America in 1607, Virginia played a critical role in shaping U.S. history. The commonwealth is also the birthplace of eight commanders-in-chief, including four of our first five presidents.

Virginia is the site of the former residences of our nation’s most influential figures, from George Washington’s Mount Vernon to Thomas Jefferson’s Monticello. The state witnessed some of the most critical moments in our nation’s birth and development – from the battlegrounds where the United States won independence to the fields where a divided nation clashed during the Civil War. These sites now are solemn reminders of the triumphs and struggles that forged the United States.

There are certain factors to consider before moving to Virginia. For example:

  1. Taxes: Virginia has a reasonable state tax rate – just over 5% – better than most states.
  2. Climate: While Virginia has modest winters, the summers are rough – hot and humid with temperatures in the 90s that feel higher due to humidity.

Here are 7 cities with the most affordable cost of living in Virginia:

1. Lynchburg

HOMEiA Score: 91/100

  • Cost of Living: 8% lower than the U.S. National Average. And 10% lower than the Virginia average
  • Home price to income ratio: $196,000/$56,243 = 3.48. In Lynchburg, 49% of residents own their homes.
  • Income to rent ratio: $56,243/$11,664 = 4.82
  • Population/Area: Lynchburg has a population of 79,535 (2023) in roughly 50 square miles. The population density is 1,606 people per square mile. The population in Lynchburg has grown by 5% since 2010.
  • Safety rating: Lynchburg has 3.58 violent crimes per 1,000 residents, above Virginia’s statewide median rate of 2.34 and below the U.S. national median rate of 4. It has 24.66 property crimes per 1,000 residents, above Virginia’s statewide median of 16.96 and the U.S. national median of 20.

Lynchburg is situated in the foothills of the Blue Ridge Mountains along the James River in Central Virginia. Founded in 1786, it was named after its founder John Lynch, and it played a role in the American Civil War.

A. Median Household Income, Median Home Value, Annual Spend for Homeowners, and Annual Spend for Renters:

Lynchburg MEDIAN HOUSEHOLD INCOME (2022): $56,243

Lynchburg Housing Costs
Median Home Value$196,000
Annual Spend for Homeowners$15,420
Annual Spend for Renters (Rent & Utilities)$11,664

 

B. Employment Prospects
The unemployment rate in Lynchburg is 3.7% (June 2024), above the overall Virginia unemployment rate of 2.7% and below the national unemployment rate of 4.1%. The poverty rate is 17.5%, above the Virginia poverty rate of 10.2% and the national poverty rate of 11.1%.

The major employers in Lynchburg include Delta Star, Inc., a U.S.-owned company that produces medium transformers, BWX Technologies, an aerospace and defense company, and Framatome, a French nuclear reactor business.

C. Healthcare
Lynchburg’s healthcare system is anchored by Centra Lynchburg General Hospital, a large regional medical center offering a wide range of services including emergency care, cancer treatment, and specialized surgeries. The city also has several smaller clinics and medical practices, providing residents with diverse healthcare options, though some may still have to travel to larger cities like Roanoke or Charlottesville for highly specialized treatments.

D. Education
Lynchburg is home to several colleges and universities, including Liberty University, the largest private non-profit university in the nation. The high school graduation rate is 90.3%, which is higher than the U.S. average of 89.1%, but lower than the Virginia average of 91.1%. 38% of adults in Lynchburg have a bachelor’s degree or higher, higher than the U.S. average of 34.3% and lower than the Virginia average of 41%.

E. Unique Attributes and Lifestyle
Located in the foothills of the Blue Ridge Mountains in Central Virginia, Lynchburg has a rich historical background, including significance during the American Civil War.

7 Most Affordable Places to Live in Virginia

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2. Danville

7 Most Affordable Places to Live in Virginia

HOMEiA Score: 94/100

  • Cost of Living: 20% below the U.S. national average. And 22% lower than the Virginia average.
  • Home price to income ratio: $102,000/$41,484 = 2.46. In Danville, 49.5% of residents own their homes.
  • Income to rent ratio: $41,484/$9,240 = 4.49
  • Population/Area: Danville has a population of 41,837 (2023) over 43.7 square miles. The population density is 957 people per square mile. The population in Danville has remained roughly the same since 2010.
  • Safety rating: Danville has 3.24 violent crimes per 1,000 residents, above Virginia’s statewide median rate of 2.34 and below the U.S. national median rate of 4. It has 31.85 property crimes per 1,000 residents, above Virginia’s statewide median of 16.96 and the U.S. national median of 20.

