Key Economic Benchmarks
Median Household Income
$104,392$8,699 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Albemarle County, VA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Albemarle County, VA
Official FY2026 HUD Fair Market Rents for Charlottesville, VA MSA. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $1,421 | $17,052 | $56,840 | 16.3% |
| 1-Bedroom Apartment | $1,602 | $19,224 | $64,080 | 18.4% |
| 2-Bedroom ApartmentBenchmark | $1,824 | $21,888 | $72,960 | 21% |
| 3-Bedroom Home | $2,218 | $26,616 | $88,720 | 25.5% |
| 4-Bedroom Home | $2,731 | $32,772 | $109,240 | 31.4% |
50/30/20 Living Budget in Albemarle County, VA
Based on the local median household income of $104,392/year ($8,699/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Virginia
Explore net income after federal income tax, FICA, and Virginia state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Virginia with official federal datasets:
Frequently Asked Questions About Living in Albemarle County, VA
What is the median household income in Albemarle County, VA?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Albemarle County, VA is $104,392 per year (approximately $8,699 per month).
What is the average rent in Albemarle County, VA?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Albemarle County, VA are $1,421 for a studio, $1,602 for 1 bedroom, $1,824 for 2 bedrooms, $2,218 for 3 bedrooms, and $2,731 for 4 bedrooms.
How does the cost of living in Albemarle County, VA compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Albemarle County, VA is 99.1 (0.9% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Albemarle County, VA?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,824/month) in Albemarle County, VA requires a minimum gross household income of $72,960 per year ($6,080 per month).
What is a balanced 50/30/20 monthly budget in Albemarle County, VA?
For a typical household earning the median income of $104,392/year ($8,699/month) in Albemarle County, VA, a balanced 50/30/20 budget allocates $4,350/month to essential needs (rent, utilities, groceries), $2,610/month to discretionary spending, and $1,740/month to savings and debt repayment.
What are typical electricity and utility costs in Albemarle County, VA?
Residential electricity rates in Virginia average 17.2¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $155 per month.