Cost of Living in Chatham, VA

With a cost of living index of 80, Chatham, VA is a very affordable place to live. Living here is 20% cheaper than the national average and 24% below the Virginia state average of 104. Chatham is a small community of 1,535 residents.

Housing costs are the biggest factor in Chatham's cost of living. The median monthly rent is $1,028 (22% below the US median of $1,319), and the median home value sits at $168,100 (45% below the national median of $304,900). At current prices, the median home costs roughly 3.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in Chatham is $54,485, which is 27% lower than the national median of $75,149. Residents spend roughly 23% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.