The 24219 zip code in Big Stone Gap tops our ranking of the most affordable places to live in Virginia.
We looked at 244 zip codes in the state, evaluating home values, rental costs, energy rates, property taxes, and five other affordability indicators. We used the data we gathered to calculate our proprietary Affordability Score for each zip code.
Top 10 most affordable places to live in Virginia
| Rank | City | Affordability Score | Median home value | Rental costs |
|---|---|---|---|---|
| 1 | Big Stone Gap 🥇 | 100 | $124,547 | $2,062 |
| 2 | South Boston🥈 | 97.2 | $132,738 | $2,062 |
| 3 | Pulaski 🥉 | 95.8 | $158,159 | $2,062 |
| 4 | Covington | 95.6 | $133,895 | $2,062 |
| 5 | Emporia | 90.0 | $137,408 | $2,062 |
| 6 | Galax | 89.3 | $169,596 | $2,062 |
| 7 | Martinsville | 89.2 | $129,285 | $2,062 |
| 8 | Fredericksburg | 87.3 | $390,183 | $1,673 |
| 9 | Marion | 87.0 | $151,870 | $2,062 |
| 10 | Danville | 86.3 | $147,823 | $2,062 |
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1. Big Stone Gap
Here's why the 24219 zip code in Big Stone Gap is Virginia's most affordable place to live.
🔎 Key data about Big Stone Gap
| Data point | Value | Rank (out of 244 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100 | No. 1 | N/A |
| Median home value | $124,547[1] | No. 1 | -$357,878.66 |
| Home affordability ratio | 2.1 | No. 1 | -2.6 |
| Home value five-year change | 35.2%[2] | No. 51 | -4.4% |
| Home value one-year forecast | -1.6%[3] | No. 95 | -0.1% |
| Rental costs | $2,062[4] | No. 110 | $0 |
| Rent affordability ratio | 2.00% | No. 94 | 0.0% |
| Median household income | $58,380[5] | No. 207 | -$44,513 |
| Property taxes | $790[6] | No. 5 | -$2,903 |
| Energy costs | $0.09 kWh[7] | No. 244 | $0.02 |
Big Stone Gap's 24219 zip code is the cheapest place to live in Virginia, leading the 244 markets we evaluated.
The median home value is $124,547, making it the 1st-cheapest housing market in the state. Forecasts project a -1.6% change in home values in the next year. Rent in the zip code averages $2,062 per month, which is the 94th cheapest amount in Virginia.
The median property tax for homeowners in Big Stone Gap is $790 per household, the No. 5 ranked market in Virginia.
Residents pay $0.09 per kWh of electricity, which ranks No. 244 among Virginia markets.
2. South Boston
The 24592 zip code is the 2nd-cheapest place to live in Virginia.
🔎 Key data about South Boston
| Data point | Value | Rank (out of 244 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 97.2 | No. 2 | N/A |
| Median home value | $132,738[8] | No. 4 | -$349,687.81 |
| Home affordability ratio | 2.5 | No. 2 | -2.2 |
| Home value five-year change | 47.2%[9] | No. 159 | 7.6% |
| Home value one-year forecast | -1.5%[10] | No. 104 | 0.0% |
| Rental costs | $2,062[11] | No. 110 | $0 |
| Rent affordability ratio | 2.00% | No. 94 | 0.0% |
| Median household income | $53,036[12] | No. 222 | -$49,857 |
| Property taxes | $720[13] | No. 3 | -$2,973 |
| Energy costs | $0.07 kWh[14] | No. 43 | $0.00 |
South Boston's 24592 zip code has a median home value of $132,738, which is the 104th-cheapest housing market in Virginia. You can rent for an average of $2,062 per month. That's the 110th-cheapest price in the state.
The average household income in the zip code is $53,036, which ranks 222nd-highest in the state.
Homeowners in South Boston pay a median property tax of $720 per year, making it the 3rd-most affordable market in Virginia.
South Boston ranks No. 43 among Virginia energy markets. You'll pay $0.07 per kWh of electricity.
3. Pulaski
The 3rd-cheapest place to live in Virginia is Pulaski's 24301 zip code.
