Buchanan, VA Economy


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Buchanan, VA is a small town located in Botetourt County with a population of 1,024. It is known for its low cost of living and various local businesses. The average rent for a two bedroom apartment in Buchanan is $870 per month, compared to the US average of $1430. Additionally, the Grocery Cost Index in Buchanan is 96 versus 100 in the US. Some of the local companies within Buchanan include New Hope Outdoors, G & B Performance Boats, and Bar-B-Que Barn. With its affordable housing options and array of local businesses, Buchanan makes for an attractive place to live.

Buchanan has an unemployment rate of 4.0%. The US average is 6.0%.

Buchanan has seen the job market decrease by -5.2% over the last year. Future job growth over the next ten years is predicted to be 29.7%, which is lower than the US average of 33.5%.

Tax Rates for Buchanan
- The Sales Tax Rate for Buchanan is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Buchanan 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 Buchanan
- The average income of a Buchanan resident is $27,721 a year. The US average is $37,638 a year.
- The Median household income of a Buchanan resident is $49,479 a year. The US average is $69,021 a year.

Income by Population Percent

  EconomyBuchanan, VirginiaUnited States
    Unlock6
    Unlock-6.2%
    Unlock33.5%
    Unlock6.2%
    Unlock4.6%
    Unlock$37,638
    Unlock$69,021
    Unlock$85,028
  Population by Occupation
    Unlock1.2%
    Unlock0.5%
    Unlock6.8%
    Unlock10.0%
    Unlock2.5%
    Unlock11.0%
    Unlock4.8%
    Unlock0.8%
    Unlock1.9%
    Unlock4.7%
    Unlock1.9%
    Unlock7.6%
    Unlock0.1%
    Unlock4.2%
    Unlock9.3%
    Unlock14.0%
    Unlock2.1%
    Unlock7.0%
    Unlock4.8%
    Unlock4.7%
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