Cost of Living in Hallwood, VA

With a cost of living index of 75, Hallwood, 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. Hallwood is a small community of 156 residents.

Housing costs are the biggest factor in Hallwood's cost of living. The median monthly rent is $1,075 (18% below the US median of $1,319), and the median home value sits at $96,900 (68% below the national median of $304,900). At current prices, the median home costs roughly 1.7x the median household income — well within traditional affordability guidelines.

The median household income in Hallwood is $55,417, which is 26% 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.