Cost of Living in Roanoke Virginia
Nestled in the Roanoke Valley, Roanoke is the star town of the South. Thanks to its proximity to the trails and peaks of the Blue Ridge Mountains, it is a popular location for outdoor enthusiasts. Home to numerous museums, parks, annual festivals, and a minor league baseball team, Roanoke truly has something for everyone. Although this small town has less than 100,000 residents, it is the largest city in southwestern Virginia and the largest municipality in the state west of Richmond.
Metro Roanoke, which includes neighboring counties like Craig and Franklin, is home to approximately 310,000 people. Even though it is a large city in the southwestern region of Virginia, Roanoke still has a relatively low cost of living. The city’s cost of living index is 84.1, compared to the national average of 100, which means there are plenty of inexpensive places to live in Roanoke.
How much does an apartment cost in Roanoke?
You might be surprised to learn how affordable rent is in Roanoke. Almost 90% of apartments sell for between $ 500 and $ 1,500 per month. Less than 10% of apartments rent for between $ 1,500 and $ 2,500 per month, and the last few cost less than $ 500 or more than $ 2,500 per month.
Living in Roanoke is significantly more affordable than in other major cities in Virginia. Statewide, the cost of living index is 103.7, which is much higher than Roanoke’s (84.1). In addition, the cost of living index is 101.4 in Virginia Beach and 93.8 in Richmond.
To help you better understand how much it costs to live in the Metro Roanoke area, we’ve broken down some of the common costs:
- The cost of housing index in Roanoke is 68.7. For comparison, the statewide index is 111.8, while it is 87 in Richmond and 101.8 in Virginia Beach.
- The utility cost index in Roanoke is 98.2. For comparison, the statewide index is 99.3, while it is 97.8 in Virginia Beach and 101.2 in Richmond.
- The cost of transportation index in Roanoke is 77. For comparison, the statewide index is 99.4, while it is 86.9 in Richmond and 98. 9 in Virginia Beach.
Even though the star-spangled city of the South continues to grow, its cost of living has fallen slightly in recent years. The average rental price fell about 6% year-on-year. This makes Roanoke more affordable than in previous years and a serious contender for a cheap place to live long term.
How do you find cheap apartments in Roanoke?
The average rent in Roanoke is below average, but you’ll still come across a wide range of prices throughout the city. One of the main factors that affect rental rates is the size of the unit. Naturally, smaller apartments tend to be cheaper than larger units. For example, on average:
- Studios in Roanoke cost $ 725 per month
- One-bedroom units cost around $ 795 per month
- Two bedroom apartments are priced at $ 900 per month
- Three-bedroom units in Roanoke cost $ 1,098 per month
- Four-bedroom apartments cost around $ 1,273 per month
Renting a smaller apartment can be a good way to control your costs in Roanoke. However, this is far from the only way to find affordable accommodation here. Keep these tips in mind when looking for an affordable apartment:
- Identify the no-frills apartments: In Roanoke, some larger apartment complexes include additional features such as gyms, swimming pools, or community gathering spaces. These amenities usually add to the overall cost of rent and can even add up to hundreds of dollars per month. You can save money by looking for a living space that doesn’t offer these luxuries, like a single-family home.
- Know your neighborhoods: Roanoke has almost 50 distinct neighborhoods, and some tend to be more expensive than others. In most cases, housing in central neighborhoods in the heart of the city costs more than in some suburban areas of Roanoke. However, some of the other expensive areas in Roanoke might surprise you. For example, Wasena and Mecca Gardens, a bit on the outskirts, tend to have the highest rates in town and are worth avoiding if you want to save money.
- Calculate your costs: Rent may make up the biggest part of your living expenses, but it’s definitely not the only contributing factor. Before choosing a place to live, think about the cost of utilities and other essentials. Naturally, these costs can differ depending on the size of the space and how many extras you add.
What’s the cheapest rent in Roanoke?
Average rental rates in Roanoke are lower than many other cities, and prices don’t drop significantly outside of city limits. However, some parts of the city are cheaper than others. These areas of Roanoke tend to have the lowest rents and the most affordable apartments:
- West End, which usually has the cheapest studios.
- Williamson Road and South Roanoke, where you can find the cheapest one bedroom units.
- Belmont and Hurt Park, where you can rent the cheapest two-bedroom apartments.
- Melrose-Rugby and Washington Heights, which have the lowest rental rates for three-bedroom units.
Whether you’re moving to the area from out of state or already living in the area, determining the cost of living in Roanoke, Virginia can make budgeting easier. Start your Roanoke apartment search and find a place to live that fits your budget.