Cost of Living in University of Virginia, VA

With a cost of living index of 111, University of Virginia, VA is somewhat more expensive than average. Living here is 11% more expensive than the national average and 7% above the Virginia state average of 104. University of Virginia is a smaller community of 9,159 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in University of Virginia's cost of living. The median monthly rent is $1,385 (5% above the US median of $1,319), and the median home value sits at $422,200 (38% above the national median of $304,900). At current prices, the median home costs roughly 9.5x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in University of Virginia is $44,635, which is 41% lower than the national median of $75,149. Residents spend roughly 37% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened.

Climate is another factor for anyone considering a move to University of Virginia. The area sees an average annual temperature of 56.3°F, with summers averaging 74°F and winters around 38°F. Annual rainfall totals 48.2 inches spread over roughly 120 days.

Everyday prices in the Charlottesville, 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.