Cost of Living in Caroline County, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Caroline County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Caroline County ranks #1,805 of 3,144 counties for affordability (bottom 43%)
Data Story
About Cost of Living in Caroline County, Virginia
Caroline's affluence supports higher home costs
Caroline County's 16.7% rent-to-income ratio remains below Virginia's 18.6% state average, anchored by the state's highest median household income of $86,267. The county's wealth enables residents to absorb median home values of $283,100—well above national norms.
Virginia's wealthiest county, affordable too
Caroline ranks among Virginia's top earners with incomes $12,000 above the state average, yet maintains a respectable 16.7% rent-to-income ratio. The county balances premium housing prices with premium paychecks.
Premium pricing reflects premium incomes
Caroline's $1,201 rent and $1,425 owner costs far exceed those in neighboring Buckingham ($874 rent, $661 owners) and Campbell ($853 rent, $779 owners), but median income here also exceeds both by $24,000 or more. The county represents an entirely different economic tier.
High income absorbs premium housing costs
Caroline residents earning $86,267 annually spend 16.7% on rent ($1,201) or 19.8% on owner costs ($1,425), leaving substantial room for savings despite prices others might find unaffordable. The county's wealth makes its premium housing costs manageable.
Caroline suits high-income relocating professionals
Consider Caroline County if your household income matches or exceeds $86,000, where $283,100 median home values and $1,201 rents feel proportional to earnings. Compare to more modest Campbell or Buckingham if your income is lower.
Cost of Living Advisory: Caroline County
Affordability Verdict
Caroline County is affordable for renters, with a median gross rent of $1,201/month representing approximately 16.7% of median household income. The rent burden (GRAPI) stands at 28.0%.
Rent vs. Own
The median rent in Caroline County is $1,201/month, while owner costs run $1,425/month. Renting saves approximately $224/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $48,040/year. For owner costs at the 28% rule, the required income is roughly $61,071/year. With a median household income of $86,267, most households can comfortably afford rent here. Notably, 28.0% of renter households in Caroline County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Caroline County sits 5% more expensive than Roanoke County ($1,148/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Caroline County
Rent Burden
16.7%
of gross income
Max Housing (28% Rule)
$2,013
per month
Owner Cost Burden
19.8%
of gross income
The median home in Caroline County may be a stretch
Median home value is $283,100. Estimated monthly cost: $2,260 vs. your max of $2,013.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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