Cost of Living in Montrose, VA

With a cost of living index of 87, Montrose, VA is a very affordable place to live. Living here is 13% cheaper than the national average and 18% below the Virginia state average of 104. Montrose is a smaller community of 8,624 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Montrose's cost of living. The median monthly rent is $1,260 (4% below the US median of $1,319), and the median home value sits at $170,000 (44% below the national median of $304,900). At current prices, the median home costs roughly 3.8x the median household income — a moderately affordable ratio by today's standards.

The median household income in Montrose is $45,063, which is 40% lower than the national median of $75,149. Residents spend roughly 34% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Everyday prices in the Richmond, 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.