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Crunching costs, sorting signals, rendering insights.
Crunching costs, sorting signals, rendering insights.
In plain English: the 30% rule — spending no more than 30% of gross income on housing — is the most widely cited benchmark for affordability. On a $150K salary, 7 cities (100%) meet this threshold. You've got plenty of choices. We ran the numbers on 7 cities in Virginia using 2026 census, rent, and …
114,106 residents · Virginia
A closer look at Richmond: the cost index of 102 breaks down to a Utilities index of 94 (strongest category) and a Healthcare index of 105 (weakest). Median rent is $1,574/month — 17% below the national median — while household income sits at $62,671, meaning locals spend about 30% of income on rent. That exceeds the recommended 30% threshold — affordability here depends on earning above the median.
137,098 residents · Virginia
A closer look at Hampton: the cost index of 98 — we had to double-check this one — breaks down to a Utilities index of 90 (strongest category) and a Healthcare index of 101 (weakest). Median rent is $1,587/month — 16% below the national median — while household income sits at $67,758, meaning locals spend about 28% of income on rent. That's within the recommended 30% threshold, though it doesn't leave much room (that's pre-tax, of course).
183,118 residents · Virginia
Newport News earns its position at #3 through a combination that's hard to replicate. And more often than not, the 99 cost index sits 13 points below the national baseline, and the $66,718 median income means purchasing power here is amplified by the low cost base. Homes list at $287,123 — $180,247 below the national median — a genuine ownership opportunity. On the cost side, Utilities leads the way at 91, while Healthcare trails at 102 (a figure that keeps climbing, by the way).
230,930 residents · Virginia
So, Norfolk. And as a general rule, that's more or less in line with the region. Cost index of 101, rent at $1,696/month. It's lower than the national average. Median income is $64,017, which is below the national median. That's about what we'd expect given the state context (not adjusted for inflation, but still telling).
453,649 residents · Virginia
So, Virginia Beach. That's about what we'd expect given the state context. Cost index of 110, rent at $1,953/month. It's lower than the national average. Median income is $90,685, which is above average. Fairly typical for a city this size (though the trend is moving in the right direction).
#1 Ranked: Richmond — cost index 102, rent $1,574/mo, income $62,671
7 of 7 cities keep rent under 30% of $150K
7 of 7 cities keep rent under 30% of $150K gross income
Data sourced from Census Bureau, Zillow, BLS, and Tax Foundation — current as of 2026
| Rank | City | Median Rent | Rent % of Gross | Cost Index | |
|---|---|---|---|---|---|
| 1 | Richmond | $1,574 | 13% | 102 | Details |
| 2 | Hampton | $1,587 | 13% | 98 | Details |
| 3 | Newport News | $1,596 | 13% | 99 | Details |
| 4 | Norfolk | $1,696 | 14% | 101 | Details |
| 5 | Virginia Beach | $1,953 | 16% | 110 | Details |
| 6 | Chesapeake | $2,002 | 16% | 111 | Details |
| 7 | Alexandria | $2,223 | 18% | 126 | Details |
In plain English: the 30% rule — spending no more than 30% of gross income on housing — is the most widely cited benchmark for affordability. On a $150K salary, 7 cities (100%) meet this threshold. You've got plenty of choices. We ran the numbers on 7 cities in Virginia using 2026 census, rent, and salary data. Richmond comes out on top — here's the full ranking and analysis. A real contender.
No sugarcoating: 7 of 7 cities keep rent under 30% of $150K. The 30% rule — spending no more than 30% of gross income on housing — is the most widely cited benchmark for affordability. On a $150K salary, 7 cities (100%) meet this threshold. You've got plenty of choices. That tracks.
Look, at $1,574/month — we had to double-check this one — for rent and a cost index of 102, Richmond is pretty much what you'd expect from a mid-size city in this part of the country. Income is $62,671. That tracks. Hard to argue with that.
On a $150K salary, the key number is $3,750/month — for better or worse — — that's 30% of gross, the standard affordability line. Take it or leave it — the data is what it is. Richmond ($1,574/mo, 13%), Hampton ($1,587/mo, 13%), Newport News ($1,596/mo, 13%) all clear that bar. After federal tax, FICA (7.65%), and state income tax, estimated take-home ranges from $100,858 to $100,858/year across these top picks.
