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.
A general summary of the cost of living index in Hollymead, VA is shown above. Compared to the state average of Virginia the cost of living index in Hollymead, VA is 119, which is 11% higher than the average in Virginia and compared to the national average it is 19% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Hollymead, VA goods and services come in at 17% higher than the average in Virginia and are 16% higher than compared to the nationwide average.
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Did you know?
The cost of living in Hollymead is 11% higher than the Virginia average.
The cost of living in Hollymead is 19% higher than the national average.
The cost of housing in Hollymead is 48% 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.
Compare Hollymead, VA Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
The salary calculator is used in order to provide a comparison of your current salary in Hollymead, VA to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Hollymead, VA, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Hollymead, VA salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
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 Hollymead, 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. Hollymead, VA has a median income of about $88,208 for people who own homes. Based on that number, a person should spend a maximum of $2,058 on expenses related to housing. Renters have a slightly different median income, which is $61,286. Based on this average, renters should spend no more than $1,430 on all of their rental costs if they want to maintain a non-impoverished standard of living.
Virginia Sales Tax
General Sales Tax
With Max Surtax
Virginia Income Tax
Income Tax (Low)
Income Tax (High)
When assessing the complete cost of living in Hollymead, VA, the Virginia income tax and the Virginia sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Virginia maximum surtax is 6%, and the Virginia sales tax is 5.3%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 2% to 5.75% in Virginia.
Goods & Services
Avg. Mortgage Payment
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.