Retiring in Virginia: pros, cons, and best places to retire
This article will take you through the main things you need to consider if you are retiring in Virginia. You can also match with a financial advisor by answering a few questions below.
Summary
Virginia is a good place to retire if you’re seeking a peaceful and scenic environment with access to outdoor activities, cultural events, and a mild climate.
Some of the best places to retire in Virginia include Williamsburg, Virginia Beach, and Roanoke.
Virginia has relatively low taxes compared to many other states. Social Security benefits are exempt from state income taxes.
Virginia's cost of living is generally higher than the national average, which could be a concern for retirees on a fixed income.
Unbiased can connect you to a financial advisor who can create a plan to help you get ready for retirement.
Is Virginia a good state to retire in?
The U.S. Census Bureau estimates that in 2023, over 17% of the population in Virginia was over the age of 65, making it one of the top states with a large retirement population.
This is unsurprising considering Virginia offers a unique retirement experience that attracts many retirees every year.
For those seeking a peaceful and scenic retirement with access to outdoor activities, cultural events, and a mild climate, Virginia is a good choice.
However, it’s worth noting that while Virginia offers these benefits and more, such as relatively low taxes, the cost of living in the state is higher than the national average.
For those on a fixed income, like many retirees, this could be a deal breaker.
When deciding if Virginia is a good state to retire in, you need to take your unique situation and goals into account.
Where is the best place to retire in Virginia?
If Virginia is your chosen retirement state, here are some of the best places to retire in:
Williamsburg: This historic town is known for its colonial architecture and rich history. Retirees can enjoy living in a small town with a bustling tourism industry, which offers plenty of restaurants, shops, and cultural attractions. The town is also home to the College of William and Mary, which provides lifelong learning opportunities for retirees.
Virginia Beach: This coastal city is a popular retirement destination for those who enjoy the beach lifestyle. Virginia Beach has miles of sandy beaches, a lively boardwalk, and plenty of shops and restaurants. The city also has a large retirement community with many senior-friendly activities and services.
Roanoke: Located in the heart of the Blue Ridge Mountains, Roanoke is a great choice for retirees who enjoy outdoor activities like hiking, fishing, and skiing. The city has a low cost of living, with affordable housing options and a range of senior services and programs.
Charlottesville: Home to the University of Virginia, Charlottesville is a small city with a rich cultural scene. The city has a thriving arts community, as well as plenty of restaurants, shops, and historical sites. Charlottesville is also surrounded by the beautiful Blue Ridge Mountains, which offer many outdoor recreational opportunities.
Richmond: Virginia's capital city, Richmond, offers a mix of urban amenities and natural beauty. Retirees can enjoy exploring the city's many historical and cultural attractions, such as the Virginia Museum of Fine Arts and the Virginia State Capitol. The city also has many parks and green spaces, including the James River Park System, which offers hiking, biking, and kayaking opportunities.
Falls Church: Located close to the nation’s capital, Falls Church is a small town full of charm. While it does have a higher cost of living than the national average, it is known for its excellent community services and urban feel.
Rockwood: The suburb of Richmond is a popular retirement destination for those in Virginia and further afield. The neighborhood is home to 37 retirement communities, perfect for those who want a low-maintenance lifestyle while still having access to social and recreational opportunities.
What are the pros and cons of retiring to Virginia?
Before making the move to Virginia, it’s best to weigh up the pros and cons of the state.
To help you with your decision, we’ve outlined some of the key pros and cons of retiring to Virginia.
The pros:
Low taxes: Virginia has relatively low taxes compared to many other states. Social Security benefits are exempt from state income taxes. Retirement income is taxed; however, Virginia offers a deduction for those 65 and older, which can be up to $12,00 depending on your income. Property taxes are generally lower than in neighboring states.
Outdoor activities: Virginia is home to numerous parks, forests, and beaches, providing ample opportunities for outdoor activities such as hiking, camping, fishing, and boating. It also has a mild climate, making outdoor activities easier to enjoy.
Cultural scene: Virginia has a vibrant cultural scene, with numerous museums, historic sites, galleries, and performing arts venues. The state hosts several festivals and events throughout the year, including the Virginia Wine Festival, the Virginia Film Festival, and the Virginia Beach Neptune Festival.
The cons:
Cost of living: Virginia's cost of living is generally higher than the national average, which could be a concern for retirees on a fixed income. Housing and healthcare costs, in particular, are higher than in many other states.
Natural disasters: Virginia is prone to natural disasters such as hurricanes, flooding, and tornadoes, which could be a concern for retirees living in coastal areas.
Where are the most affordable places to retire in Virginia?
Virginia does have more affordable locations for those who want to retire in the state but are conscious of the high cost of living.
According to Zillow, the average home value in Virginia stood at just over $408,000 in May 2025.
However, the following locations are significantly below the average, highlighting their affordability.*
Roanoke: $269,190
Radford: $262,897
Lynchburg: $260,007
Farmville: $258,401
Portsmouth: $256,099
Petersburg: $240,112
Franklin: $234,758
Gladstone: $231,639
Pamplin: $206,273
Bristol: $203,997
Prospect: $197,201
Pulaski: $161,391
Danville: $152,171
Martinsville: $130,295
*Prices listed are correct as of May 2025, according to Zillow
What age can you retire in Virginia?
Like many states, Virginians are free to retire whenever they choose, as long as they can financially support themselves.
However, there are some age-related benefits and considerations for retirees in Virginia:
Social Security benefits: The earliest age at which you can begin receiving Social Security benefits is 62, but if you delay taking benefits, your monthly payments will increase. Full retirement age (FRA) is between 66 and 67, depending on your birth year. Delaying benefits until after the FRA can result in even higher monthly payments.
Medicare eligibility: Medicare eligibility begins at age 65, regardless of retirement status. However, if you choose to retire before age 65, you will need to find alternative healthcare coverage until you become eligible for Medicare.
Retirement savings: Regardless of retirement age, you need to start saving for retirement as early as possible. Many financial experts recommend saving at least 15% of your income for retirement. You could check out the average retirement savings in the US.
Get expert financial advice
Virginia offers a range of retirement options, from coastal cities to mountain towns. Retirees can enjoy a rich cultural scene but face a higher cost of living.
It's important to seek expert financial advice to weigh up all of the costs associated with retiring in Virginia, including property taxes, insurance, and living expenses, in order to make an informed decision about whether the state is the right choice for your retirement.
Content writer
Kate has written for leading publications and blue chip companies over the last 20 years.