Cave Spring, VA

Below Avg · 89

Virginia · Population 26,014 · Updated March 2026

$1,224
Median Rent / Month
$85,314
Median Income
$296,700
Median Home Value
$1,238
Owner Costs / Month

Affordability

How far your income goes in Cave Spring

17.2%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Virginia

State-level tax rates that affect your costs

5.75%
Income Tax (Top Rate)
5.3%
Sales Tax
0.8%
Property Tax Rate

Estimated Annual Costs

$14,688
Annual Rent
$4,906
State Income Tax
$2,374
Property Tax (est.)

Cost of Living Overview

Cave Spring offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 89 (where 100 equals the national median), Cave Spring residents can expect to pay median rent of $1,224/month while earning a median household income of $85,314/year.

The median home value in Cave Spring, VA is $296,700, with typical monthly owner costs around $1,238 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.2% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Virginia has a moderate income tax rate of 5.75%. Combined with a 5.3% sales tax rate and 0.8% effective property tax rate, the overall tax environment is a factor in the total cost of living in Cave Spring.

Frequently Asked Questions

Common questions about living costs in Cave Spring

What is the cost of living in Cave Spring, VA?
The cost of living index in Cave Spring, VA is 89 (US average = 100). Median monthly rent is $1,224, median household income is $85,314/year, and the median home value is $296,700.
Is Cave Spring, VA affordable?
Yes, Cave Spring is more affordable than the national average with a cost index of 89. The rent-to-income ratio is 17.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Cave Spring, VA?
The median gross rent in Cave Spring, VA is $1,224 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $14,688.
What is the median household income in Cave Spring?
The median household income in Cave Spring, VA is $85,314 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Virginia?
Virginia has a top income tax rate of 5.75%, a sales tax of 5.3%, and an effective property tax rate of 0.8%.