Quick facts: Virginia, MN

Quick Facts

98.7
Cost of Living
below US average
8,332
Population
26.76
Crime Rate per 1000
above US average
$49,789
Median Income
below US average
$124,900
Median House Price
above US average
$931.0
Average Rent
below US average
12%
Poverty Rate
above US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $49,789.

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Income Needed to Buy

βœ“ Affordable
$39k/year
Based on $124,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($49,789) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$40k/year
Based on $931.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($49,789) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Virginia, MN

Virginia is a small city located in St. Louis County, Minnesota. With a population of around 8,500, it serves as a hub for the surrounding Iron Range community. Founded in the early 1900s during the mining boom, Virginia has a rich history and is known for its picturesque landscapes, including stunning views of the Mesabi Iron Range. The city is characterized by a friendly, tight-knit community atmosphere and offers several parks, recreational facilities, and local events that foster community involvement. The Virginia Municipal Liquor Store and various dining options provide local flavor, while the Virginia Sports Arena supports various sports and activities for residents of all ages. Virginia is also home to several annual events, like the Country Music Festival and the Virginia Art and Craft Fair, showcasing local artisans and musicians. The city has a vibrant arts scene, and attractions like the Northland Towers provide a glimpse into its mining history. Overall, Virginia, MN, offers a blend of natural beauty, a welcoming community, and historical significance, making it a unique place to live or visit.

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