A-
2%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
6%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Lakeside Virginia National
Cost of living102109100
Goods & Services100100100
Groceries101101100
Health care9699100
Housing106130100
Transportation10095100
Utilities105104100

An Overview of Cost of Living in Lakeside, VA

The cost of living in Lakeside affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Lakeside is 102, which is 2% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Everyday expenditures like food, housing, goods and services, transportation and health care in Lakeside are priced in a manner consistent with other areas. This means that residents of Lakeside can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Lakeside Affordable?

Is Lakeside affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Lakeside, the median home price is 5.5% higher than the national average and monthly rent prices are 7.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Lakeside boasting a median household income of $55,104, 0.4% lower than the national average.

What Factors can Influence the Cost of Living in Lakeside?

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Lakeside starts at 5.3% and the income tax rates start at 2%.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Lakeside, the utilities index is 4.8% higher than the national average.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Lakeside, the transportation index is 0.3% lower than the national average.

Where is the Data From?

The Lakeside cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Lakeside is 6% lower than the Virginia average
  • The cost of living in Lakeside is 2% higher than the national average
  • Lakeside housing is 6% higher than the national average
  • Virginia general sales tax is 4% higher than the national average
  • Virginia state income tax is 11% lower than the national average

Most Affordable Places to Live in and Around Lakeside

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Compare Lakeside, VA Cost of Living

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      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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$73,240$6,103$1,709$2,197
      Renters$31,610$2,634$738$948
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Lakeside, VA, as well as what the overall cost of living might be. 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 payments and not more than 36 percent of income on all expenses and debts. In Lakeside, homeowners have a median income of $73,240. Using that number, a maximum of $1,709 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $31,610, which means there is a maximum of $738 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%

      Goods & Services

      Item Lakeside National avg. Difference
      Haircut $20.00$24.2617.6%
      Beauty Salon $54.17$45.5618.9%
      Toothpaste $3.72$3.700.5%
      Shampoo $1.26$1.281.3%
      Movie $13.31$12.139.7%
      Bowling $24.17$18.0034.3%

      Groceries

      Item Lakeside National avg. Difference
      Ground Beef $5.54$5.845.2%
      Fried Chicken $1.44$1.578.5%
      Milk $4.63$4.671.0%
      Potatoes $5.27$4.936.8%
      Pizza $12.72$12.095.3%
      Beer $10.64$10.412.2%

      Health Care

      Item Lakeside National avg. Difference
      Optometrist $95.44$125.6824.1%
      Doctor $122.83$135.789.5%
      Dentist $109.67$113.293.2%
      Ibuprofen $10.76$10.651.0%
      Lipitor $489.65$468.604.5%

      Housing

      Item Lakeside National avg. Difference
      Home Price $194,900.00$184,700.005.5%
      Avg. Mortgage Payment $2,083.79$2,346.6911.2%
      Apartment Rent $1,021.00$949.007.6%

      Transportation

      Item Lakeside National avg. Difference
      Gasoline $3.27$3.465.5%
      Tire Balancing $60.00$59.920.1%

      Utilities

      Item Lakeside National avg. Difference
      All Electricity $227.22$193.9917.1%
      Phone $185.33$192.253.6%
      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 Population Cost of Living Index National Avg.
      Montrose, VA7,639946.2%
      Bensley, VA6,044964.0%
      Bellwood, VA7,808973.1%
      Sandston, VA6,833972.7%
      Highland Springs, VA15,000982.0%
      Lakeside, VA12,7491022.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Panama City Beach, FL12,74711111.1%
      Clarkston, GA12,747954.5%
      Dover, OH12,754919.1%
      Greenville, OH12,7438218.4%
      Lilburn, GA12,7551022.0%
      Lakeside, VA12,7491022.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.