Montgomery, VA County is a great place to live with its low cost of living and higher wages. The county has an average 2 bedroom rent of $1,050 compared to the US average of $1,430. Additionally, the grocery cost index in Montgomery County is 98 whereas the US average is 100. Businesses such as Virginia Electric Power Company (VEPCO), Carilion Clinic and Radford University provide good employment opportunities for local residents. Other notable companies in the county include Genworth Financial, Advance Auto Parts and Electrolux Home Products. All these businesses help contribute to the economic growth in Montgomery County and make it one of the best places to live in Virginia.
Montgomery County has an unemployment rate of 3.9%. The US average is 6.0%.
Montgomery County has seen the job market increase by 1.1% over the last year. Future job growth over the next ten years is predicted to be 29.4%, which is lower than the US average of 33.5%.
Tax Rates for Montgomery County
- The Sales Tax Rate for Montgomery County is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Montgomery County 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 Montgomery County
- The average income of a Montgomery County resident is $23,727 a year. The US average is $28,555 a year.
- The Median household income of a Montgomery County resident is $60,666 a year. The US average is $69,021 a year.