The average cost of living in Virginia is about 7-8% lower than the average cost of living in the other states of America. The average household income is about $50,500. The average cost of new apartments is about $176,500. Houses are also available at rent and the annual rentals are about 4-5% of the market value of the house. Lower and middle income groups find cost of living in Virginia comparatively cheaper with respect to other American states.