Cost of Living in Roanoke city, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Roanoke city Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Roanoke city ranks #3,095 of 3,144 counties for affordability (bottom 2%)
Data Story
About Cost of Living in Roanoke city, Virginia
Roanoke offers exceptional housing value
Roanoke city's rent-to-income ratio of 22.0% is well-controlled despite a median household income of $52,671—nearly $22,000 below the national average. This southwestern city achieves genuine affordability through modest rents rather than high incomes, making it an increasingly attractive option for cost-conscious relocators.
More affordable than most Virginia cities
At 22.0%, Roanoke city's rent-to-income ratio exceeds Virginia's state average of 18.6% but substantially beats Richmond city's 25.2%. The median rent of $964 is 15% cheaper than the state median of $1,140, positioning Roanoke as Virginia's most affordable major urban center.
Budget-friendly compared to county peers
Roanoke city's $964 median rent is the lowest among its regional neighbors, including Roanoke County ($1,148) and Salem city ($1,046). Home values of $180,500 represent the bottom of the local range, offering entry-level homeownership opportunities uncommon in larger Virginia metros.
Lower costs, lower incomes, good balance
Renters allocate $964 monthly to rent while homeowners pay $1,003, both modest figures from a median income of just $52,671. The 22.0% rent-to-income ratio reflects Roanoke's success in keeping housing costs proportional to local earnings.
A top pick for value-seeking movers
If affordability is your top priority, Roanoke city delivers urban amenities at the lowest price point in Virginia—median rents and home values beat most comparable metros nationwide. Remote workers and retirees especially benefit from the cost advantage without sacrificing walkable neighborhoods and cultural institutions.
Cost of Living Advisory: Roanoke city
Affordability Verdict
For renters in Roanoke city, the market is affordable. Expect to pay around $964/month in gross rent, with 28.0% of renter households considered cost-burdened.
Rent vs. Own
Renters in Roanoke city pay $964/month on average, compared to $1,003/month for homeowners. This market favors renters by about 4%.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $38,560/year. For owner costs at the 28% rule, the required income is roughly $42,986/year. With a median household income of $52,671, most households can comfortably afford rent here. Notably, 28.0% of renter households in Roanoke city are cost-burdened, spending more than 30% of income on housing.
Regional Context
Within Virginia, Roanoke city is more affordable than Prince Edward County by roughly 7% ($964/mo vs $898/mo).
Affordability Calculator
See how your income compares to housing costs in Roanoke city
Rent Burden
22.0%
of gross income
Max Housing (28% Rule)
$1,229
per month
Owner Cost Burden
22.9%
of gross income
The median home in Roanoke city may be a stretch
Median home value is $180,500. Estimated monthly cost: $1,441 vs. your max of $1,229.
Rent Affordability Guide
Income Needed Calculator
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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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