Cherry Hill 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.
IndexCherry HillVirginiaNational
Cost of living index125109100
IndexCherry HillVirginiaNational
Goods & Services index113100100
Groceries index10695100
Health care index107101100
Housing index159133100
Transportation index11493100
Utilities index102100100
Here we can see a simple outline of the cost of living in Cherry Hill, VA. As you can see, with the average cost of living in Cherry Hill, VA being 125, that puts it 15% higher than the average of Virginia and 25% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Cherry Hill, VA, the price of goods and services are 13% higher than the average of Virginia as well as 13% higher than the nation's average.

Did you know?

  • The cost of living in Cherry Hill is 15% higher than the Virginia average.
  • The cost of living in Cherry Hill is 25% higher than the national average.
  • The cost of housing in Cherry Hill is 59% 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 Cherry Hill, VA Cost of living To Other Cities

Salary Calculator

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Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
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The salary calculator is used in order to provide a comparison of your current salary in Cherry Hill, VA to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Cherry Hill, VA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Cherry Hill, VA salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$120,813$10,068$2,819$3,625
Renters$50,919$4,243$1,188$1,528
If you want to find a good determining factor for the cost of living and the general affordability of housing in Cherry Hill, VA, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Cherry Hill, VA, the median monthly income is $120,813 for those who own their own homes. Under the standard rule, that income level would allow for $2,819 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $50,919, per the median income in the area. That would allow for renters to spend up to $1,188 on monthly rental expenses.

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 Cherry Hill, 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

ItemCherry HillNational avg.Difference
Haircut $21.06$15.5635.3%
Beauty Salon $68.19$36.1188.9%
Toothpaste $2.99$2.4720.9%
Shampoo $1.19$0.9623.0%
Movie $12.77$10.1326.1%
Bowling $5.45$4.7415.1%

Groceries

ItemCherry HillNational avg.Difference
Ground Beef $3.75$3.985.9%
Fried Chicken $1.68$1.4119.4%
Milk $2.31$2.0612.1%
Potatoes $3.06$2.982.5%
Pizza $8.99$9.475.1%
Beer $9.89$8.7912.5%

Health Care

ItemCherry HillNational avg.Difference
Optometrist $96.58$101.044.4%
Doctor $119.88$107.4411.6%
Dentist $99.36$90.429.9%
Ibuprofen $9.73$9.284.8%
Lipitor $426.15$426.500.1%

Housing

ItemCherry HillNational avg.Difference
Home Price $282,000.00$175,700.0060.5%
Avg. Mortgage Payment $2,535.22$1,133.23123.7%
Apartment Rent $1,435.00$920.0056.0%

Transportation

ItemCherry HillNational avg.Difference
Gasoline $2.19$1.999.8%
Tire Balancing $57.10$45.7624.8%

Utilities

ItemCherry HillNational avg.Difference
All Electricity$141.21$163.8113.8%
Phone $34.95$28.3923.1%
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.
Port Tobacco Village, MD511010%
Woodlawn, VA2,08294-6%
Boswell's Corner, VA1,41695-5%
Potomac Heights, MD1,12599-1%
Belle Haven, VA3761033%
Cherry Hill, VA17,07912525%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Woodmere, NY17,06718383%
Ashwaubenon, WI17,06592-8%
Eloy, AZ17,06283-17%
Ada, OK17,06180-20%
Sunset, FL17,09711818%
Cherry Hill, VA17,07912525%
Source: The Cherry Hill, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.