An Overview of Cost of Living in Fredericksburg, VA
The cost of living in Fredericksburg 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 Fredericksburg is 132, which is 32% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
The cost of living in Fredericksburg is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Fredericksburg falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs make up a big chunk of the cost of living in Fredericksburg, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 83.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Fredericksburg goods and services are 10.2% more expensive than the national average, leaving you with less money at the end of the month.
The relentless increase in grocery prices is a noteworthy trend. In the last two years, grocery costs have experienced an upward trajectory of over 10%. Unfortunately, Fredericksburg is no exception, where grocery prices are 12.6% above the national average.
What Do Locals Say About the Cost of Living in Fredericksburg?
Locals have the inside scoop on their city. So, we polled 16 residents in Fredericksburg to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 25% find it reasonable with decreasing prices, but 75% think it's quite pricey, with prices that continue to rise.
Is Fredericksburg Affordable?
Wondering if Fredericksburg is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Fredericksburg, for example, the median home price is 104% higher than what folks pay nationally, and monthly rent is 35.6% higher than the usual rates. Plus, income levels matter too, with Fredericksburg boasting a median household income of $69,528, which is 25.7% higher than the national average.
What Factors can Influence the Cost of Living in Fredericksburg?
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Fredericksburg, the utilities index registers at 0.8% higher than the national average.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Fredericksburg, the groceries index is 12.6% higher than the national average.
Where is the Data From?
The cost of living data in Fredericksburg displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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