Chincoteague, VA vs University of Virginia, VA

Chincoteague is moderately more affordable than University of Virginia, with a 14.3% lower cost of living index. Chincoteague scores 95 compared to 111 for University of Virginia, where the US average is 100. This difference means residents of University of Virginia can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Chincoteague is $1,102/month compared to $1,385/month in University of Virginia — a 20% difference. Home values follow the same pattern: Chincoteague is more affordable at $329,200 median vs $422,200.

Median household income in Chincoteague is $62,292 compared to $44,635 in University of Virginia (+39.6%). Chincoteague offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Chincoteague spend roughly 21.2% of their income on rent, less than the 37.2% in University of Virginia. The Chincoteague ratio exceeds the commonly recommended 30% threshold, which can put pressure on household budgets.