Danville is a hidden gem that straddles the North Carolina border. The city captivates visitors with its unique blend of past and present. Danville’s rich tapestry of history is woven throughout its streets, with well-preserved architecture and significant sites that whisper tales of bygone eras.

A. Median Household Income, Median Home Value, Annual Spend for Homeowners, and Annual Spend for Renters:

Danville MEDIAN HOUSEHOLD INCOME (2022): $41,484

Danville Housing Costs
Median Home Value$102,100
Annual Spend for Homeowners$13,176
Annual Spend for Renters (Rent & Utilities)$9,240

 

B. Employment Prospects
The unemployment rate in Danville is 4.9% (June 2024), above the overall Virginia unemployment rate of 2.7% and the national unemployment rate of 4.1%. The poverty rate is 25.3%, well above the Virginia poverty rate of 10.2% and the national poverty rate of 11.1%.

The major employers in Danville include Daly Seven, a hotel management company, Averett University, a private Baptist college, and Goodyear. 

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C. Healthcare
Danville’s healthcare is centered around Sovah Health – Danville, the city’s primary hospital. This facility offers a wide range of medical services, including emergency care, surgical procedures, and various specialty departments. 

D. Education
The Danville School District has 10 campuses: three elementary schools, one middle school, two high schools, one attendance center, a career and technical center, and an alternative school.

Over the 2018-2022 period, the high school graduation rate in Danville was 84.4%, below the U.S. national average of 89.1%. The population of adults over 25 years of age with a college degree was 18.7%, well below the national average of approximately 34.3%.

E. Unique Attributes and Lifestyle
In Danville, you’ll find the warmth and familiarity of small-town America coupled with surprisingly sophisticated amenities. Whether you’re craving farm-to-table cuisine, boutique shopping, or vibrant cultural events, Danville delivers big-city experiences without sacrificing its charming, close-knit community feel.

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3. Portsmouth

HOMEiA Score: 94/100

  • Cost of Living: 7% below the U.S. national average. And 10% lower than the Virginia average
  • Home price to income ratio: $213,300/$57,154 = 3.73. In Portsmouth, 56% of residents own their homes.
  • Income to rent ratio: $57,154/$14,700 = 3.89
  • Population/Area: Portsmouth has a population of 96,793 (2023) over 47 square miles. The population density is 2,704 people per square mile. The population in Portsmouth has grown by a mere 1% since 2010.
  • Safety rating: Portsmouth has 8.84 violent crimes per 1,000 residents, above Virginia’s statewide median rate of 2.34 and the U.S. national median rate of 4. It has 49.3 property crimes per 1,000 residents, above Virginia’s statewide median of 16.96 and the U.S. national median of 20.

Beautiful Portsmouth, nestled along the confluence of the James and Elizabeth rivers, boasts a rich maritime heritage and a naturally deep harbor. This strategic location has long made it a pivotal coastal city. The area is renowned for two significant naval institutions: the Portsmouth Naval Hospital, a cornerstone of military medical care, and the Norfolk Naval Shipyard.

It was here in Portsmouth that the Confederate States Ship (CSS) Virginia was constructed during the American Civil War. This same shipyard later gave rise to the USS Langley, a vessel that would earn its place in history as the United States Navy’s first aircraft carrier. These achievements underscore Portsmouth’s enduring role in shaping American naval technology and power.

A. Median Household Income, Median Home Value, Annual Spend for Homeowners, and Annual Spend for Renters:

Portsmouth MEDIAN HOUSEHOLD INCOME (2022): $57,154

Portsmouth Housing Costs
Median Home Value$213,300
Annual Spend for Homeowners$19,560
Annual Spend for Renters (Rent & Utilities)$14,700

 

B. Employment Prospects
The unemployment rate in Portsmouth is 3.6% (June 2024), above the overall Virginia unemployment rate of 2.7% and below the national unemployment rate of 4.1%. The poverty rate is 17.4%, above the Virginia poverty rate of 10.2% and the national poverty rate of 11.1%.

The major employers in Portsmouth include the Naval Medical Center Portsmouth, one of the oldest and largest military hospitals in the United States, and the Norfolk Naval Shipyard, one of the largest shipyards in the world.

