Falmouth, VA Cost Of Living

Falmouth 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.
Index	Falmouth	Virginia	National
Cost of living index	121	108	100
Index	Falmouth	Virginia	National
Goods & Services index	109	100	100
Groceries index	117	96	100
Health care index	107	100	100
Housing index	147	130	100
Transportation index	110	91	100
Utilities index	103	101	100

An overview of the general cost of living index for Falmouth, VA is displayed above for your reference. Residents in Falmouth, VA enjoy a cost of living index of 121. This index is 12% higher than the Virginia average, and 21% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Falmouth, VA, the average cost of goods and services is 9% higher than it is in Virginia, and it is 9% higher than the national average.

Did you know?

The cost of living in Falmouth is 12% higher than the Virginia average.
The cost of living in Falmouth is 21% higher than the national average.
The cost of housing in Falmouth is 47% 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.

Find Real Estate Listings In Falmouth

New Real Estate Listings In Falmouth

The best places in Virginia

Here are the best places to live in Virginia

Check out the 10 safest cities in Virginia

These are the 10 most affordable cities in Virginia

Top 10 cities in Virginia with the best education system

Compare Falmouth, VA Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in

Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

The salary calculator is used in order to provide a comparison of your current salary in Falmouth, 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 Falmouth, VA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Falmouth, 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 Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$98,973	$8,248	$2,309	$2,969
Renters	$45,875	$3,823	$1,070	$1,376

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Falmouth, VA, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Falmouth, VA homeowners have a median income of $98,973. Using that number, you will come up with a maximum of $2,309 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $45,875, which means there is a maximum of $1,070 to be spent on the costs of renting a home or apartment.

Virginia Sales Tax

State	General Sales Tax	With Max Surtax
Virginia	5.3%	6%

Virginia Income Tax

State	Income Tax (Low)	Income Tax (High)
Virginia	2%	5.75%

When you are determining the total cost of living in Falmouth, VA you will want to make sure you consider both the Virginia sales tax and the Virginia income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Virginia is 5.3%, with the highest surtax being 6%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Virginia have a range from 2% to 5.75%.

Goods & Services

Item	Falmouth	National avg.	Difference
Haircut	$18.11	$16.09	12.6%
Beauty Salon	$62.00	$37.33	66.1%
Toothpaste	$3.17	$2.45	29.7%
Shampoo	$1.27	$1.00	26.6%
Movie	$12.63	$10.28	22.8%
Bowling	$5.45	$4.93	10.5%

Groceries

Item	Falmouth	National avg.	Difference
Ground Beef	$4.24	$3.80	11.6%
Fried Chicken	$2.29	$1.40	63.7%
Milk	$2.45	$2.01	21.9%
Potatoes	$3.69	$3.01	22.4%
Pizza	$10.49	$9.89	6.1%
Beer	$10.10	$8.90	13.5%

Health Care

Item	Falmouth	National avg.	Difference
Optometrist	$95.25	$102.16	6.8%
Doctor	$122.58	$108.36	13.1%
Dentist	$98.00	$92.53	5.9%
Ibuprofen	$9.83	$9.28	5.9%
Lipitor	$432.66	$425.82	1.6%

Housing

Item	Falmouth	National avg.	Difference
Home Price	$275,400.00	$184,700.00	49.1%
Avg. Mortgage Payment	$2,942.02	$1,202.44	144.7%
Apartment Rent	$1,350.00	$949.00	42.3%

Transportation

Item	Falmouth	National avg.	Difference
Gasoline	$2.45	$2.24	9.0%
Tire Balancing	$51.67	$46.29	11.6%

Utilities

Item	Falmouth	National avg.	Difference
All Electricity	$143.97	$165.96	13.2%
Phone	$34.95	$28.68	21.8%

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, State	Population	Cost of Living Index	National Avg.
Port Royal, VA	185	102	2%
Quantico, VA	524	103	3%
Fairview Beach, VA	643	106	6%
Boswell's Corner, VA	1,340	112	12%
Passapatanzy, VA	1,137	115	15%
Falmouth, VA	5,018	121	21%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Arnold, PA	5,019	85	-15%
Dellwood, MO	5,020	87	-13%
North Fond du Lac, WI	5,020	89	-11%
Mayville, WI	5,016	92	-8%
Port Isabel, TX	5,015	80	-20%
Falmouth, VA	5,018	121	21%

Source: The Falmouth, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Falmouth, VA Cost of Living