Virginia Best Places to Retire - A Guide

 

 

Overall
If you are thinking about the best places to retire in Virginia this website is your best source of information and data on Virginia retirement communities. Active adult communities for adults over 50 in Old Dominion are being built at a very fast rate. Virginia's lower cost of living, adjacency to major eastern cities, and great variety of places to live make it very attractive. There are 6 regions in the state going from the Tidewater to the Blue Ridge Mountains. It also has plenty of history going back to America's earliest days. The population was just over 8 million in 2012. The Wikipedia entry for Virginia has more facts.

Virginia Climate
The Virginia climate is called humid-sub-tropical. Summers are hot and humid and winters are not as cold as in the northeast.The climate is a bit milder in the western and more mountainous part of the state.

Economy & Housing Prices
At almost $61,000, Virginia's household income is $9000 above the national average (although that figure is probably distorted by people who live near Washington D.C). Richmond's median home price was about $129,500 in early 2012 (Zillow). In smaller towns and many active adult communities real estate prices can be relative bargains. Prices of homes in more rural areas can be quite a bit less. The statewide median was $208,200 in  early 2012 according to Zillow. Cost of living in Richmond was indexed at 99, similar to the national average of 100, whereas Washington was 140.

Virginia Taxes

Tax Burden:  At 9.8% the total tax burden in Virginia for 2009 is above average for the nation (ranks 18th).  

Marginal Income Tax Rates. Virginia's top marginal income tax rate is 5.75%, which is reached at an income level of $17,000.

Retirement Income Exemptions. Residents born prior to 1939 receive a $12,000 age deduction, those born prior to 1945 (65 or older in 2010) receive the same but with some qualifications and adjustments. 

Social security exemption.  Social security benefits are exempt.

Sales Tax:  State sales tax is 5.0%, and municipalities are required to collect an additional 1%.

Property Taxes: Per capita property taxes are 18th highest (per the Tax Foundation).

Homestead Exemption. Virginia has a homestead exemption. 

Estate and/or Inheritance Taxes. Virginia does not have estate or inheritance taxes.

Link to the Virginia Department of Taxation.

Best retirement communities in Virginia
Virginia is a highly desirable state for retirement. Although it has a higher than average tax burden it retains most of its own baby boomers as well as attracts northerners and "half-backs"(people from the northeast who moved to and then became dissatisfied with Florida). Virginia communities that are popular with active adults 55 and over include Alexandria, Winchester, and colonial Williamsburg. New communities are being added all of the time - in fact you can add your own. Active adults will also find information on living in Virginia's up and coming Northern Neck or Prince George district. In VA you can live near the Atlantic Ocean, a small college town like Charlottesville, or in a charming city like Petersburg.

Certified Retirement Communities
Virginia does not have a certified retirement community program.

Free eBook - Baby Boomers Guide to Selecting a Retirement Community - 16 Factors

Click on the Virginia retirement town reviews on the right.