Roanoke, VA

Very Low · 65

Virginia · Population 98,677 · Updated March 2026

$964
Median Rent / Month
$52,671
Median Income
$180,500
Median Home Value
$979
Owner Costs / Month

Affordability

How far your income goes in Roanoke

22.0%
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

$11,568
Annual Rent
$3,029
State Income Tax
$1,444
Property Tax (est.)

Cost of Living Overview

Roanoke is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 65 (where 100 equals the national median), Roanoke residents can expect to pay median rent of $964/month while earning a median household income of $52,671/year.

The median home value in Roanoke, VA is $180,500, with typical monthly owner costs around $979 including mortgage, insurance, and taxes. The median rent-to-income ratio of 22.0% 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 Roanoke.

Frequently Asked Questions

Common questions about living costs in Roanoke

What is the cost of living in Roanoke, VA?
The cost of living index in Roanoke, VA is 65 (US average = 100). Median monthly rent is $964, median household income is $52,671/year, and the median home value is $180,500.
Is Roanoke, VA affordable?
Yes, Roanoke is more affordable than the national average with a cost index of 65. The rent-to-income ratio is 22.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Roanoke, VA?
The median gross rent in Roanoke, VA is $964 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,568.
What is the median household income in Roanoke?
The median household income in Roanoke, VA is $52,671 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%.