Roanoke has the most affordable homes in Virginia.
A new ranking from HomeArea compares local home prices with local incomes to answer this question: “How many years would it take for the median income to pay off the median home price?”
The survey puts Roanoke at the top of the list (up from second last year) with a median score of 3.1. The top five is rounded out by Hampton (3.4), then Portsmouth, Chesapeake, and Lynchburg, all at 3.5.
The survey includes all cities in Virginia with a population of 60,000 or more and that have enough data to estimate the median multiple.
The HomeArea list is just one example of how the Roanoke Region offers the best value of any metro in Virginia. In addition to affordable housing, Roanoke has a cost of living that’s lower than three-fourths of participating locations in the United States.
Annual numbers released in March by the Council for Community and Economic Research rank the Roanoke metro area as 57th lowest cost metro in the nation, with an index of 88.7.
The Cost of Living Index measures regional differences in the cost of consumer goods and services. The composite index is based on six component categories – housing, utilities, grocery items, transportation, health care, and miscellaneous goods and services.