Grant and Loan Resources for Business Recovery

Bedford County Economic Development

Office of Economic Development


Cost of Living

Low Cost, High Quality Living

Cost of livingNational data reveals that this region comparably offers a low cost of living. Our cost of living index value is 84.1 compared to the national average of 100, as tracked by the U.S. Chamber of Commerce’s ACCRA study. Our region has one of the lowest cost of living composite indexes in Virginia. This study tracks food prices, housing costs, transportation costs and utilities. According to the data, costs here are much lower than the majority of metros across the U.S.

  • Food, housing and healthcare costs well below the national average
  • Property tax rates approximately 30% below the national average
  • Auto insurance rates 20% below the national average
  • Overall unemployment rate tracks well below the national average.
  • Extremely high air quality and water quality indexes
  • The housing market has remained stable during economic downturns.

Lynchburg MSA Regional Overview

  • Population – 260,668
  • Average Annual Income – $44,592
  • Median Home Price $171,972
  • Unemployment Rate – 4.5% (Nov. 2020)
  • Cost of Living – 11.4% below national average