Roanoke Region = High Value Living

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?”

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Low Cost of Living? The Roanoke Region’s Got It

cost of living roanoke

When it comes to cost of living, Roanoke offers the best value of any metro in Virginia.
Numbers released by the Council for Community and Economic Research for the first quarter of 2016 rank the Roanoke metro area as 59th lowest cost metro in the nation with costs lower than 77 percent of participating metros. With an index of 89.4, costs in Roanoke are 10.6 percent lower than the national average of 100.
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. This is where the overall ranking comes from.
But how do we know what things cost? Roanoke Regional Partnership staff members collect this data each quarter and submit it to the council so that you can see how our region fits into the larger picture. It is based on more than 90,000 prices covering 60 different items for which prices are collected quarterly by chambers of commerce, economic development organizations, and universities in each participating urban area.

Cost of living information is an important tool for individuals and businesses. It provides a baseline comparison for how far a dollar will go. And in the Roanoke Region your dollar stretches further.
The numbers put Roanoke well below the national average for costs and ahead of similarly sized metro markets in the South such as Richmond (94.4), Asheville (96.1), and Chattanooga (95.0). New York City (Manhattan) ranked highest in cost of living with an index more than twice the national average (227.0), followed by Honolulu, HI in second (192.8). 

Compare costs for yourself with this cost of living analyzer.

Spring Home Sales Strong in Roanoke Region

Roanoke housing market

Roanoke consumers are flexing their muscles as the recovery gains steam, and one place this is quite visible is in the housing market. The latest data from the Roanoke Valley Association of Realtors show that home sales are at levels the region hasn’t seen since before the recession.

Sales of homes in May 2015 surpassed sales of any May since 2006. Sales are up 10.6 percent year over year from May 2014 to May 2015. In May, nearly $100 million in overall residential sales volume was reported averaging just over $207,000 per home sold.

Private sector employment was at its highest level at the end of 2014 since 2007, the Roanoke metro market’s growth in per capita personal income exceeded the national growth rate between 2011 and 2013 (most recent data), and interest rates have remained relatively low.

These factors combined have translated into a healthy home-buying season for Roanoke in the spring.

Want to know more? Learn more about housing options in the Roanoke Region, including median prices and comparisons to other metro areas.