Cost of Living in Roanoke, Virginia

Nestled in the Roanoke Valley, Roanoke is the Star City of the South. Thanks to its proximity to the trails and summits of the Blue Ridge Mountains, it’s a popular spot for outdoor enthusiasts. Home to numerous museums, parks, annual festivals, and a minor league baseball team, Roanoke truly has something for everyone. Although this small city has fewer than 100,000 residents, it’s the largest city in Southwest Virginia and the state’s largest municipality west of Richmond. 

The Roanoke metropolitan area, which includes neighboring counties like Craig and Franklin, is home to about 310,000 people. Even though it’s a major city in the Southwestern Virginia region, Roanoke still has a relatively low cost of living. The city’s cost of living index is 84.1, compared to the national average of 100, which means there are plenty of cheap places to live in Roanoke.

How expensive is an apartment in Roanoke?

You might be surprised to learn just how affordable rent is in Roanoke. Almost 90% of apartments are priced between $500 and $1,500 per month. Less than 10% of apartments rent between $1,500 and $2,500 per month and the remaining few cost under $500 or over $2,500 per month.

Living in Roanoke is significantly more affordable than in other major cities in Virginia. Across the state, the cost of living index is 103.7, which is much higher than Roanoke’s (84.1). Also, the cost of living index is 101.4 in Virginia Beach and 93.8 in Richmond.

To help you better understand how much it costs to live in the Roanoke metro area, we’ve broken down some of the common costs:

• The cost of housing index in Roanoke is 68.7. For comparison, the statewide index is 111.8, while it’s 87 in Richmond and 101.8 in Virginia Beach
• The cost of utility index in Roanoke is 98.2. For comparison, the statewide index is 99.3, while it’s 97.8 in Virginia Beach and 101.2 in Richmond.
• The cost of transportation index in Roanoke is 77. For comparison, the statewide index is 99.4, while it’s 86.9 in Richmond and 98.9 in Virginia Beach.

Even though the Star City of the South continues to grow, its cost of living has lowered slightly in recent years. The average price of rent has decreased by about 6% year-over-year. That makes Roanoke more affordable than it was in previous years and a strong contender for a cheap place to live in the long term.

How do I find cheap apartments in Roanoke?

The average rent in Roanoke is lower than average, but you’ll still encounter a wide range of pricing throughout the city. One of the biggest factors that affect rental rates is the size of the unit. Naturally, smaller apartments tend to be cheaper than larger accommodation. For example, on average:

• Studio apartments in Roanoke cost $725 per month
• One-bedroom units cost about $795 per month
• Two-bedroom apartments are priced at $900 per month
• Three-bedroom units in Roanoke go for $1,098 per month
• Four-bedroom apartments cost around $1,273 per month

Renting a smaller apartment can be a good way to keep your costs in check in Roanoke. However, it’s far from the only way to find an affordable place to live here. Keep these tips in mind as you search for an affordable apartment:

• Identify apartments without frills: In Roanoke, some larger apartment complexes include extra features like gyms, pools, or community gathering spaces. These conveniences typically add to the overall cost of rent and may even total hundreds of dollars a month. You can save by looking for a living space that doesn’t offer these luxuries, such as a single-family home.
• Know your neighborhoods: Roanoke has nearly 50 distinct neighborhoods, and some tend to be more expensive than others. In most cases, housing in central neighborhoods in the heart of the city costs more than in some of Roanoke’s suburban areas. However, some of Roanoke’s other expensive areas might surprise you. For example, Wasena and Mecca Gardens, somewhat on the outskirts, tend to have some of the highest rates in town and are worth avoiding if you want to save money.
• Calculate your costs: Rent might constitute the largest part of your living expenses, but it’s certainly not the only contributing factor. Before you decide on a place to live, consider how much utilities and other essentials cost. Naturally, these costs can differ based on the size of the space and the number of extras you add.

What is the cheapest rent in Roanoke?

The average rental rates in Roanoke are smaller than they are in many other cities, and pricing doesn’t decrease substantially outside the city limits. However, some parts of town are cheaper than others. These Roanoke neighborhoods tend to have the lowest rent and the most affordable apartments:

• West End, which typically has the cheapest studio apartments.
• Williamson Road and South Roanoke, where you can find the cheapest one-bedroom units.
• Belmont and Hurt Park, where you can rent the cheapest two-bedroom apartments.
• Melrose-Rugby and Washington Heights, which have the lowest rental rates for three-bedroom units.

Whether you’re moving to the area from out of state or you already live in the local area, pinpointing the cost of living in Roanoke, VA, can make budgeting easier. Get started with your Roanoke apartment search, and find a great place to live that works with your budget.