Cost of Living in Chincoteague, VA

With a cost of living index of 95, Chincoteague, VA is slightly more affordable than average. Living here is 5% cheaper than the national average and 9% below the Virginia state average of 104. Chincoteague is a small community of 3,300 residents.

Housing costs are the biggest factor in Chincoteague's cost of living. The median monthly rent is $1,102 (16% below the US median of $1,319), and the median home value sits at $329,200 (8% above the national median of $304,900). At current prices, the median home costs roughly 5.3x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Chincoteague is $62,292, which is 17% lower than the national median of $75,149. Residents spend roughly 21% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

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.