Cherry Hill, VA

Very High · 143

Virginia · Population 23,443 · Updated March 2026

$1,853
Median Rent / Month
$119,474
Median Income
$470,400
Median Home Value
$2,198
Owner Costs / Month

Affordability

How far your income goes in Cherry Hill

18.6%
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

$22,236
Annual Rent
$6,870
State Income Tax
$3,763
Property Tax (est.)

Cost of Living Overview

Cherry Hill has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 143 (where 100 equals the national median), Cherry Hill residents can expect to pay median rent of $1,853/month while earning a median household income of $119,474/year.

The median home value in Cherry Hill, VA is $470,400, with typical monthly owner costs around $2,198 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.6% 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 Cherry Hill.

Frequently Asked Questions

Common questions about living costs in Cherry Hill

What is the cost of living in Cherry Hill, VA?
The cost of living index in Cherry Hill, VA is 143 (US average = 100). Median monthly rent is $1,853, median household income is $119,474/year, and the median home value is $470,400.
Is Cherry Hill, VA affordable?
No, Cherry Hill is more expensive than the national average with a cost index of 143. The rent-to-income ratio is 18.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Cherry Hill, VA?
The median gross rent in Cherry Hill, VA is $1,853 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $22,236.
What is the median household income in Cherry Hill?
The median household income in Cherry Hill, VA is $119,474 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%.