Fair Lakes, VA is a popular suburb located just outside of Washington DC. It's a great place to live due to its close proximity to shopping and entertainment. Popular local companies include Costco, Wal-Mart, Giant Food, Safeway and Target. Compared to the US in general, Fair Lakes has a higher cost of living due to the 2 bedroom rents being $2,210 compared to the US average of $1,430. Additionally grocery costs are also notably higher with an index score of 113 versus 100 in the US on average. Despite higher costs of living Fair Lakes remains an attractive destination for those looking to escape the hustle and bustle associated with city life while still being close enough for easy access into D.C.
Fair Lakes has an unemployment rate of 4.6%. The US average is 6.0%.
Fair Lakes has seen the job market increase by 2.0% over the last year. Future job growth over the next ten years is predicted to be 36.7%, which is higher than the US average of 33.5%.
Tax Rates for Fair Lakes
- The Sales Tax Rate for Fair Lakes is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Fair Lakes is 5.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Fair Lakes
- The average income of a Fair Lakes resident is $56,433 a year. The US average is $28,555 a year.
- The Median household income of a Fair Lakes resident is $116,162 a year. The US average is $69,021 a year.