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C. Healthcare
Portsmouth is home to Bon Secours Maryview Medical Center, a full-service hospital, while residents also have access to numerous healthcare facilities in neighboring cities like Norfolk and Chesapeake.

D. Education
Portsmouth, Virginia’s public schools are generally considered to be good, with some schools performing particularly well. Over the 2018-2022 period, the high school graduation rate in Portsmouth was 89.5%, above the U.S. national average of 89.1%. The population of adults over 25 years of age with a college degree was 21.2%, below the national average of approximately 34.3%.

E. Unique Attributes and Lifestyle
Portsmouth is a historic seaport city located in the Hampton Roads region of Virginia, situated on the western side of the Elizabeth River directly across from Norfolk. The city has a charming historic district called Olde Towne, featuring 18th and 19th century architecture. This area is known for its brick sidewalks and historic homes.

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Ohio is commonly referred to as “the heart of it all,” and for good reason. The state of Ohio sits centrally on the eastern side of the United States, and almost 50% of the United States’ population is within 500 miles of Ohio’s capital, Columbus.

4. Bristol

HOMEiA Score: 96/100

  • Cost of Living: 14% below the U.S. national average. And 16% lower than the Virginia average
  • Home price to income ratio: $154,900/$45,250 = 3.42. In Bristol, 63% of residents own their homes.
  • Income to rent ratio: $154,900/$9,408 = 4.81
  • Population/Area: Bristol has a population of 16,807 (2023) over 13 square miles. The population density is 1,293 people per square mile. The population in Bristol has diminished by 6% since 2010.
  • Safety rating: Bristol has 3.71 violent crimes per 1,000 residents, above Virginia’s statewide median rate of 2.34 and below the U.S. national median rate of 4. It has 26.86 property crimes per 1,000 residents, above Virginia’s statewide median of 16.96 and the U.S. national median of 20.

Bristol is considered the birthplace of country music, and the aptly named Birthplace of Country Music Museum tells the story of the genre’s origins. An interesting quirk of the city: Bristol’s main street is divided by the state lines of Virginia and Tennessee. Visitors can take pictures of themselves with one foot literally in each state! 

A. Median Household Income, Median Home Value, Annual Spend for Homeowners, and Annual Spend for Renters:

Bristol MEDIAN HOUSEHOLD INCOME (2022): $45,250

Bristol Housing Costs
Median Home Value$154,900
Annual Spend for Homeowners$13,752
Annual Spend for Renters (Rent & Utilities)$9,408

 

B. Employment Prospects
The unemployment rate in Bristol is 3.8% (June 2024), above the overall Virginia unemployment rate of 2.7% and below the national unemployment rate of 4.1%. The poverty rate is 17%, above the Virginia poverty rate of 10.2% and the national poverty rate of 11.1%.

The major employers in Bristol include Alpha Metallurgical Resources, Bristol Compressors, and Universal Fibers. 

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C. Healthcare
Bristol shares a healthcare system with its twin city Bristol, Tennessee, centered around Bristol Regional Medical Center, a comprehensive hospital serving both communities. The area also has several clinics and specialized care facilities.

D. Education
Bristol public schools have a student-to-teacher ratio of 10-to-1, lower than the state average of 14-to-1. Over the 2018-2022 period, the high school graduation rate in Bristol was 86.2%, below the U.S. national average of 89.1%. The population of adults over 25 years of age with a college degree was 22.8%, below the national average of approximately 34.3%.

E. Unique Attributes and Lifestyle
Bristol is located in the Appalachian Mountains and is known for its outdoor beauty and adventure.

5. Martinsville

7 Most Affordable Places to Live in Virginia

HOMEiA Score: 96/100

  • Cost of Living: 23% below the U.S. national average. And 25% higher than the Virginia average
  • Home price to income ratio: $82,800/$39,127 = 2.12. In Martinsville, 54.5% of residents own their homes.
  • Income to rent ratio: $39,127/$8,332 = 4.43
  • Population/Area: Martinsville has a somewhat small population of 13,763 (2023) spread out over 11.01 square miles. The population density is 1,250 per square mile. The population in Martinsville has remained roughly the same since 2010.
  • Safety rating: Martinsville has 3.79 violent crimes per 1,000 residents, above Virginia’s statewide median rate of 2.34 and just below the U.S. national median rate of 4. It has 21.06 property crimes per 1,000 residents, above Virginia’s statewide median of 16.96 and the U.S. national median of 20.

