Gen Z Renters — What Rent Will Cost You in These 4 Virginia Cities
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
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Generation Z may be on the younger side (the oldest of them are about 27) but they are already making big life changes in larger numbers than their older peers. According to HireAHelper’s 2023 migration study, Gen Z adults (in the 18- to 26-year-old range at the time), comprised more than one-quarter (26%) of all the moves in this country in 2023, despite being only about 12% of the total U.S. population. While the majority of Gen Zers were moving to “establish their own households” (i.e. moving out of their family homes), about 9.2% said they were moving somewhere cheaper.
Gen Zers have already found the state of West Virginia a good place to move — the state saw a 138% increase in Gen Z residents in 2023 — but now they might also want to look to neighboring Virginia, where rents are affordable and the economy is strong. In Virginia, the annual mean wage is a reasonable $70,050, with a 66% employment rate, suggesting a robust economy for Gen Zers launching into their careers.
To determine the lowest rent for Gen Zers in these (and other) cities, GOBankingRates analyzed the average rental cost of major U.S. cities and the cost of living in those cities. Drawing data from the U.S. Census, Sperling’s BestPlaces, ApartmentList and Zillow, among others, these four Virginia cities turned up as great places for Gen Zers to rent.
Virginia Beach
Gen Zers will find the beachy tourist-friendly city of Virginia Beach to be surprisingly affordable compared to other parts of the country. A one-bedroom apartment rents here for around $1,394. However, roommates can significantly bring their costs down by renting a two-bedroom, which has an average rent of $1,576 per month. Average overall monthly cost of living in this city is around $3,726. With a high livability score of 83, it’s a great place to make a home.
Chesapeake
Gen Z will love the natural beauty in Chesapeake, though you’ll likely need a car to live here or be willing to ride your bike, as public transportation is not robust. However, what you spend on transportation, you will save on rent. A one-bedroom apartment here rents for around $1,424 per month, and a two-bedroom is around $1,546. Average overall monthly cost of living in this city is around $3,686.
Norfolk
Norfolk is another beautiful Virginia city, with a livability score of 81, overlooking the water. It’s especially good if you’re interested in working in the maritime or military sectors, which are strong here. A one-bedroom apartment rents here for around $1,193. However, moving in with a roommate or two can significantly bring the costs down as a two-bedroom rents for $1,395 per month on average. Average overall monthly cost of living here is around $3,351.
Richmond
Gen Zers will love Richmond’s thriving arts and culture scene and its high livability score of 84. Though public transportation is not as robust as in other Virginia cities, the low cost of rent may make it worth having a car. You can rent a one-bedroom apartment here for around $1,219 per month and a two-bedroom for $1,389. Average overall monthly cost of living in this city is the lowest of these four cities at $3,271.
Methodology: For this study, GOBankingRates analyzed the average rental cost of major U.S. cities and the cost of living in those cities. First, GOBankingRates found the 100 most populated cities according to the U.S. Census American Community Survey. For each city, a number of factors were found including; total population, total households, population ages 65 and over, household median income all sourced from the U.S. Census American Community Survey, the cost of living indexes as sourced from Sperling’s BestPlaces, the average overall rental cost, 1-bedroom rental cost, and 2-bedroom rental cost all sourced from ApartmentList, the average cost of a condo or coop as sourced from Zillow Home Value Index, and the livability index as sourced from AreaVibes. Using the cost of living indexes and using the national average expenditure costs for all residents as sourced from Bureau of Labor Statistics Consumer Expenditure Survey. Using the average condo/coop value, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate the average mortgage can be calculated. Using the overall rental cost and expenditure costs the total cost of living for each city can be calculated. The cities were sorted to show the highest population places first showcasing the average apartment costs in major U.S. Cities. All data was collected on and is up to date as of Sept. 13, 2024.
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