Virginia Retirement Guide
Overall
If you are thinking about the best places to retire in Virginia this website is your best source of information and data on Virginia retirement communities. Active adult and 55+ communities in Old Dominion are being built at a very fast rate. Virginia’s lower cost of living, adjacency to major eastern cities, and great variety of places to live make it very attractive. There are 6 regions in the state going from the Tidewater to the Blue Ridge Mountains. It also has plenty of history going back to America’s earliest days. The population was just under 8.4 million in 2015 with a median age o 37.6. The Wikipedia entry for Virginia has more facts. Updated Dec. 2016.
Virginia Climate
The Virginia climate is called humid-sub-tropical. Summers are hot and humid and winters are not as cold as in the northeast.The climate is a bit milder in the western and more mountainous part of the state.
Economy & Housing Prices
At almost $65.015, Virginia’s 2010-15 median household income is $11,000 above the national median (although that figure is probably distorted by people who live near Washington D.C). The MERIC cost of living index ranks Virginia as the 29th lowest cost state. The statewide median home price was $238,400 in late 2016 according to Zillow. Richmond’s median home price was about $157,500 in mid 2016 (Zillow), vs $239,800 reported by NAR. Whereas Fredericksburg was $245,400 as reported by Zillow. In smaller towns and many active adult communities real estate prices can be relative bargains. Prices of homes in more rural areas can be quite a bit less.
Tax Burden: At 9.3% the total tax burden in Virginia for 2012 is slightly below average for the nation (ranks 27th highest).
Marginal Income Tax Rates. Virginia’s top marginal income tax rate is 5.75%, which is reached at an income level of $17,000. The lowest rate is 2%.
Retirement Income Exemptions. Residents who are age 65 may be entitled up to $12,000 in deductions (less if your income is over $50,000). See VA Tax. People over 65 can claim one additional exemption.
Social security and pension exemption. Social security benefits are exempt. Pensions appear to be fully taxable, except for Medal of Honor recipients.
Sales Tax: State sales tax is 5.3%, and municipalities may collect an additional 1%.
Property Taxes: Per capita property taxes are 18th highest (per the Tax Foundation) with $1430 per capita paid.
Homestead Exemption. Virginia has some income qualified programs for people over 65.
Estate and/or Inheritance Taxes. Virginia does not have estate or inheritance taxes.
Link to the Virginia Department of Taxation.
Best retirement communities in Virginia
Virginia is a highly desirable state for retirement. Although it has a higher than average tax burden it retains most of its own baby boomers as well as attracts northerners and “half-backs”(people from the northeast who moved to and then became dissatisfied with Florida). Virginia communities that are popular with active adults 55 and over include Alexandria, Winchester, and colonial Williamsburg. New communities are being added all of the time – in fact you can add your own. Active adults will also find information on living in Virginia’s up and coming Northern Neck or Prince George district. In VA you can live near the Atlantic Ocean, a small college town like Charlottesville, or in a charming city like Petersburg.
Certified Retirement Communities
Virginia does not have a certified retirement community program.
Free eBook – Baby Boomers Guide to Selecting a Retirement Community – 16 Factors
Click on the Virginia retirement town reviews on the right.
