Cost of Living in Parksley, VA

With a cost of living index of 78, Parksley, VA is a very affordable place to live. Living here is 22% cheaper than the national average and 26% below the Virginia state average of 104. Parksley is a small community of 782 residents.

Housing costs are the biggest factor in Parksley's cost of living. The median monthly rent is $988 (25% below the US median of $1,319), and the median home value sits at $160,400 (47% below the national median of $304,900). At current prices, the median home costs roughly 2x the median household income — well within traditional affordability guidelines.

The median household income in Parksley is $81,250, which is 8% higher than the national median of $75,149. Residents spend roughly 15% 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.