Ferrum is a very small town located in the state of Virginia. With a population of 1,827 people and two associated neighborhoods, Ferrum is the 227th largest community in Virginia. There's nothing like the smell of a brand new house, and in Ferrum, you'll find that a large proportion of houses were recently built. New growth in residential real estate is an indication that people are choosing to move to Ferrum, and putting down their money on brand new construction. Ferrum’s real estate is, on average, some of the newest in the nation. Ferrum does seem to be experiencing an influx of affluent people, because the median household income is $31,750.00.

Also of interest is that Ferrum has more people living here who work in computers and math than 95% of the places in the US.

One interesting thing about the economy is that relatively large numbers of people worked from their home: 19.76% of the workforce. While this number may seem small overall, as a fraction of the total workforce this is high compared to the rest of the county. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.

Ferrum is a small town with a large college student population. Because of this, there is a real youthful, hip vibe to the place, and much of the life in the town is centered on the college. This has helped Ferrum to buck the trend of other small towns that have suffered declining populations over the past 20 to 30 years. Spending by students, and faculty and staff jobs, are a big part of the local economy.

In terms of college education, Ferrum is somewhat better educated than the 21.84% who have a 4-year degree or higher in the typical US community: 28.07% of adults 25 and older in the town have at least a bachelor's degree.

The per capita income in Ferrum in 2022 was $13,992, which is low income relative to Virginia and the nation. This equates to an annual income of $55,968 for a family of four. However, Ferrum contains both very wealthy and poor people as well. Ferrum also has one of the higher rates of people living in poverty in the nation, with 35.06% of its population below the federal poverty line.

Ferrum is an extremely ethnically-diverse town. The people who call Ferrum home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Ferrum residents report their race to be White, followed by Black or African-American. Important ancestries of people in Ferrum include English, Irish, Scottish, German, and Polish.

The most common language spoken in Ferrum is English. Other important languages spoken here include Spanish and Polish.