doxoINSIGHTS » Cost of Living in Virginia: Cities Where Household Expenses are Highest and Lowest in 2024

Cost of Living in Virginia: Cities Where Household Expenses are Highest and Lowest in 2024

What is the cost of living in Virginia? doxo breaks down key insights about Virginia’s household expenses, with a close look into how bills differ between towns and cities across the state. 

According to doxo’s The Cost of Bills Index™ (COBI), the average household in Virginia pays $2,406 in monthly expenses. doxoINSIGHTS compares the cost of the ten most common household bills across different regions. This includes Utilities, Cable & Phone, Mobile Phone, Auto Loans, Auto Insurance, Life Insurance, Health Insurance, Alarm & Security, Rent, and Mortgage.

The data sheds light on Virginia’s cost of living through other metrics as well. For example, the “percent of household income” data point shows what percentage of their household income residents spend on bills each month. 

By leveraging these tools, residents can gain a clearer understanding of their household expenses and optimize their financial planning.

Virginia ranks as the 13th most expensive state in the US for household bills

According to doxo’s COBI report, Virginia is ranked as the 13th most expensive state in the U.S. for household bills, making it the least expensive state for these expenses. 

At $28,876 per year, Virginia’s household expenses, on average, are 13% higher than the US average of $25,513. 

Absolute dollar amounts don’t tell the full story, however. doxo’s “Percentage of Household Income” data provides a more proportional look at bill spending in a particular location. Virginia households spend 31% of their income on bills. 

COBI helps consumers understand how much it costs to live in one area as compared to another as it relates to the most common household bills. For COBI, the number 100 represents the national average and then, states, counties and cities are assigned a number, either above or below 100, based on how they compare to the national average. The COBI for Virginia is 113.

• Average Bill Cost per Household: $2,406 per month
• Cost of Bills Index(COBI): 113
• doxoINSIGHTS State Rank: #13
• Percent of Household Income Used for Bills: 31%
• Compared to the National Average: 13% higher

Virginia Household Expenses are 13% Higher Than the National Average

The average Virginia household pays $2,406 per month in the 10 most common household bills. The least expensive of these are alarm and security bills. 

On the lowest end of the spectrum, the average monthly payment for alarm and security bills in Virginia is $91, compared to the national average of $85, making it 7% higher than average.

Monthly mortgage bills are the most significant of the 10 most common bills for Virginia residents. The average monthly mortgage payment is $1,887, compared to the national average of $1,402, making it 35% more expensive. 

Average Virginia Household Bill Spending

Fairfax Station has the highest cost of living in Virginia for household bills

Residents of Fairfax Station pay the highest household bills in the state of Virginia, at an average of $3,947 per month. The Cost of Bills Index (COBI) for Fairfax Station is 186, meaning the average cost of bills in this city is 86% higher than the national average.

In proportion to household income, monthly bills in Fairfax Station makeup 19% of the average annual household income of $250,000. 

Access detailed infographics about each city or town by clicking on the hyperlinks in the “City” column in the tables below. You can also browse doxoINSIGHTS’ regional bill comparison database to see infographics about more than 4,200 cities and towns across all 50 states in the US.

10 Most Expensive Virginia Cities for Household Bills

Wytheville has the lowest cost of living in Virginia for household bills

Out of 104 cities, Wytheville is the most affordable place in Virginia, with residents paying $1,302 on average for household bills, accounting for 32% of annual income of $48,521. The Cost of Bills Index (COBI) for Wytheville is 61, meaning the average cost of bills in this city is 39% below the national average. 

Bassett is the second most affordable city in Virginia, with residents paying $1,331 per month on average.

Also on the list of the 10 least expensive cities in Virginia are Galax ($1,362), Covington ($1,483) and Bristol ($1,485).

10 Most Affordable Virginia Cities for Household Bills

Some individuals might be considering moving from a more expensive city to a less expensive one. For those making such decisions, doxoINSIGHTS can be a valuable resource. It allows consumers to compare household expenses in Virginia with average bills in various cities and states nationwide.