An Overview of Cost of Living in Highland Springs, VA
Knowing the cost of living in Highland Springs allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Highland Springs stands at 98, marking it 2% lower than the national average.
Everyday expenditures like food, housing, goods and services, transportation and health care in Highland Springs are priced in a manner consistent with other areas. This means that residents of Highland Springs can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Is Highland Springs Affordable?
Is Highland Springs 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 Highland Springs is 18.2% lower than the national average, while the average monthly rent prices are 16% higher than average. The affordability of any location can also be influenced by median income levels. Highland Springs has a median household income of $47,404, which is 14.3% lower than the national average.
What Factors can Influence the Cost of Living in Highland Springs?
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Highland Springs, the groceries index is 0.5% higher than the national average.
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 Highland Springs comes in at 4.8% higher than the national average.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Highland Springs, the healthcare costs are 4.4% lower than the national average.
Where is the Data From?
The cost of living data in Highland Springs displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.