🔎 Key data about Pulaski
| Data point | Value | Rank (out of 244 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.8 | No. 3 | N/A |
| Median home value | $158,159[15] | No. 10 | -$324,267.08 |
| Home affordability ratio | 2.8 | No. 4 | -1.9 |
| Home value five-year change | 31.3%[16] | No. 26 | -8.3% |
| Home value one-year forecast | -0.9%[17] | No. 177 | 0.6% |
| Rental costs | $2,062[18] | No. 110 | $0 |
| Rent affordability ratio | 2.00% | No. 94 | 0.0% |
| Median household income | $56,965[19] | No. 212 | -$45,928 |
| Property taxes | $1,076[20] | No. 19 | -$2,617 |
| Energy costs | $0.07 kWh[21] | No. 1 | $0.00 |
The No. 10 cheapest housing in Virginia is Pulaski's 24301 zip code, with a median home value of $158,159. Rents in the market average $2,062 per month, making it the 110th-most affordable rental market in the state.
The median property tax for households in Pulaski is $1,076, which makes it the 19th-cheapest place in Virginia. Pulaski ranks No. 1 among Virginia markets by energy costs. Residents pay $0.07 per kWh of electricity.
4. Covington
The 24426 zip code in Covington comes in at No. 4 on our list of the cheapest places to live in Virginia.
🔎 Key data about Covington
| Data point | Value | Rank (out of 244 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.6 | No. 4 | N/A |
| Median home value | $133,895[22] | No. 5 | -$348,530.69 |
| Home affordability ratio | 2.6 | No. 3 | -2.1 |
| Home value five-year change | 52.7%[23] | No. 189 | 13.1% |
| Home value one-year forecast | -1.5%[24] | No. 104 | 0.0% |
| Rental costs | $2,062[25] | No. 110 | $0 |
| Rent affordability ratio | 2.00% | No. 94 | 0.0% |
| Median household income | $51,686[26] | No. 225 | -$51,207 |
| Property taxes | $893[27] | No. 12 | -$2,800 |
| Energy costs | $0.07 kWh[28] | No. 43 | $0.00 |
The No. 5 cheapest housing market in Virginia is Covington's 24426 zip code, where the median home value is $133,895. Renters here pay an average of $2,062 per month.
When it comes to energy costs, Covington ranks 43rd among Virginia markets. Residents pay $0.07 per kWh of electricity.
The median property tax for households in the zip code is $893, which makes it the 12th-cheapest market in Virginia.
5. Emporia
The 23847 zip code in Emporia ranks No. 5 among Virginia's most affordable places to live.
🔎 Key data about Emporia
| Data point | Value | Rank (out of 244 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 90.0 | No. 5 | N/A |
| Median home value | $137,408[29] | No. 6 | -$345,017.24 |
| Home affordability ratio | 3.1 | No. 7 | -1.6 |
| Home value five-year change | 71.8%[30] | No. 236 | 32.3% |
| Home value one-year forecast | -1.5%[31] | No. 104 | 0.0% |
| Rental costs | $2,062[32] | No. 110 | $0 |
| Rent affordability ratio | 2.00% | No. 94 | 0.0% |
| Median household income | $43,840[33] | No. 236 | -$59,053 |
| Property taxes | $834[34] | No. 8 | -$2,859 |
| Energy costs | $0.07 kWh[35] | No. 43 | $0.00 |
Emporia's 23847 zip code has a median home value of $137,408, the 6th-cheapest market in the state. Forecasts project a -1.5% change in home values in the next year.
The median property tax per household in Emporia is $834. It's the 8th-cheapest market by tax rate in Virginia.
6. Galax
The No. 6 most affordable place to live in Virginia is the 24333 zip code.
