salaryRent is lower than in 85% of U.S. cities. That makes it a rare mix of above-average pay and below-average rent. A typical house costs about 3.1 years of household income. Most homes (82.3%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $41,600 a year. That is $20 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 18 of 199 cities from cheapest to most expensive.
How much do households earn in Smithfield?
Share of households by yearly income. 47.8% of households earn $100,000 or more.
Rent by apartment size in Smithfield
| Size | Smithfield | U.S. average |
|---|---|---|
| 2 bedrooms | $1,209 | $1,509 |
| 3 bedrooms | $1,540 | $1,698 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Smithfield 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 Smithfield, so the Virginia figure is shown.
Taxes and bills in Smithfield
Life in Smithfield
Is it cheaper to rent or buy in Smithfield?
Renting is cheaper right now: about $1,561 a month less.
Owning assumes a typical $374,900 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $37,490 for the down payment.
Frequently asked questions
What is the average rent in Smithfield, VA?
Renting in Smithfield costs a median of about $1,040 a month in 2026, including utilities. The Virginia median is $2,049.
How much do I need to make to live in Smithfield?
To keep rent under 30% of income, you need about $41,600 a year, or $20 an hour at a full-time job.
Is Smithfield cheap or expensive?
Smithfield is rated Cheap: rent takes 10.2% of the typical household income of $122,041. It ranks 18th cheapest of 199 Virginia cities we track.
How much are property taxes in Smithfield?
The median homeowner in Smithfield pays $2,991 a year in property taxes, about 0.80% of the median home value.
Is Smithfield 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 Smithfield?
The median home value in Smithfield is $374,900, about 3.1 times the typical yearly household income.
8,834 people live in Smithfield. Numbers are typical (middle) values.