Ferrum, VA
Population 1,622 · Virginia
About Ferrum, VA
Ferrum is a small town located in Virginia with a population of 1,622 residents according to the latest US Census Bureau American Community Survey data. The median household income is $31,750 per year, which is 58% below the national median of $75,149. The median age of 21.5 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Ferrum features a median home value of $202,500, which is 17% below the national median of $244,900. This positions Ferrum in a moderately priced market relative to the rest of the country. Median monthly rent is $662, 43% below the national average of $1,163/month. Of the 436 total housing units, 65% are owner-occupied (220 units) and 35% are renter-occupied (119 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Ferrum shows an unemployment rate of 8.4%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 35.1%, above the national average of 12.4%. Workers in Ferrum have an average one-way commute time of 24.6 minutes.
Education & Demographics
28.1% of Ferrum residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 0.9% White, 4.9% Hispanic or Latino, 1.0% Black or African American, and 0.9% Asian residents, with 0.5% of the population being foreign-born.
How Ferrum Ranks in Virginia
Cost of Living in Ferrum, VA
Compared to national averages, Ferrum has a median household income of $31,750 (58% below the national median of $75,149). Home values average $202,500, which is 17% below the national median. Monthly rent at $662 is 43% below the US average of $1,163. Within Virginia, Ferrum's income is 64% below the state average of $87,957, and home values are 38% below the state median of $327,514.
Why Live in Ferrum, VA?
Ferrum offers affordable housing with a median home value of $202,500, below the US average of $244,900, and rent that’s lower than the national average at $662/month, and short commute times averaging just 24.6 minutes.
Potential considerations include median household income ($31,750) that falls below the national average. However, Ferrum’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Ferrum has a population of 1,622 with a median age of 21.5 years. Compare Ferrum with other cities to see how it stacks up, or explore all cities in Virginia.
Similar Cities Near Ferrum
Cities in Virginia with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Nellysford | 1,623 | $133,036 | $520,000 | Compare |
| Rural Retreat | 1,614 | $60,114 | $167,900 | Compare |
| Appalachia | 1,612 | $38,942 | $65,500 | Compare |
| Middletown | 1,634 | $57,175 | $288,200 | Compare |
| Coeburn | 1,606 | $53,750 | $107,800 | Compare |
| Haymarket | 1,591 | $174,306 | $563,600 | Compare |
| Bull Run Mountain Estates | 1,582 | $195,781 | $626,700 | Compare |
| Camp Barrett | 1,569 | $0 | $0 | 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 Ferrum With Other Cities
Frequently Asked Questions about Ferrum
What is the population of Ferrum, VA?
The population of Ferrum, VA is 1,622 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 Ferrum?
The median household income in Ferrum, VA is $31,750 per year, which is 58% below the national median of $75,149.
What is the median home value in Ferrum?
The median home value in Ferrum, VA is $202,500, which is 17% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Ferrum?
The median monthly rent in Ferrum, VA is $662, which is 43% below the national average of $1,163/month.
What is the unemployment rate in Ferrum?
The unemployment rate in Ferrum, VA is 8.4%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Ferrum, VA a good place to live?
Ferrum offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 1,622 and a median age of 21.5, the city appeals to young professionals and families.
How educated is Ferrum, VA?
28.1% of residents in Ferrum aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Ferrum?
Key cost-of-living indicators for Ferrum, VA: median home value is $202,500 (17% below national), median rent is $662/month, and median household income is $31,750. The home-value-to-income ratio is 6.4x, which suggests housing may be stretched relative to local earnings.
What is the poverty rate in Ferrum?
The poverty rate in Ferrum, VA is 35.1%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Ferrum, VA?
Ferrum's population is 0.9% White, 4.9% Hispanic or Latino, 1.0% Black or African American, 0.9% Asian, and 25.4% two or more races. 0.5% of residents are foreign-born.