Ferrum, VA is a small town in the foothills of the Blue Ridge Mountains. It is known for its natural beauty and peaceful atmosphere. The cost of living in Ferrum is quite affordable. 2 bedroom rent averages around $800 compared to the US average of $1,430. Additionally, groceries in Ferrum are 5% less than the national average.
Ferrum has a number of local businesses that contribute to the economy and community life including U-Haul Storage, AutoZone, Dollar General, and Subway. Local restaurants include El Charro Mexican Grill and La Cocina Salvadoreña. There are also many unique stores such as The Potting Shed Florist & Gifts and Pine Mountain Creations offering arts & crafts from local artisans. Overall, Ferrum is a great place to live with lots of amenities for its residents.
Ferrum has an unemployment rate of 4.8%. The US average is 6.0%.
Ferrum has seen the job market increase by 1.7% over the last year. Future job growth over the next ten years is predicted to be 28.4%, which is lower than the US average of 33.5%.
Tax Rates for Ferrum
- The Sales Tax Rate for Ferrum is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Ferrum 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 Ferrum
- The average income of a Ferrum resident is $10,791 a year. The US average is $28,555 a year.
- The Median household income of a Ferrum resident is $35,726 a year. The US average is $69,021 a year.