11 Most Affordable Places to Live in Virginia in 2024
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 $463,700.
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 11 most affordable places to live in Virginia – and they all have a median home sale price under $463,700. From Hampton to Richmond, let’s jump in and see what cities are on the list.
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#1: Roanoke
Median home price: $225,000
Average sale price per square foot: $140
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 $225,000, 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: Portsmouth
Median home price: $246,750
Average sale price per square foot: $175
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 $246,750 which is about $220K less than the median home sale price in Virginia. If you find yourself moving to the second 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.
#3: Lynchburg
Median home price: $274,500
Average sale price per square foot: $162
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.
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#4: Hampton
Median home price: $280,000
Average sale price per square foot: $178
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 fourth 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.
#5: Newport News
Median home price: $300,000
Average sale price per square foot: $189
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: $300,000
Average sale price per square foot: $199
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 $160K 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, or visit downtown Harrisonburg where you’ll find Saturday Harrisonburg Farmers Market, there are many cool things to do and see in this city.
#7: Norfolk
Median home price: $315,000
Average sale price per square foot: $201
Average rent for a 1-bedroom apartment: $1,553
Median household income: $60,998
Norfolk, VA homes for sale
Norfolk, VA apartments for rent
Home to about 230,900, Norfolk is a popular city to consider calling home. Its location along the Chesapeake Bay means there are great views of the waterfront. The city is most well known for the Naval Station Norfolk, but there is a lot to explore in the area. For example, you can tour the Chrysler Museum of Art and Hermitage Museum & Gardens, check out the exhibits at Virginia Zoo, explore downtown Norfolk where you can find concert venues, historic homes, and plenty of hidden gems. Don’t miss out on visiting First Landing State Park, where you’ll find the Cape Henry Lighthouse, First Landing Beach, and plenty of hiking trails.
#8: Suffolk
Median home price: $388,752
Average sale price per square foot: $188
Average rent for a 1-bedroom apartment: $1,526
Median household income: $81,883
Nearest major metro: Norfolk (20 miles)
Suffolk, VA homes for sale
Suffolk, VA apartments for rent
Eighth 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.
#9: Chesapeake
Median home price: $400,000
Average sale price per square foot: $211
Average rent for a 1-bedroom apartment: $1,327
Median household income: $92,703
Chesapeake, VA homes for sale
Chesapeake, VA apartments for rent
Located just south of Norfolk is Suffolk, home to about 253,800 residents. The home prices in Chesapeake are about 60K less than the state’s average so you’ll still be saving a lot. As the second-most populous city in Virginia, there’s plenty to explore in Suffolk. For example, you can enjoy the outdoors at one of the many green spaces like Great Dismal Swamp National Wildlife Refuge, Cavalier Wildlife Management Area, or Northwest River Park. You can also check out the city’s hidden gems like Mount Pleasant Farms, Oak Grove Lake Park, and the Chesapeake Arboretum.
#10: Virginia Beach
Median home price: $400,000
Average sale price per square foot: $229
Average rent for a 1-bedroom apartment: $1,520
Median household income: $87,544
Virginia Beach, VA homes for sale
Virginia Beach, VA apartments for rent
The tenth city on our list is none other than Virginia Beach. With about 453,600 residents, this makes Virginia Beach the state’s most populous area. Virginia Beach has plenty of waterfront activities such as enjoying the Virginia Beach Oceanfront, fishing at the iconic Virginia Beach Fishing Pier, visiting Neptune’s Park, or hiking through First Landing State Park. Don’t miss out on visiting museums like the Virginia Aquarium & Marine Science Center, sampling the local restaurants and cafes in the ViBe Creative District, or stopping by the quaint Hunt Club Farm.
#11: Richmond
Median home price: $424,995
Average sale price per square foot: $260
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 July 2024. 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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