What Is a Good Salary in Virginia?

What constitutes a “good” salary is a question many individuals consider, yet its answer is rarely a fixed numerical value. The definition of a good salary is inherently subjective, shaped by an individual’s unique financial aspirations, lifestyle preferences, and the specific geographic location where they reside. It is a dynamic concept, not a static benchmark, influenced by a multitude of personal and economic factors. This article aims to explore the various elements that contribute to defining a good salary, particularly within the context of Virginia.

Understanding Average Incomes in Virginia

Understanding the general income landscape provides a foundational perspective on what many people earn. In Virginia, the median household income was approximately $90,974 in 2023. This figure represents the midpoint, meaning half of all households earn more and half earn less, offering a more accurate picture than the average, which can be skewed by extremely high earners. The average household income for the state was about $125,226.

For individuals, the average income per person, or per capita income, was approximately $49,217. These figures offer a broad baseline, but individual earnings vary significantly based on factors like education. For instance, full-time workers nationwide with a bachelor’s degree had median weekly earnings of $1,541 in the second quarter of 2024, translating to about $80,132 annually. These income statistics are reported before federal, state, and FICA taxes. Virginia’s state income tax system is progressive, with rates ranging from 2% to 5.75%, meaning higher earners pay a larger percentage.

Cost of Living and Regional Differences

The true purchasing power of a salary is heavily influenced by the local cost of living, which varies considerably across Virginia’s diverse regions. Northern Virginia, including Arlington and Fairfax, consistently ranks among the most expensive places to live in the United States. Housing costs here are significantly higher than the national average, with average rent for a one-bedroom apartment in Arlington around $2,100 and median home prices near $750,000. Transportation expenses, including tolls and higher gas prices, are also elevated.

Moving to the Richmond metropolitan area or the Hampton Roads region, including Norfolk and Virginia Beach, the cost of living generally becomes more moderate. In Richmond, the average rent for a one-bedroom apartment is about $1,200, and the median home price is approximately $275,000. Utility costs are also more reasonable.

In contrast, the southwestern and southern regions of Virginia often present a significantly lower cost of living, particularly for housing. For example, Roanoke’s cost of living index is 3.0% below the national average, suggesting greater affordability. This regional disparity highlights that a salary considered adequate in one part of the state could provide a higher quality of life and greater financial flexibility in another. Local property taxes, which vary by county and city, also affect homeownership costs and net discretionary income.

Factors Influencing Individual Earnings

Several personal and professional attributes directly influence an individual’s earning potential within Virginia’s economy. The industry and specific occupation play a significant role, with high-demand fields often commanding higher salaries. For example, Virginia’s rapidly growing tech industry creates demand for skilled professionals in cybersecurity and data science. Healthcare is another sector with consistent demand, including registered nurses and medical assistants.

The level of experience also directly correlates with salary growth. Entry-level positions offer lower wages, but accumulated experience and expertise lead to higher compensation. Specialized skills and certifications further enhance earning capacity, allowing individuals to qualify for roles with greater responsibilities and pay. For instance, cybersecurity specialists in Virginia can earn around $120,000 per year, and data scientists about $110,000 annually. Educational attainment is another powerful determinant; individuals with advanced degrees generally earn more over their careers.

Defining Your Personal “Good” Salary

Determining what constitutes a “good” salary ultimately depends on an individual’s personal financial goals and desired lifestyle. It involves assessing income against expenses, savings objectives, and debt obligations. Creating a detailed budget is a practical step, allowing individuals to track monthly income and expenditures, identifying how money is allocated. This helps understand disposable income after essential bills.

Consideration of personal financial goals, such as saving for retirement, a home down payment, or children’s education, is also paramount. A salary is “good” if it allows an individual to meet current living expenses comfortably while making progress toward long-term objectives. Debt management, including student loans, credit card balances, or car payments, significantly impacts financial comfort, so a good salary should enable effective debt reduction. Ultimately, a good salary provides financial comfort and the ability to pursue personal aspirations within one’s chosen Virginia location.

Citations

U.S. Census Bureau. (2024). QuickFacts: Virginia. Retrieved from [https://www.census.gov/quickfacts/fact/table/VA/INC110222](https://www.census.gov/quickfacts/fact/table/VA/INC110222)
U.S. Bureau of Labor Statistics. (2024). Occupational Employment Statistics. Retrieved from [https://www.bls.gov/oes/current/oes_va.htm](https://www.bls.gov/oes/current/oes_va.htm)
Virginia Department of Taxation. (2024). Individual Income Tax. Retrieved from [https://www.tax.virginia.gov/individual-income-tax](https://www.tax.virginia.gov/individual-income-tax)