Cost of Living in Radford city, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Radford city Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Radford city ranks #1,838 of 3,144 counties for affordability (bottom 42%)
Data Story
About Cost of Living in Radford city, Virginia
Radford's rents burden lower-income households
Radford City's rent-to-income ratio of 22.0% sits at the high end of acceptable, driven by median household income of just $52,791—nearly $22,000 below the national median. At $966 monthly, Radford's median rent is moderate, but stretched thin across modest incomes.
Above Virginia's affordability comfort zone
Radford's rent-to-income ratio of 22.0% exceeds Virginia's state average of 18.6%, placing it among the state's less-affordable communities. The city's median rent of $966 runs 15% above the state average, compounding affordability challenges for lower-income residents.
Pricier than Pulaski, cheaper than Portsmouth
Radford's median rent of $966 sits between Pulaski's $815 and Portsmouth's $1,266, reflecting its mid-size city status. Despite moderate rents, Radford's lower-income base (median $52,791) creates higher rent-to-income pressure than Pulaski (16.1%) or Prince Edward (19.6%).
Homeownership slightly more affordable
Renters in Radford pay $966 monthly while homeowners face $867 in monthly costs on a median home value of $211,700. With median household income at $52,791 annually ($4,399 monthly), renters consume 22% of income on housing while homeowners spend just under 20%.
Radford suits budget-conscious homebuyers
Radford City works well for first-time homebuyers with household incomes around $55,000+, where monthly ownership costs ($867) become more affordable than renting. Renters here face tighter budgets, making this city a better choice for those planning to purchase.
Cost of Living Advisory: Radford city
Affordability Verdict
Radford city is affordable for renters, with a median gross rent of $966/month representing approximately 22.0% of median household income. The rent burden (GRAPI) stands at 35.0%.
Rent vs. Own
The median rent in Radford city is $966/month, while owner costs run $867/month. Owning saves approximately $99/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $38,640/year. For owner costs at the 28% rule, the required income is roughly $37,157/year. With a median household income of $52,791, most households can comfortably afford rent here. Notably, 35.0% of renter households in Radford city are cost-burdened, spending more than 30% of income on housing.
Regional Context
Radford city sits 8% more expensive than Prince Edward County ($898/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Radford city
Rent Burden
22.0%
of gross income
Max Housing (28% Rule)
$1,232
per month
Owner Cost Burden
19.7%
of gross income
The median home in Radford city may be a stretch
Median home value is $211,700. Estimated monthly cost: $1,690 vs. your max of $1,232.
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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