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Crunching costs, sorting signals, rendering insights.
Crunching costs, sorting signals, rendering insights.
The 30% rule — spending no more than 30% of gross income on housing — is the most widely cited benchmark for affordability. On a $60K salary, 0 cities (0%) meet this threshold. That's a tough market. We ran the numbers on 7 cities in Virginia using 2026 census, rent, and salary data. Richmond comes …
#1 Ranked: Richmond — cost index 92, rent $1,574/mo, income $62,671
0 of 7 cities keep rent under 30% of $60K
0 of 7 cities keep rent under 30% of $60K gross income
Data sourced from Census Bureau, Zillow, BLS, and Tax Foundation — current as of 2026
| City | State Tax | Sales Tax | Property Tax | Est. Take-Home |
|---|---|---|---|---|
1Richmond | 5.75% | 5.77% | 0.75% | $43,707 |
2Hampton | 5.75% | 5.77% | 0.75% | $43,707 |
3Newport News | 5.75% | 5.77% | 0.75% | $43,707 |
4Norfolk | 5.75% | 5.77% | 0.75% | $43,707 |
5Virginia Beach | 5.75% | 5.77% | 0.75% | $43,707 |
6Chesapeake | 5.75% | 5.77% | 0.75% | $43,707 |
7Alexandria | 5.75% | 5.77% | 0.75% | $43,707 |
The 30% rule — spending no more than 30% of gross income on housing — is the most widely cited benchmark for affordability. On a $60K salary, 0 cities (0%) meet this threshold. That's a tough market. 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.
So, Richmond. Cost index of 92, rent at $1,574/month. It's lower than the national average. Median income is $62,671, which is below the national median. That tracks (not adjusted for inflation, but still telling).
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.
| Rank | City | Median Rent | Rent % of Gross | Cost Index | |
|---|---|---|---|---|---|
| 1 | Richmond | $1,574 | 31% | 92 | Details |
| 2 | Hampton | $1,587 | 32% | 93 | Details |
| 3 | Newport News | $1,596 | 32% | 93 | Details |
| 4 | Norfolk | $1,696 | 34% | 99 | Details |
| 5 | Virginia Beach | $1,953 | 39% | 114 | Details |
| 6 | Chesapeake | $2,002 | 40% | 117 | Details |
| 7 | Alexandria | $2,223 | 44% | 130 | Details |
114,106 residents · Virginia
Here's Richmond by the numbers — and there's a lot to like (and a little to watch). Cost index: 92. Rent: $1,574/month. Income: $62,671/year. Home price: $361,133. Population: 114,106. The strongest category is Housing at 92; the most expensive is Healthcare at 98. Translate that rent to annual numbers, and residents are saving renters $3,852 per year vs. the national median. This combination is rare — and valuable. Hard to argue with that.
137,098 residents · Virginia
What does daily life actually cost in Hampton? Start with the 28% rent-to-income ratio — tight but manageable for most households. On the category level, Housing (index 93) is where the real savings show up, while Healthcare (index 99) is the line item most likely to surprise newcomers. Income at $67,758 and homes at $272,161 round out a profile that ranks #2 for clear reasons.
183,118 residents · Virginia
What does daily life actually cost in Newport News? Start with the 29% rent-to-income ratio — tight but manageable for most households. On the category level, Housing (index 93) is where the real savings show up, while Healthcare (index 99) is the line item most likely to surprise newcomers. Income at $66,718 and homes at $287,123 round out a profile that ranks #3 for clear reasons.
230,930 residents · Virginia
Dive into Norfolk's numbers: cost index 99 (12 points below national average), rent $1,696/month, income $64,017, and a home price of $302,742. The city's cost profile isn't flat — Housing is the cheapest category at 99, while Healthcare runs 100. With 230,930 residents, it balances mid-size city convenience with manageable costs. Surprising? Maybe. But the data's clear.
453,649 residents · Virginia
The #5 spot goes to Virginia Beach, and the breakdown explains why. Renters here pay $1,953/month — costing renters $696 more per year compared to the national average. Meanwhile, Healthcare is the standout at index 103, keeping costs manageable. The weak spot? Housing at 114. A 26% rent-to-income ratio keeps most households inside the safe zone.
We model what a $60K salary looks like after taxes in each city: federal income tax (marginal brackets), FICA (7.65%), and state income tax. Then we compare take-home against local rent and costs to determine where the salary stretches furthest. 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 92 and median income of $62,671.
Yes. On a $60K salary in Richmond, rent would consume about 31% of your gross monthly income. Financial experts recommend keeping rent under 30%. It's tight — consider a roommate or nearby suburb.
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 92 and rent of $1,574/mo, while Alexandria (ranked #7) has a cost index of 130 and rent of $2,223/mo — a 38-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 $60K in Richmond is approximately $43,707/year ($3,642/month). After median rent of $1,574/month, you'd have roughly $24,819/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.