Cost Of Living in Ferrum, VA

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18%

Overall NAT. AVG.

4%

Goods & Services NAT. AVG.

51%

Housing NAT. AVG.

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	Ferrum	Virginia	National
Cost of living	82	109	100
Goods & Services	97	100	100
Groceries	97	101	100
Health care	98	99	100
Housing	49	130	100
Transportation	88	95	100
Utilities	99	104	100

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Cost Of Living Quick Facts

The cost of living in Ferrum is 25% lower than the Virginia average
The cost of living in Ferrum is 18% lower than the national average
Ferrum housing is 51% lower than the national average
Virginia general sales tax is 4% higher than the national average
Virginia state income tax is 23% lower than the national average

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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	$46,168	$3,847	$1,077	$1,385
Renters	$0	$0	$0	$0

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	Ferrum	National avg.	Difference
Haircut	$14.00	$24.26	42.3%
Beauty Salon	$34.81	$45.56	23.6%
Toothpaste	$3.68	$3.70	0.7%
Shampoo	$1.30	$1.28	1.5%
Movie	$11.00	$12.13	9.3%
Bowling	$11.83	$18.00	34.3%

Groceries

Item	Ferrum	National avg.	Difference
Ground Beef	$6.12	$5.84	4.8%
Fried Chicken	$1.37	$1.57	12.7%
Milk	$4.64	$4.67	0.8%
Potatoes	$4.99	$4.93	1.0%
Pizza	$13.42	$12.09	11.1%
Beer	$10.22	$10.41	1.9%

Health Care

Item	Ferrum	National avg.	Difference
Optometrist	$124.44	$125.68	1.0%
Doctor	$115.83	$135.78	14.7%
Dentist	$127.61	$113.29	12.6%
Ibuprofen	$10.25	$10.65	3.8%
Lipitor	$485.00	$468.60	3.5%

Housing

Item	Ferrum	National avg.	Difference
Home Price	$90,500.00	$184,700.00	51.0%
Avg. Mortgage Payment	$1,651.10	$2,346.69	29.6%
Apartment Rent	$0.00	$949.00	100.0%

Transportation

Item	Ferrum	National avg.	Difference
Gasoline	$3.25	$3.46	6.2%
Tire Balancing	$48.39	$59.92	19.2%

Utilities

Item	Ferrum	National avg.	Difference
All Electricity	$189.18	$193.99	2.5%
Phone	$184.83	$192.25	3.9%

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.
Oak Level, VA	466	84	15.8%
Collinsville, VA	7,019	84	15.7%
Bassett, VA	900	85	15.2%
Stanleytown, VA	1,264	87	13.2%
Henry Fork, VA	1,147	87	13.0%
Ferrum, VA	2,148	82	18.2%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Maugansville, MD	2,148	104	4.0%
Apalachin, NY	2,148	90	10.0%
Hyde Park, PA	2,148	95	5.1%
Split Lake (Part) 171, MB	2,148	n/a
Sewall's Point, FL	2,147	200	100.0%
Ferrum, VA	2,148	82	18.2%