The cost of living in Fairfax VA is similar to the national average. Rent prices and healthcare expenses are below the national average. Electricity rates are lower than the national average. You can expect to pay less than $12,000 per month for gas, electricity, and water. The cost of living index is based on the surrounding cities. Here are some key factors to consider when comparing costs in Fairfax to other cities try it now>>. And be sure to check out the real estate market before relocating.
Healthcare costs are below the national average
The median age for the Fairfax, VA area was 38.4 years as of 2019. The median age of native-born residents was 33 years, while the median age of foreign-born residents was 46 years. While the median age for all Fairfax residents is below the national average, some residents may not qualify for the lowest monthly rate. In addition, some people may not be able to afford the highest monthly rates, but they can afford the higher out-of-pocket costs of a Silver plan.
The average monthly cost for a health insurance plan in Virginia is below the national average. A 40-year-old resident will pay $446 in 2021 for health insurance, which is about 4% lower than the national average. Premiums for Bronze, Expanded Bronze, and Platinum plans are higher, adding $15 or 16 per month. However, if you want to have the best healthcare possible, it will be worth it to look for a higher-quality health plan.
The median annual premium for a family of four in Fairfax is $5,509 for a single adult without children. However, for a family of four, the average monthly premium is $15,012 – a substantial savings compared to the national average. Fortunately, there are plenty of dining options, as well. Even if you don't live in Fairfax, Va., you can still enjoy a cheap monthly premium.
Rent prices are similar to Fairfax's
While the cost of housing in Fairfax is higher than the national average, the average cost of living in this city is lower. Fairfax's high median income helps offset this higher cost, but it is important to remember that rent prices are comparable to the cost of living in surrounding suburbs. Below is an overview of Fairfax's rental market and other suburbs nearby. You may find your perfect rental property in Fairfax.
Home prices in the Fairfax city area are higher than the state average, with a median price of $550,000. In comparison, the median rent in Richmond is only $2,066. Home prices in Fairfax are expected to rise by another 6% over the next year, making it one of the most expensive cities in the nation. However, the median home price in Richmond is just $210,000, making it 61 percent less expensive.
The cost of living in Fairfax is higher than the national average, so you should look into your salary to decide if you can comfortably afford the area. You can use the 28% rule to determine your budget, which states that your monthly housing costs should be no more than 28% of your gross income. You should also spend at least 30% of your net income on wants and 20% on savings. You can use these guidelines to determine whether you can afford Fairfax.
Electricity rates are below the national average
Dominion Energy, the owner of the electric company in Fairfax, has been targeted by political action group Clean Virginia, which claims that its customers are paying excess rates of $254 a year. The group is calling this the "Dominion Tax." It has released a study on Monday, that attempts to quantify the costs of electricity that go beyond production and delivery. The study blames outdated regulatory structures, weak campaign finance and ethics laws, and weak consumer protections as contributing to high electric bills.
Rent in Fairfax is higher than the national average. A studio apartment costs an average of $982 compared to $821 in the rest of the country. A one-bedroom apartment costs an average of $1,030. Despite the higher rent, utilities in Fairfax are below the national average. Electricity rates are lower than the national average, but it is still a better investment than a condo or a high-rise apartment.
The average electricity bill for a Fairfax, Va. home is $138 a month and $14,600 a year. That's 12 percent less than the national average. And while the average household uses 13,284 kWh of electricity per month, electricity rates in Fairfax are significantly lower than the national average. So, by choosing to install solar power in your home, you'll be saving money every month.