Affordable

What Salary Do You Need to Live in Lake of the Woods?

To afford a 2-bedroom in Lake of the Woods, you need to earn at least $65,600/year based on estimated fair market rent data. The median household income here is $109,196, which means the typical resident is $43,596 above the threshold.

Census ACS Data Pop. 8,356

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$1,148	$3,827	$45,920	$-63,276
1 Bedroom	$1,361	$4,537	$54,440	$-54,756
2 Bedroom BENCHMARK	$1,640	$5,467	$65,600	$-43,596
3 Bedroom	$2,001	$6,670	$80,040	$-29,156
4 Bedroom	$2,460	$8,200	$98,400	$-10,796

Affordability Breakdown

Where the required salary line crosses above Lake of the Woods's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$109,196

Annual household

2BR Required Salary

$65,600

Under 30% rule

Income Gap

+$43,596

Surplus

Verdict

Affordable

Ratio: 18.0%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Lake of the Woods

Your Annual Salary

Pre-filled with Lake of the Woods's median household income

Max monthly rent you can afford$2,730

Studio

$1,148/mo

1 BR

$1,361/mo

2 BR

$1,640/mo

3 BR

$2,001/mo

4 BR

$2,460/mo

Your salary is $0 above the median income in Lake of the Woods.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Lake of the Woods's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Lake of the Woods

Lake of the Woods, Virginia stands out as one of the more financially accessible housing markets in the state. The median household income of $109,196 significantly exceeds the $65,600 needed to comfortably afford a 2-bedroom at 30% of gross income — leaving a $43,596 annual surplus for savings, debt repayment, or lifestyle spending.

For remote workers or relocators evaluating Lake of the Woods, a studio at $1,148/month offers an even more aggressive savings rate. Even a 3-bedroom at $2,001/month remains accessible for dual-income households earning above $80,040.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $98,400 would position you well — though many residents in Lake of the Woods manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Lake of the Woods, Virginia.

With a total population of 8,356, the city supports an active civilian workforce of 3,347 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $65,600 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

3,347

Active civilian employees in Lake of the Woods

Frequently Asked Questions About Renting in Lake of the Woods

What salary do I need to live in Lake of the Woods, Virginia?

To afford a 2-bedroom in Lake of the Woods under the 30% rule, you need an annual salary of at least $65,600. The median household income in Lake of the Woods is $109,196.

Can I afford a 2-bedroom in Lake of the Woods on $109,196?

The affordability verdict for Lake of the Woods is "Affordable". The rent-to-income ratio is 18.0%, meaning median earners have a $43,596 surplus.

What is the average rent in Lake of the Woods compared to median income?

The median gross rent in Lake of the Woods is $1,361/month. With a median household income of $109,196, residents spend approximately 18.0% of their income on rent.

What salary do I need for a studio in Lake of the Woods?

A studio in Lake of the Woods rents for approximately $1,148/month. Under the 30% rule, you need an annual salary of $45,920 to afford this.

Is Lake of the Woods considered an affordable place to live?

Based on the surplus of $43,596 and an affordability verdict of "Affordable", Lake of the Woods is considered a affordable rental market when comparing the required 2-bedroom salary of $65,600 to the local median household income.

How Lake of the Woods Compares

Other cities in Virginia with salary requirements