Cost of Living in New Market, VA

With a cost of living index of 76, New Market, VA is a very affordable place to live. Living here is 24% cheaper than the national average and 29% below the Virginia state average of 104. New Market is a small community of 2,159 residents.

Housing costs are the biggest factor in New Market's cost of living. The median monthly rent is $745 (44% below the US median of $1,319), and the median home value sits at $247,400 (19% below the national median of $304,900). At current prices, the median home costs roughly 5.2x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in New Market is $47,967, which is 36% lower than the national median of $75,149. Residents spend roughly 19% 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 Harrisonburg, 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.