The Best Places To Live 1/5
Arlington, VA
Livability
- Lots of Local Amenities
- Low Crime Rates
- Stable Housing Market
- High Income per Capita
Livability Score Comparison
88 : Arlington
75 : Virginia
70 : USA
A general summary of the cost of living index in Arlington, VA is shown above. Compared to the state average of Virginia the cost of living index in Arlington, VA is 161, which is 49% higher than the average in Virginia and compared to the national average it is 61% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Arlington, VA goods and services come in at 2% lower than the average in Virginia and are 2% lower than compared to the nationwide average.
Did You Know?
- The cost of living in Arlington is 49% higher than the Virginia average.
- The cost of living in Arlington is 61% higher than the national average.
- The cost of housing in Arlington is 196% higher than the national average.
- Virginia general sales tax is 4% higher than the national average.
- Virginia state income tax is 10% lower than the national average.
- The overall crime rate in Arlington is 61% lower than the national average.
- For every 100,000 people, there are 3.05 daily crimes that occur in Arlington.
- Arlington is safer than 76% of the cities in the United States.
- In Arlington you have a 1 in 90 chance of becoming a victim of any crime.
- The number of total year over year crimes in Arlington has decreased by 15%.
- The average school test scores in Arlington are 25% higher than the national average.
- There are approximately 32 public schools in Arlington.
- 92.9% of people in Arlington have completed 8th grade.
- 92.3% of people in Arlington have completed high school.
- 72.0% of people in Arlington have completed a bachelors degree.
- The income per capita in Arlington is 120% higher than the national average.
- The median household income in Arlington is 97% higher than the national average.
- Male median earnings are 41% higher than female median earnings.
- The unemployment rate in Arlington is 52% lower than the national average.
- The poverty level in Arlington is 44% lower than the national average.
- The median home price in Arlington is 239% higher than the national average.
- The median rent asked in Arlington is 96% higher than the national average.
- The average number of people per household in Arlington is 13% lower than the national average.
- The number of owner occupied households in Arlington is 30% lower than the national average.
- The number of renter occupied households in Arlington is 55% higher than the national average.
The above shows an overview of the real estate market in Arlington, VA. Note how the median home price for Arlington, VA runs $594,800, which is 144% higher than the average property price for Virginia. So you’re going to get real estate in Arlington, VA that is on-average less affordable than what you’ll find in the rest of Virginia. As for rent, the median for Arlington, VA runs $1,802, which is comparatively 63% higher than the average rent for Virginia. For Arlington, VA, about 44.8% of the population consist of home owners with about 2.3 people living in each property on average. Whether you’re looking for condos or townhomes that are low-maintenance and affordable or sprawling mansions, Arlington, VA offers a wide variety of real estate. To find your perfect home in Arlington, VA, filter your choice by price, location, and number of beds and baths using the search area above.
When deciding where to purchase Arlington, VA real estate, home affordability is one of the top deciding factors. One way that you can calculate the affordability of your next home is to use this formula: median home price to median household income ratio. In Arlington, VA the median home price is $594,800 and $105,120 is the median household income. As a result, the home price to income ratio in Arlington, VA is 5.7x, which is 51% higher than the Virginia average. In order to determine the home affordability ratio, you would divide the median home price by the median home income. If you find that in Arlington, VA the home price to income ratio is lower than average, that means that in general, housing is more affordable. While there more than just one factor in deciding home affordability, you can use the home affordability calculator below as an additional tool when deciding how much you can and should pay for real estate in Arlington, VA.
When looking for real estate in Arlington, VA, finding one that won’t strain your budget is imperative. That’s when the home affordability calculator comes in handy. It allows you to calculate the cost of a property in Arlington, VA, not only by considering your income, but debts and down payment amounts as well. You can personalize the home affordability calculator even further by adding in additional factors like length of mortgage term, property taxes, home insurance costs, mortgage rate, and HOA dues. The calculator will come up with an estimated cost of home ownership and display an amount that would fit within your budget. Knowing this figure will help you find a home that you can afford in Arlington, VA and keep you from looking at places that are out of financial reach. Therefore, you can avoid disappointment and emotional attachment to homes you would not be able to afford. Additionally, this tool allows you to balance your budget because it also calculates the amount of money left over for savings and other expenses.
If I buy a real estate in Arlington, VA, what can I expect to pay monthly? There are a number of different factors that will go in to determining your monthly cost. While most people understand how significant the overall price of the house goes into determining the payment amount, it’s also important to know that there are a variety of other variables to consider. These includ e things such as property taxes, private mortgage insurance (PMI), home owner’s association dues, interest rate, and how much of a down payment has been made on the house. Understanding these is a great way to reduce overall payment. For example, you can reduce the private mortgage insurance by making a down payment of 20%. The mortgage calculator above will have all of these variables already filled out with default data, but you can customize it to give you a much more accurate reading. Generally speaking, you want to keep your debt to income ratio at about 36% when calculating your monthly house payment, which means paying no more than 36% of your monthly salary towards your housing and other debts.
- The population density in Arlington is 4081% higher than Virginia.
- The median age in Arlington is 10% lower than Virginia.
- In Arlington 71.78% of the population is Caucasian.
- In Arlington 8.34% of the population is African American.
- In Arlington 9.72% of the population is Asian.