Cost of Living in Pennington Gap, VA

With a cost of living index of 66, Pennington Gap, VA is one of the most affordable cities in the country. Living here is 34% cheaper than the national average and 38% below the Virginia state average of 104. Pennington Gap is a small community of 2,020 residents.

Housing costs are the biggest factor in Pennington Gap's cost of living. The median monthly rent is $790 (40% below the US median of $1,319), and the median home value sits at $86,900 (71% 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 Pennington Gap is $22,857, which is 70% lower than the national median of $75,149. Residents spend roughly 41% of household income on rent. This is well above the 30% affordability threshold, indicating a significant housing cost burden for many residents. 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.