To be able to afford the median rent in Fairfax, you must make at least $5,314 a month and $63,768 a year. This amount is enough to afford a comfortable lifestyle. However, there are many things to consider before making a decision. Del Aria Team offers an amazing option
Typical annual salary
The typical annual salary in Fairfax Virginia is $63,768. This amount enables a person to afford a modest apartment and live comfortably. The median rent in Fairfax is $1,693 per month. To get an idea of the cost of living in Fairfax, check out the Economic Policy Institute’s budget calculator.
Compared to the median income in the rest of the United States, the typical annual salary in Fairfax, VA is significantly higher. In fact, it is more than $135,000 higher than the average income of the US. In addition, the number of families earning less than the median income is also higher, at $123,394 per person.
In Fairfax Virginia, salaries for public sector employees are based on data submitted by third-party employers. These figures are given to SimplyHired users for comparison purposes only and do not represent actual salaries. Pay ranges and minimum wages are subject to change. However, this does not mean that you cannot make more money than these figures if you have the right training and experience.
In 2020, the median property value in Fairfax, VA was $587,000, which was 2.55 times higher than the national average. Residents of Fairfax, VA also have higher rates of homeownership than the national average.
Cost of living
If you’re relocating to the Northern Virginia area, you should know the average cost of living in Fairfax. Although there are many other advantages to living in Fairfax, you’ll want to compare the cost of living here to those in surrounding suburbs. Fairfax has lower poverty rates than other cities in the United States. And, the public school system is highly rated, with extensive AP and IB programs.
In Fairfax, single-family homes are in high demand, with prices up 18% since last year. The average monthly mortgage payment in Fairfax was $2,729 in February 2021. According to the Economic Policy Institute, the median income for families in Fairfax is $122,000. The most significant expense is housing, with a median home price of $546,000 – nearly double the national average.
Fairfax is one of the more expensive cities in the United States. Housing alone costs 220.5 percent of median household income, making it one of the most expensive in the US. However, there are some things you can do to save for a down payment and purchase a home in Fairfax.
Because of the high cost of living, you must know how much you make before you can make an accurate budget. Fairfax is the third most expensive city in the nation, but you can make more money by working there.
Minimum wage
The minimum wage in Fairfax, Virginia is $7.25 per hour, which is equal to the Federal Minimum Wage of $7.25. However, Fairfax residents are also entitled to higher state minimum wages. These figures are recommended for those looking to make ends meet and live comfortably in Fairfax. This information will help you find out if you’re getting the minimum wage in Fairfax.
The state’s law mandates a minimum wage increase, which will happen in 2026. The state also ties the rate to inflation after that point. Many Democrats argue that the current $11 minimum wage isn’t fair and discourages many people from working in vital realtor jobs in their communities. A study conducted by the Congressional Budget Office found that raising the minimum wage to $15 per hour would cost the economy about $1.4 billion, but it would lift nearly a million people out of poverty.
The median cost of living in Fairfax County is $1,693. The median rent for a two-bedroom apartment is $2,016 with the help of real estate agent. In Fairfax, food costs average $3,351 a year, and transportation costs average $5,509 a year. Compared to other cities in Virginia, Fairfax is relatively affordable.
Fairfax is home to several large corporations, including 11 Fortune 500 real estate agent companies. It’s also a college town with George Mason University and Northern Virginia Community College.
Del Aria Team
T25SA, 3975 Fair Ridge Dr, Fairfax, VA 22033
(703) 499-0111
https://delariateam.com/