Ferrum Named Most Affordable Small Town in Virginia
One of the most attractive attributes of the Roanoke Region as a place to live or do business is the high quality of life the region affords its residents. Access to the outdoors, social programs, and tight-knit communities contribute to this high quality of life, but at its core is something that resonates with everyone: low costs.
The Roanoke Region has both a low cost of living and a low cost of doing business, making it attractive to a wide range of people and industry and one town in the region is being recognized specifically for its low costs.
Business Insider ranked the most affordable small town in every state and Franklin County’s Ferrum took home the top spot for Virginia.Â
Business Insider based its rankings on average housing costs in towns with populations between 1,000 and 10,000 whose households spend no more than 30 percent of their annual income on housing costs. They looked at three housing types – owned houses with a mortgage, owned houses without a mortgage, and rentals.Â
Here is what Business Insider said about Ferrum, Virginia, where “94.2 percent of homes are affordable”:
“Ferrum is also home to its own college:Ferrum College. It was named one of US News’ best regional colleges in the south this year, and it encourages students to engage with the town as much as they do on campus, especially in outdoor activities. Ferrum is in the foothills of the Blue Ridge Mountains, so hiking and rock climbing is a short ride away.” Â