8 Most Affordable Places to Live in Virginia
One of the original 13 colonies, Virginia has a rich history from the Jamestown settlement and living history museums like Colonial Williamsburg, to the picturesque Blue Ridge Mountains and the beach towns along the coast. If you’re considering living somewhere in Virginia then chances are you also have a budget you’re hoping to stay under in your home or apartment search. When it comes to buying a home in Virginia the median home sale price is $445,200.
Don’t worry if that price doesn’t fit in your budget – we’ve got options to help you find a home or apartment that does. Redfin has rounded up a list of the 8 most affordable places to live in Virginia – and they all have a median home sale price under $445,200. From Hampton to Richmond, let’s jump in and see what cities are on the list.
#1: Roanoke
Median home price: $201,000
Average sale price per square foot: $136
Average rent for a 1-bedroom apartment: $906
Median household income: $45,664
Nearest major metro: Greensboro, NC (100 miles)
Roanoke, VA homes for sale
Roanoke, VA apartments for rent
With a median home sale price of $201,000, Roanoke comes in at number one on our list of most affordable places to live in Virginia. There are about 100,000 residents living in this mid-sized city. If you’re considering moving to Roanoke make sure to stop by the Mill Mountain Star at the top of Mill Mountain Park, explore downtown Roanoke, or visit museums like Taubman Museum of Art or Virginia Museum of Transportation.
#2: Hampton
Median home price: $260,000
Average sale price per square foot: $174
Average rent for a 1-bedroom apartment: $1,223
Median household income: $59,380
Nearest major metro: Norfolk (10 miles)
Hampton, VA homes for sale
Hampton, VA apartments for rent
Coming in as the second best affordable city to live in Virginia is Hampton, part of the Hampton Roads Metropolitan area. When living in this city of 137,100 people, you can take a tour of one of the many museums like the Virginia Air and Space Center, visit the historic Fort Monroe National Monument, or have a beach day at Buckroe Beach.
#3: Portsmouth
Median home price: $264,000
Average sale price per square foot: $172
Average rent for a 1-bedroom apartment: $1,025
Median household income: $53,213
Nearest major metro: Norfolk (3 miles)
Portsmouth, VA homes for sale
Portsmouth, VA apartments for rent
About 97,900 people reside in Portsmouth. The median home sale price is $264,000 which is about $100K less than the median home sale price in Virginia. If you find yourself moving to the third most affordable city in Virginia, spend an evening outside watching a concert at Atlantic Union Bank Pavilion and have a meal at a waterfront restaurant. Make sure to check out the charming Olde Towne Historic District or discover the exhibits at Portsmouth Naval Shipyard Museum.
#4: Lynchburg
Median home price: $276,900
Average sale price per square foot: $167
Average rent for a 1-bedroom apartment: $972
Median household income: $59,380
Nearest major metro: Roanoke (50 miles)
Lynchburg, VA homes for sale
Lynchburg, VA apartments for rent
Only slightly more expensive than Portsmouth is Lynchburg, the next city on our list. With roughly 79,000 residents in Lynchburg, make sure to visit Riverside Park along the James River and explore the Percival’s Island Natural Area if you’re looking to spend some time outside. You can also check out downtown Lynchburg and the nearby Diamond Hill Historic District and Federal Hill Historic District.
#5: Newport News
Median home price: $284,000
Average sale price per square foot: $170
Average rent for a 1-bedroom apartment: $1,239
Median household income: $59,380
Nearest major metro: Norfolk (20 miles)
Newport News, VA homes for sale
Newport News, VA apartments for rent
Another great area to add to your list is Newport News, located just north of Hampton. With 186,200 residents, moving to this affordable city gives you the perks of city-life. Living in Newport News, you can check out one of the riverfront parks like Victory Landing Park, Huntington Park, or Riverview Farm Park, explore Newport News Park, or visit one of the museums like the Virginia Living Museum or the Virginia War Museum.
#6: Harrisonburg
Median home price: $327,500
Average sale price per square foot: $179
Average rent for a 1-bedroom apartment: $758
Median household income: $49,117
Nearest major metro: Charlottesville (55 miles)
Harrisonburg, VA homes for sale
Harrisonburg, VA apartments for rent
Another well-known city is Harrisonburg, where you’ll find the home prices are about $100K less than the state’s average. With roughly 51,800 people calling Harrisonburg home, it’s a great area to consider renting or buying a home this year. Whether you explore the greenery and flowers at Edith J. Carrier Arboretum and Botanical Gardens, check out Hillandale Park, and visit downtown Harrisonburg where you’ll find Saturday Harrisonburg Farmers Market, there are many cool things to do and see in this city.
#7: Suffolk
Median home price: $366,000
Average sale price per square foot: $182
Average rent for a 1-bedroom apartment: $1,075
Median household income: $81,883
Nearest major metro: Norfolk (20 miles)
Suffolk, VA homes for sale
Suffolk, VA apartments for rent
Seventh on our list of affordable places to live in Virginia is Suffolk. With a population of nearly 94,300, living in Suffolk is a great option for those looking for a mid-sized city to live in. Don’t miss out on taking a boat out on the water or walking through Bennett’s Creek Park, enjoying the river views at Sleepy Hole Park, or checking out the art galleries, restaurants, and museums in the heart of Suffolk.
#8: Richmond
Median home price: $378,000
Average sale price per square foot: $233
Average rent for a 1-bedroom apartment: $1,497
Median household income: $51,421
Richmond, VA homes for sale
Richmond, VA apartments for rent
Last but not least on our list of most affordable places to live in Virginia is Richmond. Nearly 226,600 residents call this affordable city home. Be sure to visit the historic sites, neighborhoods, and museums like the Maymont mansion, the American Civil War Museum, and Byrd Park Court Historic District. You can also check out Belle Isle, stop by the Virginia State Capitol building, and see a concert at The National once living in Richmond.
Methodology: All cities must have over 50,000 residents per the US Census and have a median home sale price under the average median home sale price in Virginia. Median home sale price and median sale price per square foot from the Redfin Data Center during August 2023. Average rental data from Rent.com August 2023. Population and median household income data sourced from the United States Census Bureau.
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