Forecasting the 2023 Cost of Living for a Virginia Family of Four with Working Parents

The Cost of Living for a Family of Four in Virginia


When it comes to the cost of living for a family of four in Virginia, there are several factors to consider. The overall cost of living varies depending on the location within the state, the size of your family, and your lifestyle preferences.

Scenic Beauty and Affordability

Virginia is a popular destination for many families due to its scenic beauty, rich history, and a favorable business and economic climate. The state is famous for its beaches, mountains, and vibrant cities, offering a diverse range of lifestyles that caters to everyone’s needs.

For a family with both working parents and two children, the cost of living can be reasonably manageable when compared to many other states in the country. The average cost of living in Virginia is about 6% lower than the national average for a family of four, making it an attractive location for families looking for a reasonable cost of living.

Housing Expenses

Housing is a significant expense for families, and the cost of rent and mortgages in Virginia varies depending on the location. If you live in a major city like Richmond, the cost of housing will typically be higher than it would be in more rural areas. The average rental for a three-bedroom house in Virginia is roughly $1,315 per month. However, the cost of purchasing a home in Virginia is relatively lower than in other coastal states. The median home value in Virginia is $268,509, well below the national average.

Transportation and Other Costs

Transportation expenses in Virginia are reasonable, with the average cost of fuel being lower than the national average. Commuting costs are likely to be higher for families who live in urban areas, and costs for tolls and public transportation can add up quickly.

Food and healthcare costs in Virginia are close to the national average, with both items costing about 1% higher than the national average. Education is a significant expense for families with school-aged children. Still, Virginia is known for having some of the best public schools in the country, which helps reduce educational expenses.

High-Paying Occupations

The state of Virginia is home to a diverse range of occupations and industries, offering a variety of career opportunities for residents. According to recent salary data, management occupations are some of the highest-paying in Virginia, with an average salary of $145,288 per year.

Marketing managers, in particular, have a high average annual salary of $171,017.60, making it a lucrative field to pursue in Virginia. Another high-paying field in Virginia is computer and information systems management, with an average annual salary of $183,040. Financial manager positions also have a high average salary of $180,003.20, making it a sought-after profession in the state.


While these high-paying occupations offer attractive salaries, it’s important to consider the cost of living in Virginia. The state’s cost of living is slightly higher than the national average, meaning that residents may need to factor in higher expenses for housing, transportation, and other necessities.

Despite this, living in Virginia can be a rewarding experience, with a strong job market and great quality of life. The state boasts a rich cultural scene, with plenty of museums, historical landmarks, and entertainment options to explore. Additionally, the state’s natural beauty, including the Blue Ridge Mountains, Chesapeake Bay, and more, offer endless opportunities for outdoor recreation and exploration.

While there are many high-paying occupations in Virginia, it’s important to weigh the potential salary against the cost of living. However, for those willing to put in the effort and pursue a lucrative career, Virginia offers many opportunities for success and fulfillment.


The cost of living in Virginia can be reasonably manageable for families with both working parents and two kids. The state offers affordability, a diverse range of lifestyle options, and an excellent educational system. The scenic beauty, rich history, and outdoor recreational opportunities make the state an excellent location for families looking to make a home in Virginia.

This content was created by Our team derives unique insights by analyzing contemporary data from trusted sources such as the Bureau of Labor Statistics, Redfin, MIT Living Wage, among others. Should you choose to utilize this data, we kindly request that you provide a link back to our resource.