Lower Cost of Living in the Roanoke Region

The cost of living in the Roanoke Region is 8.5% lower than the national average and the second lowest of any metropolitan area in Virginia, according to the Council for Community and Economic Research. The first quarter 2011 cost of living index ranks Roanoke 83rd out of 312 metro areas, meaning that the cost of living here is less than 70% of the nation's metros. "Our comparative costs are the lowest they have been in three years," says John Hull, research director of the Roanoke Regional Partnership. "When coupled with the region's numerous amenities, such as outdoor recreation, strong education and healthcare systems, and a business-friendly environment, our region really does offer the complete package as a great place to live and work." The Region's lower cost of living can be attributed, in part, to lower housing and food costs. "Housing costs are a large part of the index, roughly 30%, and a huge cost advantage because the Roanoke Region's housing prices are 11.1% lower than the rest of the nation's," Beth Doughty, Partnership Executive Director, explains. "This competitive housing cost can't be attributed to lower home prices that resulted from the nationwide foreclosure crisis, either, as Roanoke ranks in the top 25% of metro areas for having the lowest foreclosure rates according to www.foreclosure-response.org." The Roanoke Region's lower grocery index is attributable to logistics, specifically proximity to Interstate 81. Check out the Roanoke Region's cost-of-living calculator , to see how far your money goes in the Roanoke Region vs. other metro areas across the country. (A great tool for your out of town buyers.)