Virginia (VA) · State tax: 5.75% · Property tax: 0.80% · Median home (ZHVI): $385,000
As of · Sources: Zillow ZHVI, Tax Foundation, Census ACS, Freddie Mac PMMS
Your savings rate — the percentage of gross income you save — is the most important factor in building wealth. In Virginia, the 5.75% state income tax reduces your gross-to-net income conversion, making a 20% gross savings rate more challenging. On a $80,000 salary, after federal, state, and FICA taxes, you might net around $53,000, meaning a 20% gross savings target ($16,000/year) represents about 30% of net pay. The cost of living index of 101.3 determines your expense floor — moderate living costs give you more room to save aggressively. Target at least 20% for financial independence, adjusting for Virginia's specific cost profile.
Median income + cost-of-living scale the savings rate for the savings rate calculator in Virginia. Every row cites a primary public dataset. Numbers reflect the most recent vintage available; refresh cadence is documented in the methodology.
The Savings Rate Calculator runs a well-known formula (principal × rate, discounted cash flow, amortization, or equivalent) client-side and layers on Virginia's tax and cost-of-living inputs. State-specific numbers — brackets, exemptions, and averages — come from public federal / state datasets cited in the sources section.
Same formula, different inputs. Each city name links to its own pSEO page where the calculator is pre-filled with local medians.
| City | Median home | Median rent | HUD FMR 2BR | Median income |
|---|---|---|---|---|
| Virginia Beach, VA | $369,238 | $1,819/mo | $1,675/mo | $80,533 |
| Richmond, VA | $391,102 | $1,691/mo | $1,550/mo | $84,405 |
| Roanoke, VA | $295,391 | $1,382/mo | $1,275/mo | $67,447 |
| Chesapeake, VA | $355,000 | $1,450/mo | $1,325/mo | $82,500 |
| Norfolk, VA | $275,000 | $1,250/mo | $1,150/mo | $52,800 |
Sources: Zillow ZHVI + ZORI[1], HUD FMR[2], Census ACS[3], Freddie Mac PMMS[4].
Moving one state over changes the savings rate numbers. Compare median home value (Zillow ZHVI), top marginal income tax rate, effective property tax rate, and the BEA all-items Regional Price Parity across Virginia and its border states.
| State | Median home | Top inc tax | Prop tax rate | RPP (US=100) |
|---|---|---|---|---|
| Virginia (this page) | $385,000 | 5.75% | 0.80% | 101.3 |
| Kentucky side-by-side | $205,000 | 4.00% | 0.83% | 89.9 |
| Maryland | $415,000 | 5.75% | 1.09% | 104.6 |
| compare to North Carolina | $330,000 | 4.25% | 0.82% | 94.4 |
| Tennessee equivalent | $325,000 | None | 0.71% | 92.1 |
Sources: Zillow ZHVI[1], state Departments of Revenue / Tax Foundation[2], Tax Foundation property taxes[3], BEA Regional Price Parities[4].
These calculators share inputs with the savings rate formula, so pair them to pressure-test your answer from multiple angles.
| Metric | Virginia | National Avg | KY | MD | NC |
|---|---|---|---|---|---|
| Median Home Price | $385,000 | $420,000 | $265,000 | $415,000 | $365,000 |
| Property Tax Rate | 0.8% | 1.07% | 0.85% | 1.09% | 0.84% |
| State Income Tax | 5.75% | 4.6%* | 5% | 5.75% | 4.99% |
| Avg Insurance Cost | $1,040/yr | $1,544/yr | $1,440/yr | $1,440/yr | $1,440/yr |
| Cost of Living Index | 101.3 | 100 | 88 | 113 | 98 |
| Household Income — p25 | $48,000 | $41,401 | $31,035 | $52,010 | $35,000 |
| Household Income — p50 (median) | $97,646 | $83,592 | $64,553 | $109,720 | $67,112 |
| Household Income — p75 | $180,050 | $153,000 | $122,016 | $189,201 | $127,721 |
*Average of states that levy an income tax. 2026 estimates. Virginia's 5.75% top rate kicks in at just $17,001 — functionally a near-flat tax for most residents.[3] Income percentiles from DQYDJ/Census CPS 2024[4].
Track take-home pay: 5.75% state income tax plus federal + FICA reduces gross wages by roughly 31% in Virginia.
Anchor savings goals to the Virginia cost of living index (101.3). A national 20% savings rate needs adjustment up or down depending on local expense floors.
Use tax-advantaged accounts first: 401(k), HSA, IRA. Contributions to pre-tax accounts save 5.75% at the state level plus your federal marginal rate.
Every number on this page reads from the same CalcFi data repository used by the Live Data pages below — the figures stay consistent.
Home Prices by State
Zillow ZHVI across all 50 states
Property Tax by State
Effective rate × ZHVI = annual bill
Household Income by State
FRED real median + percentile bands
Cost of Living by State
BEA RPP all-items + housing
No-Income-Tax States
Full list + trade-offs
Current Interest Rates
Treasury curve + PMMS + FDIC
CalcFi pSEO pages combine three inputs: (1) the calculator formula itself, which runs client-side so no inputs leave your browser; (2) state-level financial constants from primary public datasets; and (3) national benchmarks for comparison. The Virginia page uses the property tax rate (0.8%), median home price ($385,000), and 5.75% state income tax from the sources listed below.
Refresh cadence:state tax brackets and minimum wage rates are reviewed annually after each state's legislative session. Property tax, median home price, insurance, and cost-of-living figures are reviewed annually against the primary sources. Income percentiles are refreshed when the Census CPS/IPUMS releases update (typically September). Page-level dateModified matches the last editorial review date, shown above.
Known limits: statewide averages mask large intra-state variance — county-level property tax and metro-level home prices differ significantly from the figures shown. For the most precise calculations, cross-check the output against your actual county assessor and the latest federal/state tax tables at filing time.
Use Savings Rate Calculator for any city in Virginia.
Every number on this page cites a primary public dataset. Last reviewed (auto-bumped by the next ISR refresh after an ETL run).
CalcFi does not sell data. If you spot an error, email hello@calcfi.app with the URL and the correct figure.