The state of Virginia is considered very tax-friendly for retirees. In fact, Social Security retirement benefits are not taxed in Virginia. Other types of retirement income, such as pension income and retirement account withdrawals, are deductible for up to $12,000 for seniors.
The following list of locations for retirees in Virginia is great for people who only plan to use their social security payments for retirement. The average home prices in these areas average less than or slightly higher than the national average and rent is very affordable too! Take a look at these great locations for retiree hopefuls looking to settle down in Virginia.
The Hollins suburb of Virginia is ranked the #2 in Best Places to Live in Roanoke Area and is our number 5 spot for best places to retire in the state. With more than 5,113 people inhabiting this location, Hollins is in Roanoke County and is one of the best places to live in Virginia. Living in Hollins offers residents a sparse suburban feel and most residents own their homes. In Hollins, there are a lot of restaurants and parks. Many young professionals and retirees live in Hollins and residents tend to lean conservative. The public schools in Hollins are above average. The median home price is $178,200 and the average rental cost is $898. Additionally, over 26% of residents are aged 65 and older.
Fairlawn is considered the number four best spot to retire in Virginia. Living in Fairlawn offers residents a suburban rural mix feel and most residents own their homes. Many young professionals and retirees live in Fairlawn and residents tend to be conservative. The public schools in Fairlawn are above average. The population here is 2,656 people and has a median home cost of $199,300 which is low compared to the national average of $229,800. Additionally, the average monthly rent is $896 which is also low compared to the national average of $1,096. Over 27% of the population is 65 years older which makes a great retiree community.
In Pantops there are a lot of parks. Many families, young professionals, and retirees live in Pantops and residents tend to have moderate political views. The public schools in Pantops are highly rated. The population is 4,246 people. The average home price is valued at $368,700 and the average rental price is $1,315. Additionally, over 28% of the population here is over the age of 65 making this location a great spot for hopeful retirees.
The number two spot on our list is Massanetta Springs. Living in Massanetta Springs offers residents a sparse suburban feel and most residents own their homes. Many families and retirees live in Massanetta Springs and residents tend to be conservative. The population is 5,819 people and the median home price falls around $371,400. And the average monthly rent is $1,378 which is only slightly higher than the national average of $1,096.
With a modest population of only 1,204 people, Belmont Estate is considered the best place to retire in Virginia. The median home value here is $343,600. Indeed, 47% of people here are over 65 years old. Belmont Estates is in Rockingham County and is one of Virginia's best places to live. Living in Belmont Estates offers residents a rural feel; most residents own their homes. Many retirees live in Belmont Estates and residents tend to be conservative.