Economists Salary
In Virginia, economists earn $137,590 at the median, or about $66.15 an hour. The range runs from $75K at the entry level to $232K for experienced workers. Cost of living is below average (RPP 94.79), which stretches that salary to about $145,152 in buying power. Rent on a 2-bedroom averages $1,646/month, or 19.7% of estimated take-home pay.
Statewide average. Salary and cost of living vary significantly across Virginia. Jump to a metro for precise data:
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What $138K actually covers in Virginia, month by month
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What this looks like in Virginia
Economists pay in Virginia tracks closely to the national median, $138K locally vs. $125K nationwide, a 10% difference. Housing is manageable: a 2-bedroom at the HUD median costs $1,646/month, 20.3% of take-home, well inside the 30% guideline. Regional Price Parity sits at 94.79 (national = 100), meaning everyday costs run about 5% cheaper here. Your dollar stretches further than the headline salary suggests. Use the affordability calculator above to model your specific situation.
Compensation breakdown
Annual earnings by percentile, Virginia
Entry-level economists (10th percentile) start around $75K. Mid-career wages sit at $138K. Top earners bring in $232K or more, a $158K spread from bottom to top.
Economists salary by metro in Virginia
2 metro areas with BLS data, ranked by median pay
| Metro area | Median salary | vs. state | Employment |
|---|---|---|---|
| Richmond | $112K | -18% | 120 |
| Virginia Beach-Chesapeake-Norfolk | $104K | -25% | 50 |
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BLS updates this data annually. We'll email you when Virginia numbers change.
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Quick answers
The stuff people actually ask about this job
Can a economist afford a 2BR apartment alone in Virginia?
Yes — at the median salary of $138K, rent takes 20.3% of take-home pay. A 2-bedroom at the HUD Fair Market Rent runs $1,646/month. That stays under the 30% guideline most financial planners use.
What’s the entry-level salary for economists in Virginia?
The 10th-percentile wage — what new economists typically earn — is $75K/year. Take-home on that works out to about $4,758/month. At HUD’s $1,646/month FMR, rent would take 35% of that take-home — above the 30% guideline, so a 1-bedroom or shared housing is likely necessary starting out.
Is economist a high-paying job in Virginia?
Pay here is roughly in line with the national average — $138K locally vs. $125K nationally, a 10% difference.
How does Virginia compare to the national average for economists?
Virginia pays $138K median vs. the U.S. average of $125K — that’s +10%. After adjusting for local cost of living (RPP 94.79), the purchasing-power equivalent is $145K — still ahead of the national median.
How much do economists make in Virginia?
The median is $137,590 a year, that works out to about $66 an hour. But the range is wide: entry-level workers start around $74,600, and experienced economists can clear $232,410. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $138K enough to live in Virginia?
On that salary, you'd take home roughly $8,117/month after taxes. A 2-bedroom here rents for about $1,646/month, which eats 20.3% of your paycheck. That's under the 30% guideline most financial planners use, so the numbers work.
How far does a economists salary go in Virginia?
Virginia has a Regional Price Parity of 94.79 (100 is the national average). That's below average, your money stretches further here than the raw salary number suggests. After cost-of-living adjustment, the median economists salary is worth about $145,152 in national-average purchasing power.
Where do economists get paid the most?
The table above ranks every state by median pay for this role. Keep in mind that the highest-paying states tend to have the highest costs of living, so the top salary doesn't always mean the most money in your pocket.