Cave Spring cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexCave SpringVirginiaNational
Cost of living index97108100
IndexCave SpringVirginiaNational
Goods & Services index90100100
Groceries index9094100
Health care index9699100
Housing index112133100
Transportation index8893100
Utilities index100100100
Displayed above is a general overview of the Cave Spring, VA cost of living index. The overall cost of living index in Cave Spring, VA is 97, which is 10% lower than the Virginia average and 3% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Cave Spring, VA are 10% lower than the Virginia average and 11% lower than the national average.

Did you know?

  • The cost of living in Cave Spring is 10% lower than the Virginia average.
  • The cost of living in Cave Spring is 3% lower than the national average.
  • The cost of housing in Cave Spring is 12% higher than the national average.
  • Virginia general sales tax is 4% higher than the national average.
  • Virginia state income tax is 10% lower than the national average.

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Compare Cave Spring, VA Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Cave Spring, VA to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Cave Spring, VA, then you would need to earn more income in order to maintain the same standard of living. To use the Cave Spring, VA salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$79,549$6,629$1,856$2,387
Renters$38,738$3,228$904$1,162
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Cave Spring, VA, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Cave Spring, VA has a median income of about $79,549 for people who own homes. Based on that number, a person should spend a maximum of $1,856 on expenses related to housing. Renters have a slightly different median income, which is $38,738. Based on this average, renters should spend no more than $904 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Virginia Sales Tax

StateGeneral Sales TaxWith Max Surtax
Virginia5.3%6%

Virginia Income Tax

StateIncome Tax (Low)Income Tax (High)
Virginia2%5.75%
When assessing the complete cost of living in Cave Spring, VA, the Virginia income tax and the Virginia sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Virginia maximum surtax is 6%, and the Virginia sales tax is 5.3%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 2% to 5.75% in Virginia.

Goods & Services

ItemCave SpringNational avg.Difference
Haircut $13.40$14.598.2%
Beauty Salon $27.60$34.6820.4%
Toothpaste $1.86$2.4724.8%
Shampoo $0.85$1.0216.8%
Movie $9.71$9.871.6%
Bowling $3.80$4.3913.5%

Groceries

ItemCave SpringNational avg.Difference
Ground Beef $3.84$4.4814.2%
Fried Chicken $1.18$1.4619.4%
Milk $1.98$2.3616.0%
Potatoes $3.00$3.062.0%
Pizza $7.99$9.2413.6%
Beer $9.38$8.638.7%

Health Care

ItemCave SpringNational avg.Difference
Optometrist $75.20$99.7824.6%
Doctor $74.76$105.0328.8%
Dentist $101.33$88.7014.2%
Ibuprofen $8.18$9.4113.1%
Lipitor $313.49$298.505.0%

Housing

ItemCave SpringNational avg.Difference
Home Price $208,600.00$175,700.0018.7%
Avg. Mortgage Payment $989.22$1,081.038.5%
Apartment Rent $878.00$920.004.6%

Transportation

ItemCave SpringNational avg.Difference
Gasoline $1.87$2.0910.6%
Tire Balancing $37.95$45.2916.2%

Utilities

ItemCave SpringNational avg.Difference
All Electricity$183.07$170.807.2%
Phone $25.25$28.2610.6%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Shawsville, VA1,20579-21%
Elliston, VA1,21983-17%
Lafayette, VA60687-13%
Roanoke, VA97,94987-13%
Glenvar, VA81888-12%
Cave Spring, VA25,54797-3%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Owatonna, MN25,55094-6%
Lebanon, PA25,55389-11%
Vernon Hills, IL25,53512626%
Burlington, IA25,55981-19%
Asheboro, NC25,57385-15%
Cave Spring, VA25,54797-3%
Source: The Cave Spring, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.