Cost of Living in Virginia Beach
Although it is a popular vacation spot, Virginia Beach is home to a population of approximately 450,000 full-time residents, making it the largest city in the state. Because it’s so close to nearby communities like Newport News, Norfolk, and Hampton Roads, Virginia Beach is considered part of a much larger metropolitan area with a total population of around 1.75 million people.
Because it is part of such a large metropolitan area, the cost of living in Virginia Beach is higher than average. When you put it in an index with a national average of 100, the cost of living in Virginia Beach is 105.6. Although Virginia Beach can be expensive, it has plenty of affordable accommodation. Let’s take a look at the average costs and cheapest places to rent an apartment in Virginia Beach.
Read more about: Best places to live in Virginia
How much does an apartment cost in Virginia Beach?
The majority of rental rates in Virginia Beach are between $ 500 and $ 1,500 per month, according to our study. Almost 40% are between $ 1,500 and $ 2,500, while about 10% are over $ 2,500 per month.
Unlike some other cities, studios in Virginia Beach don’t necessarily cost less than one-bedroom apartments. Instead, studios cost an average of $ 1,346 per month, while one-bedroom units cost around $ 1,138 per month. Two-bedroom units in Virginia Beach are slightly more expensive, at an average of $ 1,294 per month. Three- and four-bedroom apartments generally have much higher median monthly rents, at $ 1,622 and $ 2,272, respectively.
As is the case with many large metropolitan areas, the resort town has gradually become a more expensive place to live. For example, the cost of living in Virginia Beach in 2018 was lower than it is today, and rental prices continue to rise at a rate of around 14% per year.
To get a better idea of what it costs to rent at Resort City, a comparison of the cost of living in Virginia Beach is essential. For comparison, the cost of living index in Virginia averages 103.7, while the cost of living index in other major cities like Alexandria and Richmond is 149.9 and 95 , 1, respectively.
While the overall cost of living in Virginia Beach, VA is higher than the state average, it is important to consider the factors that go into this index. Statewide, the cost of housing is 111.8, while the cost of housing in Virginia Beach is 116, making it slightly more expensive to rent or buy a home in this coastal region.
However, the average utility cost in Virginia is 99.3, while the utility cost index in Virginia Beach is 97.1. This means that the average electricity bill in Virginia Beach is a bit lower than typical costs in the state.
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How do you find cheap apartments in Virginia Beach?
Since the cost of living in Virginia Beach, Virginia is high, apartments can be pricey. However, if you know where to look, you can find affordable housing. Use these tips to reduce your costs.
- Explore the largest metropolitan area: Apartments in the heart of town or right on the water can be expensive. If you are willing to look outside the city limits and consider the entire metropolitan area, you may find some great deals. On average, apartments in the Virginia Beach metro area cost at least $ 150 less per month than those in the downtown area.
- Avoid areas in demand: While it’s possible to find hidden gems on the Virginia Beach Metro, some areas are known to be expensive. For example, Northeast Virginia Beach and Dam Neck Naval Air Station tend to have some of the more expensive properties in town. To avoid paying too much, consider looking elsewhere.
- Sign a longer lease: Many Virginia Beach landlords require leases for at least six months. However, many offer discounts or lower monthly rates if you sign a longer lease. Ask potential landlords for one or two year leases to save money and avoid annual rent increases.
- Calculate all your costs: In many cases, the price of rent is only part of your monthly housing expenses. In addition to the rent, it’s important to consider the cost of utilities, apartment amenities, and any other additional charges your landlord may charge.
- Reconsider the space you need: If you are used to living in a larger house, you can automatically start looking for units with three or four bedrooms. To reduce your rent, consider moving to a smaller space instead. In Virginia Beach, the average rent drops significantly from two-bedroom to three-bedroom units. If you can operate a two-bedroom apartment, you could significantly reduce your expenses.
What’s the cheapest rent in Virginia Beach?
When it comes to the cost of living, Virginia Beach is definitely above average. However, several neighborhoods are known for their cheap rent. Some of the cheaper domains include:
- Northwest Virginia Beach, where you can rent studios for just $ 1,307 or four-bedroom units for as little as $ 2,100 per month.
- Center-Nord, where one-bedroom apartments average just over $ 1,000 per month.
- Near the US Navy’s Little Creek Amphibious Base, where you can find two-bedroom apartments for $ 1,284 per month.
- Fort Story, where three-bedroom apartments on average do not exceed $ 1,518 per month.
Whether you’re moving out of state or already in the area, you can make Virginia Beach, Virginia cost of living to work with your budget. Start your Virginia Beach apartment search today and find the perfect home.
