Bellwood cost of living index

An overview of the general cost of living index for Bellwood, VA is displayed above for your reference. Residents in Bellwood, VA enjoy a cost of living index of 92. This index is 14% lower than the Virginia average, and 8% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Bellwood, VA, the average cost of goods and services is 1% higher than it is in Virginia, and it is 1% higher than the national average.

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Salary Calculator

The salary calculator is meant to help you compare your salary in Bellwood, 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 Bellwood, VA, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Bellwood, 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

One can approximate the cost of living and the housing affordability in Bellwood, 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 Bellwood, VA have a median income of $46,356. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,082 per month to avoid calamity and poverty. The renters in the city have an income of about $26,101, which would make their monthly maximum allowable rental costs $609.

Virginia Sales Tax

Virginia Income Tax

For those who live in Bellwood, 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

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Bellwood, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.