Cost of Living in Henry County, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Henry County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Henry County ranks #1,436 of 3,144 counties for affordability (top 46%)
Data Story
About Cost of Living in Henry County, Virginia
Henry County Offers True Affordability
At 17.5%, Henry County's rent-to-income ratio sits below Virginia's state average of 18.6% and near the national affordability benchmark, making housing genuinely accessible. With a median household income of $48,445—35% below the national median—Henry residents have lower earnings but housing costs scale accordingly, preserving affordability.
Virginia's Most Affordable County Option
Henry County ranks among Virginia's most affordable places to live, combining a 17.5% rent-to-income ratio with the state's lowest median rent at $705. This Piedmont county delivers housing accessibility that few other Virginia communities can match.
Cheapest Rent in the Comparison
Henry County's median rent of $705 dramatically undercuts Highland County ($859), Harrisonburg ($1,120), and far exceeds savings versus urban areas like Henrico ($1,474). The trade-off: lower local incomes ($48,445) mean affordability relies on keeping housing costs genuinely low.
Housing Costs Align with Local Income
Henry County renters spend $705 monthly—17.5% of a $48,445 median annual income—the most balanced ratio in this comparison. Homeowners pay $569 monthly with median home values of just $120,300, making both rental and owner-occupied housing accessible to working families.
Henry County: Virginia's Affordability Champion
Relocating to Henry County unlocks Virginia's lowest housing costs while maintaining affordability relative to local incomes—ideal for households prioritizing housing accessibility over urban amenities. This Piedmont county proves that genuine affordability exists in Virginia if you're willing to leave major metropolitan areas behind.
Cost of Living Advisory: Henry County
Affordability Verdict
Henry County is affordable for renters, with a median gross rent of $705/month representing approximately 17.5% of median household income. The rent burden (GRAPI) stands at 27.0%.
Rent vs. Own
At $705/month rent versus $569/month in owner costs, owning is roughly $136/month cheaper — a 19% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $28,200/year. For owner costs at the 28% rule, the required income is roughly $24,386/year. With a median household income of $48,445, most households can comfortably afford rent here. Notably, 27.0% of renter households in Henry County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Henry County sits 8% less expensive than Halifax County ($769/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Henry County
Rent Burden
17.5%
of gross income
Max Housing (28% Rule)
$1,130
per month
Owner Cost Burden
14.1%
of gross income
You can likely afford the median home in Henry County
Median home value is $120,300. Estimated monthly cost: $960 vs. your max of $1,130.
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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