Nestled into the foothills of the Blue Ridge Mountains and surrounded by sloping hills, calm lakes, and trout-filled rivers, Martinsville boasts beautiful landscapes and stunning scenery. The city also has a vibrant year-round culture with a series of farmers markets and a dynamic live music scene.

A. Median Household Income, Median Home Value, Annual Spend for Homeowners, and Annual Spend for Renters:

Martinsville MEDIAN HOUSEHOLD INCOME (2022): $39,127

Martinsville Housing Costs
Median Home Value$82,800
Annual Spend for Homeowners$11,820
Annual Spend for Renters (Rent & Utilities)$8,832

 

B. Employment Prospects
The unemployment rate in Martinsville is 4.8% (June 2024), above the overall Virginia unemployment rate of 2.7% and slightly above the national unemployment rate of 4.1%. The poverty rate is 24.6%, well above the Virginia poverty rate of 10.2% and the national poverty rate of 11.1%.

The major employers in Martinsville include Monogram Foods, Eastman Chemical Company, and SouthPrint Inc.

Martinsville has an average commute time of 19.6 minutes.

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C. Healthcare
Because Martinsville is a smaller city, its healthcare options are more limited compared to larger urban areas. 

D. Education
The Martinsville School District includes five public schools, including Martinsville Middle School and Martinsville High School.

Martinsville is also home to Patrick Henry Community College and New College Institute. 

Over the 2018-2022 period, the high school graduation rate in Martinsville was 86.5%, above the U.S. national average of 89.1%. The population of adults over 25 years of age with a college degree was 20.3%, below the national average of approximately 34.3%.

E. Unique Attributes and Lifestyle
Deep in the heart of Virginia, Martinsville offers a mix of big-city thrills and small-town charm. The Martinsville Speedway draws NASCAR enthusiasts from across the nation to races on its iconic short track. Meanwhile, the city offers a range of scenic parks and trails from which to view its peaceful scenery.

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6. Covington

7 Most Affordable Places to Live in Virginia

HOMEiA Score: 96/100

  • Cost of Living: 12% below the U.S. national average. And 23% lower than the Virginia average
  • Home price to income ratio: $80,100/$45,737 = 1.75. In Covington, 75.2% of residents own their homes.
  • Income to rent ratio: $45,737/$8,616 = 5.31
  • Population/Area: Covington has a small population of 5,545 (2023) over 5.67 square miles. The population density is 978 people per square mile. The population in Covington has remained roughly the same since 2010.
  • Safety rating: Covington has 2.82 violent crimes per 1,000 residents, above Virginia’s statewide median rate of 2.34 and below the U.S. national median rate of 4. It has 9.68 property crimes per 1,000 residents, below Virginia’s statewide median of 16.96 and the U.S. national median of 20.

Covington offers small-town charm and rich American history. The city bears the name of General Leonard Covington, a hero of the War of 1812, whose connections reached the highest echelons of the nation’s founding fathers, including close ties to presidents Thomas Jefferson and James Madison. The city still offers early-19th century architecture, grand antebellum homes, and pre-Civil War porticos.

A. Median Household Income, Median Home Value, Annual Spend for Homeowners, and Annual Spend for Renters:

Covington MEDIAN HOUSEHOLD INCOME (2022): $45,737

Covington Housing Costs
Median Home Value$80,100
Annual Spend for Homeowners$11,280
Annual Spend for Renters (Rent & Utilities)$8,616

 

B. Employment Prospects
The unemployment rate in Covington is 4.2% (June 2024), above the overall Virginia unemployment rate of 2.7% and slightly above the national unemployment rate of 4.1%. The poverty rate is 16.9%, above the Virginia poverty rate of 10.2% and the national poverty rate of 11.1%.

The major employers in Covington include the Kent School District, Walmart, and WestRock, the second largest paper production facility on the U.S. East Coast. 

Covington has an average commute time of 16.7 minutes.

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C. Healthcare
Covington has a healthcare landscape typical of many rural areas in the country. The cornerstone of healthcare in Covington is LewisGale Hospital Alleghany, which serves as the primary medical facility for the city and surrounding areas. This hospital provides a range of essential services including emergency care, surgery, and various outpatient treatments.