That's not nothing.
Real talk: Digging deeper, Here's the state-level backdrop: Virginia averages a 107 cost index, $1,804/mo rent, and $79,954 income across 7 cities. That's about what we'd expect given the state context. That's $91 less than the national rent average. DC suburbs drive costs; the rest stays affordable — and that context shapes every city in this ranking (that's pre-tax, of course).
If you're ready to act on this, three things to do next: 1) Click into the city pages for the top 3 and check rent trends — direction matters more than the snapshot. 2) Run your income through the salary calculator for a personalized cost comparison. 3) Compare your top two picks head-to-head on our comparison page. The data is here; the decision is yours (that's pre-tax, of course).
The 30% rule — spending no more than 30% of gross income on housing — is the most widely cited benchmark for affordability. On a $150K salary, 7 cities (100%) meet this threshold. You've got plenty of choices.
The race is tight: Richmond, Hampton, Newport News, Norfolk, Virginia Beach are all within 8 points of each other. At this level, differences in rent, taxes, or a single category can sway the decision.
Rent in #1-ranked Richmond has increased from $1,522 to $1,574/mo over the past 12 months — a 3% increase. Rising costs may erode its top ranking over time.
| City | State Tax | Sales Tax | Property Tax | Est. Take-Home |
|---|---|---|---|---|
1Richmond | 5.75% | 5.77% | 0.75% | $100,858 |
2Hampton | 5.75% | 5.77% | 0.75% | $100,858 |
3Newport News | 5.75% | 5.77% | 0.75% | $100,858 |
4Norfolk | 5.75% | 5.77% | 0.75% | $100,858 |
5Virginia Beach | 5.75% | 5.77% | 0.75% | $100,858 |
6Chesapeake | 5.75% | 5.77% | 0.75% | $100,858 |
7Alexandria | 5.75% | 5.77% | 0.75% | $100,858 |
We calculate what percentage of a $150K gross salary goes to median rent. Cities where rent consumes less of your paycheck rank higher. We also factor in estimated take-home pay after federal taxes, FICA (7.65%), and state income tax. All data is sourced from federal agencies and verified research institutions. Cost of living indices are normalized to 100 (national median) using Zillow rent as the primary signal, with sub-category adjustments derived from regional BLS price data. Rankings are updated monthly as new data is released.
Richmond ranks #1 in Virginia for this analysis with a cost index of 102 and median income of $62,671.
Yes. On a $150K salary in Richmond, rent would consume about 13% of your gross monthly income. Financial experts recommend keeping rent under 30%. You're well within that guideline.
Our cost of living index uses real Zillow rent data as the foundation, indexed to 100 (national median). Sub-categories (housing, food, transport, utilities, healthcare) are derived from the overall index with regional adjustments. Data is updated monthly.
Richmond (ranked #1) has a cost index of 102 and rent of $1,574/mo, while Alexandria (ranked #7) has a cost index of 126 and rent of $2,223/mo — a 24-point difference in cost of living.
City data is refreshed monthly from Census Bureau population estimates, Zillow rent and home price indices, BLS salary data, and Tax Foundation tax rates. Last updated: 2026.
The median 1-bedroom rent in Richmond is $1,574/month as of 2026, based on Zillow's Observed Rent Index. This is $321 below the national median of $1,895/month.
After federal taxes, FICA (7.65%), and 5.75% state income tax, estimated take-home on $150K in Richmond is approximately $100,858/year ($8,405/month). After median rent of $1,574/month, you'd have roughly $81,970/year for all other expenses.
The median home price in Richmond is $361,133, which is 5.8× the local median income. Most median-income households would stretch to buy at this ratio. The national median home price is $467,370.
Virginia has a 5.75% state income tax rate. Combined state and local sales tax averages 5.77%, and the effective property tax rate is 0.75%.
This ranking was generated using data current as of early 2026. Population and income data comes from the Census Bureau's American Community Survey (5-year estimates). Rent and home price data is from Zillow's monthly releases. Tax rates are from the Tax Foundation's 2025 edition. Rankings are refreshed monthly.