This section is generated from cached city metrics and clearly labeled state-level benchmarks. It is meant to make the Ferrum page less generic and more useful for comparing housing, income, utilities, taxes, insurance, demographics, and nearby alternatives.
Affordability Summary
Population is 1,622, so Ferrum should be compared with similar-size places before using broader Virginia averages. Median household income is $31,750, so the best affordability read for Ferrum is income versus housing, taxes, utilities, and insurance together.
Median home value is $202,500, so ownership costs in Ferrum should be checked with mortgage, property tax, insurance, and maintenance assumptions. Two-bedroom rent is $662/mo, so renters can compare Ferrum against ownership costs and nearby rental markets.
Housing and Income Context
For Ferrum, income is more constrained, so utilities, rent, and taxes deserve extra attention. Home values sit in a moderate range where taxes and utilities still change the monthly math.
Use the home value, rent, and income fields together before deciding whether Ferrum looks more favorable for renting, buying, or comparing with Bassett, VA.
Utility Cost Context
The residential electricity benchmark is $0.171/kWh, so Ferrum households should treat usage, home size, heating, and cooling as the practical bill drivers. The electricity value shown for Ferrum is a Virginia state-level EIA benchmark, so it should not be read as a local provider tariff.
For Ferrum, utility planning is stronger when the electric benchmark is paired with home age, square footage, insulation, HVAC equipment, and household occupancy.
Property Tax Context
Median property tax paid is $932, so Ferrum buyers should still verify parcel-specific tax records before budgeting. Parcel boundaries, exemptions, school districts, and reassessment rules can move the actual bill for a Ferrum address.
Compare the property tax field with home value rather than reading it by itself; a lower tax bill can still pair with a different assessment base or exemption profile.
Insurance and Risk Context
Insurance costs in Ferrum depend on address-level factors such as roof condition, structure age, coverage limits, claims history, deductible choice, and carrier underwriting.
Home value, tax burden, and insurance exposure should be reviewed together for Ferrum, especially when comparing with Bassett, VA.
Population and Demographics
Median age is 21.5, so Ferrum may have different school, commute, healthcare, and housing demand patterns than a statewide average. Bachelor+ share is 28.1%, so Ferrum education context can be useful when reading labor-market and school sections.
Unemployment is 3.8%, so Ferrum wage and job-market context should be compared with commute options and regional employment centers.