🔎 Key data about Galax
| Data point | Value | Rank (out of 244 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 89.3 | No. 6 | N/A |
| Median home value | $169,596[36] | No. 11 | -$312,829.66 |
| Home affordability ratio | 3.4 | No. 10 | -1.3 |
| Home value five-year change | 49.6%[37] | No. 174 | 10.1% |
| Home value one-year forecast | -1.5%[38] | No. 104 | 0.0% |
| Rental costs | $2,062[39] | No. 110 | $0 |
| Rent affordability ratio | 2.00% | No. 94 | 0.0% |
| Median household income | $50,374[40] | No. 227 | -$52,519 |
| Property taxes | $826[41] | No. 6 | -$2,867 |
| Energy costs | $0.07 kWh[42] | No. 1 | $0.00 |
The back half of our top 10 kicks off with Galax's 24333 zip code, which has the 11th-cheapest home values in Virginia. The median home value is $169,596. Rents average $2,062 per month, making it the 110th-most affordable rental market in the state.
Residents pay $0.07 per kWh of electricity. It's the 1st-cheapest energy market.
7. Martinsville
Martinsville's 24112 zip code is the 7th-cheapest place to live in Virginia.
🔎 Key data about Martinsville
| Data point | Value | Rank (out of 244 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 89.2 | No. 7 | N/A |
| Median home value | $129,285[43] | No. 2 | -$353,141.02 |
| Home affordability ratio | 3.1 | No. 5 | -1.6 |
| Home value five-year change | 66.2%[44] | No. 229 | 26.6% |
| Home value one-year forecast | 0.0%[45] | No. 228 | 1.5% |
| Rental costs | $2,062[46] | No. 110 | $0 |
| Rent affordability ratio | 2.00% | No. 94 | 0.0% |
| Median household income | $42,349[47] | No. 240 | -$60,544 |
| Property taxes | $641[48] | No. 2 | -$3,052 |
| Energy costs | $0.07 kWh[49] | No. 1 | $0.00 |
You'll find the 2nd-cheapest home values in Virginia in Martinsville's 24112 zip code. The median value: $129,285. Renters in Martinsville pay an average of $2,062 per month.
Homeowners in Martinsville pay a median property tax of $641 per year, which is Virginia's 2nd-most affordable market.
The average household income is $42,349, which ranks 240th-highest in the state.
8. Fredericksburg
The 8th-cheapest place to live in Virginia is Fredericksburg's 22553 zip code.
🔎 Key data about Fredericksburg
| Data point | Value | Rank (out of 244 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 87.3 | No. 8 | N/A |
| Median home value | $390,183[50] | No. 114 | -$92,242.98 |
| Home affordability ratio | 3.3 | No. 9 | -1.4 |
| Home value five-year change | 7.5%[51] | No. 3 | -32.1% |
| Home value one-year forecast | -1.4%[52] | No. 133 | 0.1% |
| Rental costs | $1,673[53] | No. 51 | -$388 |
| Rent affordability ratio | 1.43% | No. 12 | -0.6% |
| Median household income | $117,195[54] | No. 73 | $14,302 |
| Property taxes | $2,460[55] | No. 108 | -$1,233 |
| Energy costs | $0.07 kWh[56] | No. 43 | $0.00 |
The 114th-cheapest housing market in Virginia is Fredericksburg's 22553 zip code, with a median home value of $390,183. Renters pay an average of $1,673 per month, the No. 51 rental market in the state.
The median property tax for households in Fredericksburg is $2,460, which makes it the 108th-cheapest place in Virginia. The average household income of $117,195 ranks 73rd.
9. Marion
Marion's 24354 zip code sneaks into the top ten of Virginia's most affordable places to live.
🔎 Key data about Marion
| Data point | Value | Rank (out of 244 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 87.0 | No. 9 | N/A |
| Median home value | $151,870[57] | No. 9 | -$330,555.51 |
| Home affordability ratio | 3.7 | No. 22 | -1.0 |
| Home value five-year change | 47.1%[58] | No. 158 | 7.5% |
| Home value one-year forecast | -1.5%[59] | No. 104 | 0.0% |
| Rental costs | $2,062[60] | No. 110 | $0 |
| Rent affordability ratio | 2.00% | No. 94 | 0.0% |
| Median household income | $41,091[61] | No. 241 | -$61,802 |
| Property taxes | $859[62] | No. 10 | -$2,834 |
| Energy costs | $0.07 kWh[63] | No. 1 | $0.00 |
The 9th-cheapest housing market in Virginia is Marion's 24354 zip code, where the median home value is $151,870. Renters pay an average of $2,062 per month. It's the state's 110th-cheapest rental market.