D. Education
Covington City Public Schools represent a cluster of three schools with fewer than 1,000 students. The city is also home to a community college and a technical college.

Over the 2018-2022 period, the high school graduation rate in Covington was 88.6%, above the U.S. national average of 89.1%. The population of adults over 25 years of age with a college degree was 11.4%, well below the national average of approximately 34.3%.

E. Unique Attributes and Lifestyle
Covington is in many ways a testament to American history. It offers buildings, homes, and roads that go back hundreds of years. The Humpback Covered Bridge – built in 1857 and named after the upward bump in its middle – is the oldest covered bridge in the United States. This is a quaint, small city with a rich historic feel.

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7. Pulaski

7 Most Affordable Places to Live in Virginia

HOMEiA Score: 978/100

  • Cost of Living: 20% below the U.S. national average. And 22% lower than the Virginia average
  • Home price to income ratio: $137,400/$55,213 = 2.49. In Pulaski, 55.3% of residents own their homes.
  • Income to rent ratio: $55,213/$9,072 = 6.09
  • Population/Area: Pulaski has a tiny population of 8,858 (2023) over 8.12 square miles. The population density is 1,091 people per square mile. The population in Pulaski has diminished by 3% since 2010.
  • Safety rating: Pulaski has 3.48 violent crimes per 1,000 residents, above Virginia’s statewide median rate of 2.34 and below the U.S. national median rate of 4. It has 35.15 property crimes per 1,000 residents, above Virginia’s statewide median of 16.96 and the U.S. national median of 20.

There is much to do in Pulaski, including natural attractions such as biking and walking trails, mountainous landscapes, and lakes. Pulaski offers a rich culture, with wineries, breweries, a state-of-the-art theater, and museums.

A. Median Household Income, Median Home Value, Annual Spend for Homeowners, and Annual Spend for Renters:

Pulaski MEDIAN HOUSEHOLD INCOME (2022): $55,213

Pulaski Housing Costs
Median Home Value$137,400
Annual Spend for Homeowners$11,904
Annual Spend for Renters (Rent & Utilities)$9,072

B. Employment Prospects
The unemployment rate in Pulaski is 2.9% (June 2024), above the overall Virginia unemployment rate of 2.7% and the national unemployment rate of 4.1%. The poverty rate is 22.6%, well above the Virginia poverty rate of 10.2% and the national poverty rate of 11.1%.

The major employers in Pulaski include Volvo Trucks and Plymouth Tube, a steel and aluminum manufacturer. 

C. Healthcare
Pulaski has limited healthcare resources, with Carilion New River Valley Medical Center in nearby Christiansburg serving as the primary hospital for the area. 

D. Education
Pulaski public schools have a lower student-to-teacher ratio at 12 to 1 than the state average (14 to 1), and most teachers are licensed and experienced. Over the 2018-2022 period, the high school graduation rate in Pulaski was 88.4%, below the U.S. national average of 89.1%. The population of adults over 25 years of age with a college degree was 15.4%, well below the national average of approximately 34.3%.

E. Unique Attributes and Lifestyle
Pulaski’s culture is deeply rooted in American history. The town was founded in 1886 and named after Count Casimir Pulaski, a Polish military officer who fought in the American Revolutionary War. The city is known for its furniture manufacturing industry. Today, it has a more diverse economy including manufacturing, healthcare, and retail.

Conclusion

Virginia holds a prominent place in our nation as one of the original 13 Colonies and the birthplace of eight U.S. presidents. The state offers diverse natural beauty, from the Blue Ridge Mountains and Shenandoah National Park to the beaches of the Atlantic coast and the Chesapeake Bay. Virginia’s strong economy, excellent educational institutions, and proximity to Washington, D.C., make it an attractive place to live, work, and visit.

I am a freelance writer who has lived in the beautiful state of Virginia since the age of 2. Growing up, I lived in a small town in the picturesque Shenandoah Valley, surrounded by mountains, music, outdoor activities, kind people, and generations of cherished family members. Now living in the Piedmont Region of Northern Virginia, I am a busy mom, grandma, and small business owner, spending my weekends on the side of whichever field, court, or stage that my grandchildren are playing on. As a voracious reader, I have a passion for words and the powerful way they can be used to tell a compelling story. And I am thrilled to be able to take my love of words and language and mold them into influential thoughts and ideas, creating vivid imaginations in the reader’s mind.

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