The city of Fairfax comprises the county seat of Fairfax County and it is situated in Northern Virginia. Although the city of Fairfax is located within the borders of Fairfax county, it is an independent city that is part of the Washington-Arlington-Alexandria metropolitan area. In 2009, according to Forbes magazine, living in Fairfax city was a luxury, which placed it in the top 3 most desirable places to live.
The highly commended public school system, high median salary and it’s cultural amenities make this small city a very desirable place to live amongst many. Because of its great quality of life and high standards, the cost of living is just as high. If you are wondering what is the cost of living in Fairfax VA, here are some details about this matter.
Costs of living in Fairfax city are around 40% higher than the average of the state. Home prices in Northern Virginia are exorbitant and statistics show that they will continue to rise in the next year. In Fairfax city, we see a similar tendency and out of all the expenses, housing stands at the top of the list.
Median home cost stand at $550,000 and the average rent price stands at around $2,000. Through comparison, Richmond has a median home cost of $210,000, which is 61% cheaper than Fairfax.
The most affordable neighborhoods in Fairfax are Birch Pond, Camberley East and Camberley West where the average rent goes for $1,821/month. On the other hand, the most expensive neighborhoods are Windsor Gate, Windsor Mews and Windy Hill with an average rent cost of $1,984.
This small city generates a lot of interest amongst home buyers and homes listed for sale are not enough to put up with the demand. This will increase the values for homes even more in the upcoming year. If you consider buying a property in Fairfax make sure you find the best realtors in Fairfax VA in order to get your hands on the best-valued properties.
When it comes to goods and services, the costs here are about 14% higher than the state average. Here we can see that both transportation, food and groceries have a high price index that increases the average cost.
For example, a family with two adults and two children would have to earn a monthly amount of $9,000 to cover all the expenses, and here we include housing, food, child care, transportation, health care, taxes, and other necessities.
Because housing is so highly-priced, but there are many job opportunities in the area people end up doing really long commutes to and from work. This is also important because public transportation doesn’t come cheap in Fairfax. Parking lots, metro and train commutes are no bargain, but some might prefer these options since commuting with your own car means getting stuck in the busy traffic of Fairfax.