The median property tax for households within the zip code is $859, which makes it the 10th-cheapest property tax rate in Virginia.
10. Danville
The final spot on our list of the most affordable places to live in Virginia goes to the 24541 zip code in Danville.
🔎 Key data about Danville
| Data point | Value | Rank (out of 244 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 86.3 | No. 10 | N/A |
| Median home value | $147,823[64] | No. 8 | -$334,603.08 |
| Home affordability ratio | 3.1 | No. 6 | -1.6 |
| Home value five-year change | 74.2%[65] | No. 238 | 34.6% |
| Home value one-year forecast | 0.9%[66] | No. 244 | 2.4% |
| Rental costs | $2,062[67] | No. 110 | $0 |
| Rent affordability ratio | 2.00% | No. 94 | 0.0% |
| Median household income | $47,587[68] | No. 230 | -$55,306 |
| Property taxes | $855[69] | No. 9 | -$2,838 |
| Energy costs | $0.07 kWh[70] | No. 1 | $0.00 |
The 8th-most affordable market in Virginia is Danville's 24541 zip code. The median home value is $147,823. Rent in the market costs $2,062 per month on average, making it the 110th-most affordable rental market in Virginia.
The median property tax for households in Danville is $855, which is the 9th-cheapest property tax rate in the state.
Danville ranks No. 1 among Virginia markets by energy costs, with households paying $0.07 per kWh of electricity.
How we ranked the most affordable places in Virginia
We evaluated 244 zip codes in Virginia with a population over 10,000 on nine metrics. We then assigned each market an Affordability Score based on its weighted and combined rankings.
Often the zip code we identify will represent an entire city or portion of a city.
Occasionally the zip code we identify will encompass an area that includes one or more small towns. In these cases, the data we’ve gathered applies to the entire zip code, not just the single town we’re using to help identify the zip code's location.
If you’re looking to move to one of these affordable places, we recommend doing additional research to make sure the costs in the area — and the quality of life it offers — meet your specific needs.
Methodology: What is an Affordability Score?
Our proprietary Affordability Score is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the affordability of a particular zip code. It takes into account these key data points for each zip code.
- Median home value: The median home value for each zip code comes from the Zillow Home Value Index. The lower the median home value relative to the median value in Virginia, the higher our score on this component. We assign a weight of 23.8% to median home value.
- Home affordability ratio. The home affordability ratio is the typical median home value divided by the median household income in the zip code, which reveals the number of years of household income needed to afford a home in that zip code. A lower ratio is better because it means more households can afford a home. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 23.8% to the home affordability ratio.
- Home value five-year change: The home value five-year change is the amount that the median home value in the zip code has risen or fallen during the last five years. Our data comes from the Zillow Home Value Index. We assign a weight of 4.8% to the home value five-year change.
- Home value one-year forecast: The home value one-year forecast comes from Zillow Forecast data. It projects how much home values in the zip code are forecasted to change in the next year. We assign a weight of 4.8% to the home value one-year forecast.
- Rental costs. The rental costs are the observed rents in the zip code, sourced from the Zillow Observed Rent Index. The index includes "listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region." We assign a weight of 11.9% to rental costs.
- Median household income: The inflation-adjusted median household income figures for the zip code comes from the U.S. Census American Community Survey. We assign a weight of 4.8% to median household income.
- Rent affordability ratio. The rent affordability ratio is the ratio of rental costs divided by median household income, which provides the percentage of household income needed to pay a typical month’s rent in the zip code. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 11.9% to the rent affordability ratio.
- Property taxes: The property tax figures are the median real estate taxes paid in the zip code, sourced from the U.S. Census American Community Survey. The lower the property tax rate relative to the Virginia average, the higher our score on this component. We assign a weight of 7.1% to property taxes.
- Energy costs: The energy costs are the costs of a kilowatt hour (kWh) of residential electricity in the zip code, sourced from the U.S. Department of Energy. The lower the cost of electricity relative to the Virginia average, the higher our score on this component. We assign a weight of 7.1% to energy costs.
