Wakefield 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.
IndexWakefieldVirginiaNational
Cost of living index168109100
IndexWakefieldVirginiaNational
Goods & Services index117100100
Groceries index11595100
Health care index98101100
Housing index304133100
Transportation index10893100
Utilities index90100100
Displayed above is a general overview of the Wakefield, VA cost of living index. The overall cost of living index in Wakefield, VA is 168, which is 55% higher than the Virginia average and 68% 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 Wakefield, VA are 17% higher than the Virginia average and 17% higher than the national average.

Did you know?

  • The cost of living in Wakefield is 55% higher than the Virginia average.
  • The cost of living in Wakefield is 68% higher than the national average.
  • The cost of housing in Wakefield is 204% 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 Wakefield, VA Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Wakefield, VA to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Wakefield, VA, then you would need to earn more income in order to maintain the same standard of living. To use the Wakefield, VA salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$157,702$13,142$3,679$4,732
Renters$51,691$4,308$1,206$1,551
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Wakefield, VA, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Wakefield, VA has a median income of about $157,702 for people who own homes. Based on that number, a person should spend a maximum of $3,679 on expenses related to housing. Renters have a slightly different median income, which is $51,691. Based on this average, renters should spend no more than $1,206 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Virginia Sales Tax

StateGeneral Sales TaxWith Max Surtax
Virginia5.3%6%

Virginia Income Tax

StateIncome Tax (Low)Income Tax (High)
Virginia2%5.75%
When you are determining the total cost of living in Wakefield, 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

ItemWakefieldNational avg.Difference
Haircut $20.83$15.5633.8%
Beauty Salon $58.39$36.1161.7%
Toothpaste $2.89$2.4716.9%
Shampoo $0.88$0.968.5%
Movie $12.00$10.1318.5%
Bowling $5.45$4.7415.1%

Groceries

ItemWakefieldNational avg.Difference
Ground Beef $3.72$3.986.6%
Fried Chicken $1.79$1.4127.2%
Milk $2.35$2.0613.7%
Potatoes $3.81$2.9827.9%
Pizza $9.79$9.473.3%
Beer $9.99$8.7913.6%

Health Care

ItemWakefieldNational avg.Difference
Optometrist $74.83$101.0425.9%
Doctor $96.39$107.4410.3%
Dentist $93.78$90.423.7%
Ibuprofen $8.92$9.283.8%
Lipitor $443.00$426.503.9%

Housing

ItemWakefieldNational avg.Difference
Home Price $598,900.00$175,700.00240.9%
Avg. Mortgage Payment $2,698.56$1,133.23138.1%
Apartment Rent $2,001.00$920.00117.5%

Transportation

ItemWakefieldNational avg.Difference
Gasoline $2.20$1.9910.6%
Tire Balancing $46.05$45.760.6%

Utilities

ItemWakefieldNational avg.Difference
All Electricity$141.47$163.8113.6%
Phone $27.32$28.393.8%
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%
Belle Haven, VA3761033%
Hillcrest Heights, MD15,60411111%
Glassmanor, MD18,38911212%
Langley Park, MD21,31811818%
Wakefield, VA12,68416868%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
West Richland, WA12,680100-0%
Lindsay, CA12,688100-0%
Waimalu, HI12,68015959%
Camp Pendleton South, CA12,69113939%
Knightdale, NC12,6921022%
Wakefield, VA12,68416868%
Source: The Wakefield, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.