Virginia's cost of living index is 103 — 3.0% above the US average of 100. Compare purchasing power and equivalent salaries across states.
CoL Index
103
US avg = 100
vs. National Avg
+3.0%
More expensive
Median Income
$80,963
Virginia median household
Equiv. at US Avg
$78,605
Same purchasing power
| CoL Index | 103 | MIT/MERIC composite index (US avg = 100) |
| vs. National | +3.0% | Above average cost |
| Median Household Income | $80,963 | Virginia median (2023 ACS) |
| National Purchasing Power | $78,605 | Equivalent $ at US avg CoL |
| Overall Category | High | Qualitative classification |
| Population | 8,631,393 | 2020 US Census |
With a cost of living index of 103, Virginia is roughly on par with the national average. Higher costs in Virginia mean your dollar stretches less far than in most states. A salary of $80,963 in Virginia provides the equivalent purchasing power of $78,605 in a state with average cost of living.
Housing is typically the largest driver of cost of living differences between states.Virginia's median home price of $380,000 is near the national median of approximately $310,000. Other factors include state income tax (5.75% top rate in Virginia), sales tax (5.30% state rate), and local property tax rates (0.82%).
