Cost of Living in Boones Mill, VA

With a cost of living index of 75, Boones Mill, VA is a very affordable place to live. Living here is 25% cheaper than the national average and 29% below the Virginia state average of 104. Boones Mill is a small community of 224 residents.

Housing costs are the biggest factor in Boones Mill's cost of living. The median monthly rent is $929 (30% below the US median of $1,319), and the median home value sits at $186,300 (39% below the national median of $304,900). At current prices, the median home costs roughly 2.5x the median household income — well within traditional affordability guidelines.

The median household income in Boones Mill is $74,625, which is 1% lower than the national median of $75,149. Residents spend roughly 15% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Roanoke, VA (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.