| Index | Gloucester Point | Virginia | National |
| Cost of living | 110 | 111 | 100 |
| Groceries | 103 | 103 | 100 |
| Health care | 104 | 103 | 100 |
| Housing | 122 | 129 | 100 |
| Transportation | 107 | 105 | 100 |
| Utilities | 108 | 104 | 100 |
| Lifestyle & Entertainment | 105 | 103 | 100 |
| Household Items | 103 | 102 | 100 |
| Education & Childcare | 103 | 109 | 100 |
Understanding the cost of living in Gloucester Point can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Gloucester Point cost of living index is 110, which is 10% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
Everyday expenditures like food, housing, lifestyle expenses, transportation and health care in Gloucester Point are priced in a manner consistent with other areas. This means that residents of Gloucester Point can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Housing costs are a very significant part of the Gloucester Point cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 22.3% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Gloucester Point affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Gloucester Point, the median home price is 29.5% higher than the national average and monthly rent prices are 5.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Gloucester Point boasting a median household income of $88,323, 8.6% higher than the national average.
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 Gloucester Point, the groceries index is 2.8% higher than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Gloucester Point, the utilities index is 8% higher than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Gloucester Point, the housing index stands at 22.3% higher than the national average.
The cost of living data for Gloucester Point shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $105,639 | $8,803 | $2,465 | $3,169 |
| Renters | $59,294 | $4,941 | $1,383 | $1,779 |
| State | General Sales Tax | With Max Surtax |
| Virginia | 5.3% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Virginia | 2% | 5.75% |
| City | Population | Cost of Living Index | National Avg. |
| Mathews, VA | 705 | 99 | 1.0% |
| Newport News, VA | 184,134 | 105 | 5.3% |
| Rushmere, VA | 1,024 | 112 | 11.6% |
| Gloucester Courthouse, VA | 3,060 | 112 | 12.1% |
| Williamsburg, VA | 15,371 | 123 | 22.6% |
| Gloucester Point, VA | 10,715 | 110 | 9.9% |
| City | Population | Cost of Living Index | National Avg. |
| Amelia, OH | 10,718 | 91 | 9.0% |
| Sebring, FL | 10,710 | 91 | 8.9% |
| Hull, MA | 10,722 | 143 | 43.4% |
| Covington, LA | 10,723 | 105 | 5.3% |
| Helena-West Helena, AR | 10,702 | 81 | 19.3% |
| Gloucester Point, VA | 10,715 | 110 | 9.9% |
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