Ferrum, VA Cost of Living


1 Reviews



Download our custom City Report to see exclusive
data on cost of living, crime, climate, and more.

Ferrum cost of living score
94.1
Less expensive
5.9% lower
than the US average
9.7% lower
than the Virginia average
Ferrum, Virginia gets a BestPlaces Cost of Living score of 94.1, which means the total cost of housing, food, childcare, transportation, healthcare, taxes, and other necessities is 5.9% lower than the U.S. average and 9.7% lower than the average for Virginia.

Ferrum, VA

Housing costs in Ferrum?
A typical home costs $204,600, which is 39.5% less expensive than the national average of $338,100 and 40.4% less expensive than the average Virginia home, at $343,200. Renting a two-bedroom unit in Ferrum costs $800 per month, which is 44.1% cheaper than the national average of $1,430 and 75.0% cheaper than the state average of $1,400.

Can I afford Ferrum?
To live comfortably in Ferrum, Virginia, a minimum annual income of $39,240 for a family, and $24,400 for a single person is recommended.

What does A.I. say about Ferrum?
The cost of living in Ferrum, VA is quite affordable compared to other areas in the state. The median home value is approximately $152,000, which is slightly lower than the Virginia average of around $212,000. Additionally, the median household income is around $51,000, much lower than the Virginia average of about $74,000. With housing costs being relatively low and incomes being on par with the rest of the state, residents of Ferrum are able to stretch their budgets far without sacrificing quality of life. This area also offers a variety of amenities that further add to its affordability and appeal as an ideal place to live.
   Cost of living score
     CategoriesFerrumVirginiaUnited States
  94.1104.2100.0
  95.499.6100
  110.3103.1100.0
  58.5112.9100.0
  $204,600$343,200$338,100
  99.4%99.3%100.0%
  75.999.4100.0
  100.3113.7100.0

   100=National Average

   Average Rent by Bedroom Size
Reviews for Ferrum
    See all (1)

Over 7 years ago

DO NOT MOVE HERE! All there is to do here is sit inside all day and play CS:GO or go walk down to a little creek and drink from it like a real Ferrum Native. Please DO  More

   |    Reply

Start Your Review of Ferrum

Crime
Compare Ferrum, VA cost of living
Compare food, housing, utilities, and more in Ferrum, Virginia to any other city in the US.