Cost Of Living In Falmouth, VA

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	109	100
Index	Falmouth	Virginia	National
Goods & Services index	113	100	100
Groceries index	106	95	100
Health care index	107	101	100
Housing index	149	133	100
Transportation index	114	93	100
Utilities index	102	100	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 13% higher than it is in Virginia, and it is 13% 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 49% 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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Salary Calculator

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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	$84,375	$7,031	$1,969	$2,532
Renters	$45,268	$3,772	$1,056	$1,358

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 $84,375. Using that number, you will come up with a maximum of $1,969 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $45,268, which means there is a maximum of $1,056 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	$21.06	$15.56	35.3%
Beauty Salon	$68.19	$36.11	88.9%
Toothpaste	$2.99	$2.47	20.9%
Shampoo	$1.19	$0.96	23.0%
Movie	$12.77	$10.13	26.1%
Bowling	$5.45	$4.74	15.1%

Groceries

Item	Falmouth	National avg.	Difference
Ground Beef	$3.75	$3.98	5.9%
Fried Chicken	$1.68	$1.41	19.4%
Milk	$2.31	$2.06	12.1%
Potatoes	$3.06	$2.98	2.5%
Pizza	$8.99	$9.47	5.1%
Beer	$9.89	$8.79	12.5%

Health Care

Item	Falmouth	National avg.	Difference
Optometrist	$96.58	$101.04	4.4%
Doctor	$119.88	$107.44	11.6%
Dentist	$99.36	$90.42	9.9%
Ibuprofen	$9.73	$9.28	4.8%
Lipitor	$426.15	$426.50	0.1%

Housing

Item	Falmouth	National avg.	Difference
Home Price	$259,900.00	$175,700.00	47.9%
Avg. Mortgage Payment	$2,535.22	$1,133.23	123.7%
Apartment Rent	$1,381.00	$920.00	50.1%

Transportation

Item	Falmouth	National avg.	Difference
Gasoline	$2.19	$1.99	9.8%
Tire Balancing	$57.10	$45.76	24.8%

Utilities

Item	Falmouth	National avg.	Difference
All Electricity	$141.21	$163.81	13.8%
Phone	$34.95	$28.39	23.1%

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, State	Population	Cost of Living Index	National Avg.
Port Royal, VA	142	90	-10%
Boswell's Corner, VA	1,416	95	-5%
Quantico Base, VA	6,656	112	12%
Quantico, VA	446	114	14%
Lake Wilderness, VA	2,211	115	15%
Falmouth, VA	4,518	121	21%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Pittsburg, TX	4,517	82	-18%
Emerald Lake Hills, CA	4,519	335	235%
Ardsley, NY	4,519	168	68%
El Cerro Mission, NM	4,519	82	-18%
Berlin, MD	4,520	106	6%
Falmouth, VA	4,518	121	21%

Source: The Falmouth, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.

Falmouth, VA Cost of Living