New Market, VA
Population 2,159 · Virginia
About New Market, VA
New Market is a small town located in Virginia with a population of 2,159 residents according to the latest US Census Bureau American Community Survey data. The median household income is $47,967 per year, which is 36% below the national median of $75,149. The median age of 48.4 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in New Market features a median home value of $247,400, which is 1% above the national median of $244,900. This positions New Market in a moderately priced market relative to the rest of the country. Median monthly rent is $745, 36% below the national average of $1,163/month. Of the 1,087 total housing units, 41% are owner-occupied (406 units) and 59% are renter-occupied (585 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in New Market shows an unemployment rate of 5.7%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 12.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in New Market have an average one-way commute time of 23.6 minutes.
Education & Demographics
20.2% of New Market residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 3.3% White, 0.9% Hispanic or Latino, 4.4% Black or African American, and 0.0% Asian residents, with 2.7% of the population being foreign-born.
Cost of Living in New Market, VA
Compared to national averages, New Market has a median household income of $47,967 (36% below the national median of $75,149). Home values average $247,400, which is 1% above the national median. Monthly rent at $745 is 36% below the US average of $1,163. Within Virginia, New Market's income is 45% below the state average of $87,957, and home values are 24% below the state median of $327,514.
Why Live in New Market, VA?
New Market offers rent that’s lower than the national average at $745/month, and a low poverty rate of 12.3%, better than the national average, and short commute times averaging just 23.6 minutes.
Potential considerations include median household income ($47,967) that falls below the national average. However, New Market’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
New Market has a population of 2,159 with a median age of 48.4 years. Compare New Market with other cities to see how it stacks up, or explore all cities in Virginia.
Similar Cities Near New Market
Cities in Virginia with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Horse Pasture | 2,193 | $57,637 | $119,200 | Compare |
| Amherst | 2,124 | $71,313 | $213,300 | Compare |
| Massanutten | 2,215 | $106,944 | $368,700 | Compare |
| Glade Spring | 2,224 | $76,736 | $170,700 | Compare |
| Patrick Springs | 2,094 | $41,532 | $104,700 | Compare |
| Southern Gateway | 2,224 | $94,383 | $246,300 | Compare |
| Appomattox | 2,085 | $47,795 | $124,700 | Compare |
| Weyers Cave | 2,243 | $66,882 | $280,900 | 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 New Market With Other Cities
Frequently Asked Questions about New Market
What is the population of New Market, VA?
The population of New Market, VA is 2,159 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 New Market?
The median household income in New Market, VA is $47,967 per year, which is 36% below the national median of $75,149.
What is the median home value in New Market?
The median home value in New Market, VA is $247,400, which is 1% above the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in New Market?
The median monthly rent in New Market, VA is $745, which is 36% below the national average of $1,163/month.
What is the unemployment rate in New Market?
The unemployment rate in New Market, VA is 5.7%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is New Market, VA a good place to live?
New Market offers a moderate cost of living, a competitive housing market, and growing employment opportunities. With a population of 2,159 and a median age of 48.4, the city appeals to established professionals and retirees.
How educated is New Market, VA?
20.2% of residents in New Market 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 New Market?
Key cost-of-living indicators for New Market, VA: median home value is $247,400 (1% above national), median rent is $745/month, and median household income is $47,967. The home-value-to-income ratio is 5.2x, a moderate figure by national standards.
What is the poverty rate in New Market?
The poverty rate in New Market, VA is 12.3%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is New Market, VA?
New Market's population is 3.3% White, 0.9% Hispanic or Latino, 4.4% Black or African American, 0.0% Asian, and 4.4% two or more races. 2.7% of residents are foreign-born.