Fair Lakes, VA
Population 8,617 · Virginia
About Fair Lakes, VA
Fair Lakes is a small town located in Virginia with a population of 8,617 residents according to the latest US Census Bureau American Community Survey data. The median household income is $130,789 per year, which is 74% above the national median of $75,149. The median age of 40.2 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Fair Lakes features a median home value of $575,500, which is 135% above the national median of $244,900. This places Fair Lakes in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $2,325, 100% above the national average of $1,163/month. Of the 3,643 total housing units, 62% are owner-occupied (2,223 units) and 38% are renter-occupied (1,388 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Fair Lakes shows an unemployment rate of 2.9%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 5.7%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Fair Lakes have an average one-way commute time of 32.2 minutes.
Education & Demographics
65.8% of Fair Lakes residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.4% White, 1.1% Hispanic or Latino, 0.3% Black or African American, and 4.8% Asian residents, with 41.5% of the population being foreign-born.
Cost of Living in Fair Lakes, VA
Compared to national averages, Fair Lakes has a median household income of $130,789 (74% above the national median of $75,149). Home values average $575,500, which is 135% above the national median. Monthly rent at $2,325 is 100% above the US average of $1,163. Within Virginia, Fair Lakes's income is 49% above the state average of $87,957, and home values are 76% above the state median of $327,514.
Why Live in Fair Lakes, VA?
Fair Lakes offers a strong local economy with a median household income of $130,789, well above the national average, and a strong job market with an unemployment rate of just 2.9%, and a well-educated community where 65.8% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 5.7%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $575,500. However, Fair Lakes’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Fair Lakes has a population of 8,617 with a median age of 40.2 years. Compare Fair Lakes with other cities to see how it stacks up, or explore all cities in Virginia.
Similar Cities Near Fair Lakes
Cities in Virginia with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Montrose | 8,624 | $45,063 | $170,000 | Compare |
| Hollymead | 8,566 | $121,795 | $413,700 | Compare |
| Innsbrook | 8,559 | $130,534 | $445,600 | Compare |
| Smithfield | 8,729 | $110,182 | $358,100 | Compare |
| Bellwood | 8,489 | $50,172 | $192,600 | Compare |
| Dunn Loring | 8,782 | $236,563 | $935,000 | Compare |
| Dumbarton | 8,407 | $59,085 | $274,700 | Compare |
| Rockwood | 8,834 | $90,804 | $312,500 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Virginia
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Fair Lakes With Other Cities
Frequently Asked Questions about Fair Lakes
What is the population of Fair Lakes, VA?
The population of Fair Lakes, VA is 8,617 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Virginia.
What is the median household income in Fair Lakes?
The median household income in Fair Lakes, VA is $130,789 per year, which is 74% above the national median of $75,149.
What is the median home value in Fair Lakes?
The median home value in Fair Lakes, VA is $575,500, which is 135% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Fair Lakes?
The median monthly rent in Fair Lakes, VA is $2,325, which is 100% above the national average of $1,163/month.
What is the unemployment rate in Fair Lakes?
The unemployment rate in Fair Lakes, VA is 2.9%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Fair Lakes, VA a good place to live?
Fair Lakes offers above-average incomes, a competitive housing market, and a strong job market. With a population of 8,617 and a median age of 40.2, the city appeals to a broad range of residents.
How educated is Fair Lakes, VA?
65.8% of residents in Fair Lakes aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Fair Lakes?
Key cost-of-living indicators for Fair Lakes, VA: median home value is $575,500 (135% above national), median rent is $2,325/month, and median household income is $130,789. The home-value-to-income ratio is 4.4x, a moderate figure by national standards.
What is the poverty rate in Fair Lakes?
The poverty rate in Fair Lakes, VA is 5.7%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Fair Lakes, VA?
Fair Lakes's population is 0.4% White, 1.1% Hispanic or Latino, 0.3% Black or African American, 4.8% Asian, and 7.3% two or more races. 41.5% of residents are foreign-born.