An Overview of Cost of Living in Blacksburg, VA
Understanding the cost of living in Blacksburg can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Blacksburg cost of living index is 114, which is 14% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
When it comes to the cost of living in Blacksburg, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 53.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Blacksburg?
Locals have the inside scoop on their city. So, we polled 6 residents in Blacksburg to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 33% find it reasonable with decreasing prices, but 67% think it's quite pricey, with prices that continue to rise.
Is Blacksburg Affordable?
Is Blacksburg an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Blacksburg is 67.7% higher than the national average, while the average monthly rent prices are 20.2% higher than average. The affordability of any location can also be influenced by median income levels. Blacksburg has a median household income of $41,711, which is 24.6% lower than the national average.
What Factors can Influence the Cost of Living in Blacksburg?
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Blacksburg, the general sales tax rate starts at 5.3%, and income tax rates begin at 2%.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Blacksburg comes in at 5.8% lower than the national average.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Blacksburg, healthcare costs are 7.6% lower than the national average.
Where is the Data From?
The Blacksburg cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.
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