Lowes Island 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.
IndexLowes IslandVirginiaNational
Cost of living index158109100
IndexLowes IslandVirginiaNational
Goods & Services index104100100
Groceries index11395100
Health care index95101100
Housing index280133100
Transportation index10993100
Utilities index100100100
Displayed above is a general overview of the Lowes Island, VA cost of living index. The overall cost of living index in Lowes Island, VA is 158, which is 45% higher than the Virginia average and 58% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Lowes Island, VA are 4% higher than the Virginia average and 4% higher than the national average.

Did you know?

  • The cost of living in Lowes Island is 45% higher than the Virginia average.
  • The cost of living in Lowes Island is 58% higher than the national average.
  • The cost of housing in Lowes Island is 180% 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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The salary calculator is used in order to provide a comparison of your current salary in Lowes Island, 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 Lowes Island, VA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Lowes Island, 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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$150,058$12,505$3,501$4,502
Renters$105,650$8,804$2,465$3,170
One can approximate the cost of living and the housing affordability in Lowes Island, VA by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Lowes Island, VA have a median income of $150,058. Therefore, the amount that a consumer should spend on housing costs should be no more than $3,501 per month to avoid calamity and poverty. The renters in the city have an income of about $105,650, which would make their monthly maximum allowable rental costs $2,465.

Virginia Sales Tax

StateGeneral Sales TaxWith Max Surtax
Virginia5.3%6%

Virginia Income Tax

StateIncome Tax (Low)Income Tax (High)
Virginia2%5.75%
For those who live in Lowes Island, VA and want to know what the true cost of living is, they ought to look at both the Virginia income tax rate and the Virginia sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Virginia, the sales tax is 5.3%, while the most you'll pay in surtax is 6%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Virginia, the income tax rate ranges between 2% to 5.75%.

Goods & Services

ItemLowes IslandNational avg.Difference
Haircut $19.56$15.5625.7%
Beauty Salon $55.56$36.1153.9%
Toothpaste $2.78$2.4712.6%
Shampoo $0.99$0.962.2%
Movie $13.06$10.1328.9%
Bowling $5.30$4.7411.9%

Groceries

ItemLowes IslandNational avg.Difference
Ground Beef $4.32$3.988.5%
Fried Chicken $1.87$1.4132.9%
Milk $2.37$2.0614.7%
Potatoes $3.85$2.9829.2%
Pizza $9.82$9.473.7%
Beer $9.99$8.7913.6%

Health Care

ItemLowes IslandNational avg.Difference
Optometrist $72.75$101.0428.0%
Doctor $93.11$107.4413.3%
Dentist $85.67$90.425.3%
Ibuprofen $10.08$9.288.6%
Lipitor $443.02$426.503.9%

Housing

ItemLowes IslandNational avg.Difference
Home Price $539,600.00$175,700.00207.1%
Avg. Mortgage Payment $2,420.26$1,133.23113.6%
Apartment Rent $2,001.00$920.00117.5%

Transportation

ItemLowes IslandNational avg.Difference
Gasoline $2.15$1.997.7%
Tire Balancing $51.28$45.7612.1%

Utilities

ItemLowes IslandNational avg.Difference
All Electricity$172.28$163.815.2%
Phone $26.86$28.395.4%
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.
Montgomery Village, MD33,02712020%
Woodlawn CDP (Fairfax County), VA20,81112323%
Seven Corners, VA8,34312525%
Oak Grove, VA1,62512323%
Bailey's Crossroads, VA24,94712828%
Lowes Island, VA11,25915858%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Lake Arrowhead, CA11,25512525%
Port Royal, SC11,2641055%
Yorktown, IN11,26590-10%
Annapolis Neck, MD11,26615353%
Lewisburg, TN11,25284-16%
Lowes Island, VA11,25915858%
Source: The Lowes Island, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.