salaryRent is higher than in 89% of U.S. cities. Household incomes are higher than in 86% of U.S. cities. A typical house costs about 4.3 years of household income. It is a highly educated city: 65.5% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $106,560 a year. That is $51 an hour at a full-time job.
Is rent cheaper than other Virginia cities?
No. Rent here is more expensive than in most of Virginia. It is number 155 of 199 cities from cheapest to most expensive.
How much do households earn in Fair Lakes?
Share of households by yearly income. 53.9% of households earn $100,000 or more.
Rent by apartment size in Fair Lakes
| Size | Fair Lakes | U.S. average |
|---|---|---|
| Studio | $2,835 | $1,338 |
| 1 bedroom | $2,124 | $1,324 |
| 2 bedrooms | $2,627 | $1,509 |
| 3 bedrooms | $3,014 | $1,698 |
| 4 bedrooms | $3,500+ | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Fair Lakes overall?
Everyday prices in Virginia overall are 1% above the U.S. average (index 101.1, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Fair Lakes, so the Virginia figure is shown.
Taxes and bills in Fair Lakes
Life in Fair Lakes
Is it cheaper to rent or buy in Fair Lakes?
Renting is cheaper right now: about $1,417 a month less.
Owning assumes a typical $588,200 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $58,820 for the down payment.
Frequently asked questions
What is the average rent in Fair Lakes, VA?
Renting in Fair Lakes costs a median of about $2,664 a month in 2026, including utilities. The Virginia median is $2,049.
How much do I need to make to live in Fair Lakes?
To keep rent under 30% of income, you need about $106,560 a year, or $51 an hour at a full-time job.
Is Fair Lakes cheap or expensive?
Fair Lakes is rated OK: rent takes 23.3% of the typical household income of $137,328. It ranks 155th cheapest of 199 Virginia cities we track.
How much are property taxes in Fair Lakes?
The median homeowner in Fair Lakes pays $5,661 a year in property taxes, about 0.96% of the median home value.
Is Fair Lakes more expensive than the national average?
Overall prices in Virginia are 1% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Fair Lakes?
The median home value in Fair Lakes is $588,200, about 4.3 times the typical yearly household income.
8,894 people live in Fair Lakes. Numbers are typical (middle) values.