Wakefield, VA

Very High · 244

Virginia · Population 12,024 · Updated March 2026

$3,501
Median Rent / Month
$221,793
Median Income
$826,100
Median Home Value
$3,023
Owner Costs / Month

Affordability

How far your income goes in Wakefield

18.9%
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

$42,012
Annual Rent
$12,753
State Income Tax
$6,609
Property Tax (est.)

Cost of Living Overview

Wakefield has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 244 (where 100 equals the national median), Wakefield residents can expect to pay median rent of $3,501/month while earning a median household income of $221,793/year.

The median home value in Wakefield, VA is $826,100, with typical monthly owner costs around $3,023 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.9% 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 Wakefield.

Frequently Asked Questions

Common questions about living costs in Wakefield

What is the cost of living in Wakefield, VA?
The cost of living index in Wakefield, VA is 244 (US average = 100). Median monthly rent is $3,501, median household income is $221,793/year, and the median home value is $826,100.
Is Wakefield, VA affordable?
No, Wakefield is more expensive than the national average with a cost index of 244. The rent-to-income ratio is 18.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Wakefield, VA?
The median gross rent in Wakefield, VA is $3,501 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $42,012.
What is the median household income in Wakefield?
The median household income in Wakefield, VA is $221,793 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%.