Cost of Living in Fair Lakes, VA

Follow
F
53%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
159%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Fair Lakes Virginia National
Cost of living153109100
Goods & Services108100100
Groceries114101100
Health care11299100
Housing259130100
Transportation10095100
Utilities101104100
New Real Estate Listings in Fair Lakes Area
Search
Search Homes for Sale in Fair Lakes, VA
See How Much House You Can Afford. Get Pre-Approved Today

Cost Of Living Quick Facts

  • The cost of living in Fair Lakes is 40% higher than the Virginia average
  • The cost of living in Fair Lakes is 53% higher than the national average
  • Fair Lakes housing is 159% higher than the national average
  • Virginia general sales tax is 4% higher than the national average
  • Virginia state income tax is 11% lower than the national average

Most Affordable Places to Live in and Around Fair Lakes

See all the best places to live around Fair Lakes

Compare Fair Lakes, VA Cost of Living

      vs
      How would you rate the cost of living in Fair Lakes?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Fair Lakes?
      Write a review to give others more information about this area.
      See all Fair Lakes poll results

      The best places in Virginia

      Here are the best places to live in VirginiaThese are the 10 most affordable cities in VirginiaTop 10 cities in Virginia with the best education systemSee the best places to live in & around Fair Lakes

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$131,500$10,958$3,068$3,945
      Renters$92,572$7,714$2,160$2,777
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Fair Lakes, VA, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Fair Lakes, homeowners have a median income of $131,500. Using that number, a maximum of $3,068 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $92,572, which means there is a maximum of $2,160 to be spent on the costs of renting a home or apartment.

      Virginia Sales Tax

      State General Sales Tax With Max Surtax
      Virginia 5.3% 6%

      Virginia Income Tax

      State Income Tax (Low) Income Tax (High)
      Virginia 2% 5.75%

      Goods & Services

      Item Fair Lakes National avg. Difference
      Haircut $18.62$24.2623.3%
      Beauty Salon $35.20$45.5622.7%
      Toothpaste $3.73$3.700.7%
      Shampoo $1.22$1.285.0%
      Movie $11.20$12.137.7%
      Bowling $19.22$18.006.8%

      Groceries

      Item Fair Lakes National avg. Difference
      Ground Beef $5.49$5.846.0%
      Fried Chicken $1.37$1.5713.0%
      Milk $4.73$4.671.3%
      Potatoes $4.76$4.933.5%
      Pizza $12.47$12.093.2%
      Beer $10.83$10.414.1%

      Health Care

      Item Fair Lakes National avg. Difference
      Optometrist $109.25$125.6813.1%
      Doctor $94.10$135.7830.7%
      Dentist $109.57$113.293.3%
      Ibuprofen $10.51$10.651.3%
      Lipitor $487.97$468.604.1%

      Housing

      Item Fair Lakes National avg. Difference
      Home Price $519,300.00$184,700.00181.2%
      Avg. Mortgage Payment $1,870.08$2,346.6920.3%
      Apartment Rent $1,976.00$949.00108.2%

      Transportation

      Item Fair Lakes National avg. Difference
      Gasoline $3.29$3.464.9%
      Tire Balancing $62.25$59.923.9%

      Utilities

      Item Fair Lakes National avg. Difference
      All Electricity $248.70$193.9928.2%
      Phone $185.37$192.253.6%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Catlett, VA541077.0%
      Woodlawn CDP (Carroll County), VA2,247945.9%
      Wakefield town, VA810954.6%
      Marumsco, VA38,81511615.8%
      Woodlawn, VA22,62012020.5%
      Fair Lakes, VA8,39815352.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Kalifornsky, AK8,39512323.0%
      Harwood Heights, IL8,39311414.1%
      Beaver Falls, PA8,3938514.8%
      Kennedale, TX8,3931087.9%
      Salem, UT8,40312322.8%
      Fair Lakes, VA8,39815352.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
      General
      For Professionals
      Follow Us
      AV on Twitter AV on Facebook
      © AreaVibes Inc. 2010-2024