Cost of Living in Ferrum, VA

With a cost of living index of 69, Ferrum, VA is one of the most affordable cities in the country. Living here is 31% cheaper than the national average and 36% below the Virginia state average of 104. Ferrum is a small community of 1,622 residents.

Housing costs are the biggest factor in Ferrum's cost of living. The median monthly rent is $662 (50% below the US median of $1,319), and the median home value sits at $202,500 (34% below the national median of $304,900). At current prices, the median home costs roughly 6.4x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Ferrum is $31,750, which is 58% lower than the national median of $75,149. Residents spend roughly 25% 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.

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.