Lake Ridge 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.
IndexLake RidgeVirginiaNational
Cost of living index129109100
IndexLake RidgeVirginiaNational
Goods & Services index113100100
Groceries index10695100
Health care index107101100
Housing index173133100
Transportation index11493100
Utilities index102100100
Here we can see a simple outline of the cost of living in Lake Ridge, VA. As you can see, with the average cost of living in Lake Ridge, VA being 129, that puts it 18% higher than the average of Virginia and 29% 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 Lake Ridge, 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 Lake Ridge is 18% higher than the Virginia average.
  • The cost of living in Lake Ridge is 29% higher than the national average.
  • The cost of housing in Lake Ridge is 73% 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 Lake Ridge, 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 meant to help you compare your salary in Lake Ridge, VA to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Lake Ridge, VA, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Lake Ridge, VA salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$117,083$9,757$2,732$3,513
Renters$69,150$5,763$1,613$2,075
The affordability of the housing market in Lake Ridge, VA as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Lake Ridge, VA homeowners, the median income is $117,083. This indicates that a monthly maximum of $2,732 should be spent by homeowners on all housing related costs. Renters have a median income of $69,150. This indicates that renters should have a maximum of $1,613 used for their rent related monthly costs.

Virginia Sales Tax

StateGeneral Sales TaxWith Max Surtax
Virginia5.3%6%

Virginia Income Tax

StateIncome Tax (Low)Income Tax (High)
Virginia2%5.75%
One thing to keep in mind when considering the cost of living in Lake Ridge, VA is the Virginia sales tax and Virginia income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Virginia sales tax rate is 5.3% and the maximum surtax that can be charged is 6%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Virginia income tax rates range from 2% to 5.75%.

Goods & Services

ItemLake RidgeNational 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

ItemLake RidgeNational 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

ItemLake RidgeNational 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

ItemLake RidgeNational avg.Difference
Home Price $292,900.00$175,700.0066.7%
Avg. Mortgage Payment $2,535.22$1,133.23123.7%
Apartment Rent $1,712.00$920.0086.1%

Transportation

ItemLake RidgeNational avg.Difference
Gasoline $2.19$1.999.8%
Tire Balancing $57.10$45.7624.8%

Utilities

ItemLake RidgeNational 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.
Woodlawn, VA2,08294-6%
Boswell's Corner, VA1,41695-5%
Potomac Heights, MD1,12599-1%
Belle Haven, VA3761033%
Dumfries, VA5,1221088%
Lake Ridge, VA44,59312929%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Altadena, CA44,62216060%
Hilo, HI44,54914545%
Strongsville, OH44,6491033%
Minot, ND44,53398-2%
Draper, UT44,65612222%
Lake Ridge, VA44,59312929%
Source: The Lake Ridge, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.