States › Virginia › Lake of the Woods

Is Lake of the Woods, VA expensive to live in?

CheapRent takes 19 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,8576% higher than U.S. average
💵 Families earn per year (2026)$117,722about $9,810/month · 35% higher than U.S. average
🔑 House price$399,30020% higher than U.S. average

Rent is higher than in 61% of U.S. cities. A typical house costs about 3.4 years of household income. Commutes are long, about 44.5 minutes each way. Most homes (95.6%) are owned, so rentals can be hard to find.

How much money do I need?

To rent here comfortably, you should earn about $74,280 a year. That is $36 an hour at a full-time job.

Is rent cheaper than other Virginia cities?

Yes. Rent here is cheaper than in most of Virginia. It is number 79 of 199 cities from cheapest to most expensive.

Lake of the Woods
$1,857
Dumbarton
$1,518
Vinton
$1,219
Bellwood
$1,114
South Boston
$800
Farmville
$842
Ashland
$1,567

How much do households earn in Lake of the Woods?

Under $25k
3.3%
$25k–50k
19.8%
$50k–100k
33.1%
$100k–150k
26.2%
$150k+
17.4%

Share of households by yearly income. 43.7% of households earn $100,000 or more.

How expensive is Lake of the Woods overall?

Everyday prices in Virginia overall are 1% above the U.S. average (index 101.1, U.S. = 100).

Housing
107
Goods (food, clothes…)
100
Utilities
92
Other services
100
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Lake of the Woods, so the Virginia figure is shown.

Taxes and bills in Lake of the Woods

🏛️ Property tax$2,310a year · 0.58% of home value · U.S. $3,119
⚡ Electric bill$179a month (typical) · U.S. $156

Life in Lake of the Woods

Commute to work44.5 minU.S.: 26.4 min
College degree45.6%U.S.: 35.7%
Own their home95.6%U.S.: 65.2%
Below poverty line5.5%U.S.: 12.5%
Unemployment0.8%U.S.: 5.2%

Is it cheaper to rent or buy in Lake of the Woods?

Renting is cheaper right now: about $914 a month less.

Renting
$1,857
Owning
$2,771

Owning assumes a typical $399,300 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $39,930 for the down payment.

Frequently asked questions

What is the average rent in Lake of the Woods, VA?

Renting in Lake of the Woods costs a median of about $1,857 a month in 2026, including utilities. The Virginia median is $2,049.

How much do I need to make to live in Lake of the Woods?

To keep rent under 30% of income, you need about $74,280 a year, or $36 an hour at a full-time job.

Is Lake of the Woods cheap or expensive?

Lake of the Woods is rated Cheap: rent takes 18.9% of the typical household income of $117,722. It ranks 79th cheapest of 199 Virginia cities we track.

How much are property taxes in Lake of the Woods?

The median homeowner in Lake of the Woods pays $2,310 a year in property taxes, about 0.58% of the median home value.

Is Lake of the Woods 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 Lake of the Woods?

The median home value in Lake of the Woods is $399,300, about 3.4 times the typical yearly household income.

7,984 people live in Lake of the Woods. Numbers are typical (middle) values.