salaryRent here is among the highest 10% in the country. Household incomes are higher than in 100% of U.S. cities. A typical house costs about 3.4 years of household income. Most homes (91.6%) are owned, so rentals can be hard to find. It is a highly educated city: 73.8% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $140,040 a year. That is $67 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 192 of 199 cities from cheapest to most expensive.
How much do households earn in Wakefield?
Share of households by yearly income. 82.8% of households earn $100,000 or more.
Rent by apartment size in Wakefield
| Size | Wakefield | U.S. average |
|---|---|---|
| 3 bedrooms | $2,415 | $1,698 |
| 4 bedrooms | $3,500+ | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Wakefield 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 Wakefield, so the Virginia figure is shown.
Taxes and bills in Wakefield
Life in Wakefield
Is it cheaper to rent or buy in Wakefield?
Renting is cheaper right now: about $2,477 a month less.
Owning assumes a typical $861,600 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $86,160 for the down payment.
Frequently asked questions
What is the average rent in Wakefield, VA?
Renting in Wakefield costs a median of about $3,500+ a month in 2026, including utilities. The Virginia median is $2,049.
How much do I need to make to live in Wakefield?
To keep rent under 30% of income, you need about $140,040 a year, or $67 an hour at a full-time job.
Is Wakefield cheap or expensive?
Wakefield is rated Cheap: rent takes 16.4% of the typical household income of $256,656. It ranks 192nd cheapest of 199 Virginia cities we track.
How much are property taxes in Wakefield?
The median homeowner in Wakefield pays $8,608 a year in property taxes, about 1.00% of the median home value.
Is Wakefield 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 Wakefield?
The median home value in Wakefield is $861,600, about 3.4 times the typical yearly household income.
11,930 people live in Wakefield. Numbers are typical (middle) values.