Hopewell, VA Cost Of Living

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Hopewell cost of living index

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.
Index	Hopewell	Virginia	National
Cost of living index	91	108	100
Index	Hopewell	Virginia	National
Goods & Services index	101	100	100
Groceries index	88	96	100
Health care index	108	100	100
Housing index	73	130	100
Transportation index	92	91	100
Utilities index	106	101	100

Here we can see a simple outline of the cost of living in Hopewell, VA. As you can see, with the average cost of living in Hopewell, VA being 91, that puts it 15% lower than the average of Virginia and 9% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Hopewell, VA, the price of goods and services are 1% higher than the average of Virginia as well as 1% higher than the nation's average.

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Did you know?

The cost of living in Hopewell is 15% lower than the Virginia average.
The cost of living in Hopewell is 9% lower than the national average.
The cost of housing in Hopewell is 27% lower 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.

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Salary Calculator

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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

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

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$53,325	$4,444	$1,244	$1,600
Renters	$31,540	$2,628	$736	$946

If you want to find a good determining factor for the cost of living and the general affordability of housing in Hopewell, VA, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Hopewell, VA, the median monthly income is $53,325 for those who own their own homes. Under the standard rule, that income level would allow for $1,244 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $31,540, per the median income in the area. That would allow for renters to spend up to $736 on monthly rental expenses.

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%

When assessing the complete cost of living in Hopewell, 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

Item	Hopewell	National avg.	Difference
Haircut	$18.75	$16.09	16.6%
Beauty Salon	$42.38	$37.33	13.5%
Toothpaste	$1.81	$2.45	25.9%
Shampoo	$0.85	$1.00	15.0%
Movie	$10.98	$10.28	6.8%
Bowling	$6.07	$4.93	23.1%

Groceries

Item	Hopewell	National avg.	Difference
Ground Beef	$3.41	$3.80	10.3%
Fried Chicken	$1.00	$1.40	28.6%
Milk	$1.75	$2.01	12.7%
Potatoes	$2.69	$3.01	10.5%
Pizza	$10.52	$9.89	6.4%
Beer	$9.40	$8.90	5.7%

Health Care

Item	Hopewell	National avg.	Difference
Optometrist	$110.15	$102.16	7.8%
Doctor	$109.61	$108.36	1.2%
Dentist	$115.26	$92.53	24.6%
Ibuprofen	$8.42	$9.28	9.3%
Lipitor	$403.84	$425.82	5.2%

Housing

Item	Hopewell	National avg.	Difference
Home Price	$125,400.00	$184,700.00	32.1%
Avg. Mortgage Payment	$1,057.00	$1,202.44	12.1%
Apartment Rent	$820.00	$949.00	13.6%

Transportation

Item	Hopewell	National avg.	Difference
Gasoline	$2.05	$2.24	8.6%
Tire Balancing	$43.13	$46.29	6.8%

Utilities

Item	Hopewell	National avg.	Difference
All Electricity	$155.74	$165.96	6.2%
Phone	$34.95	$28.68	21.8%

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, State	Population	Cost of Living Index	National Avg.
Templeton, VA	493	99	-1%
Camptown, VA	825	83	-17%
Petersburg, VA	31,997	90	-10%
Bensley, VA	6,031	92	-8%
Bellwood, VA	6,082	92	-8%
Hopewell, VA	22,332	91	-9%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Prichard, AL	22,340	84	-16%
Auburn Hills, MI	22,342	92	-8%
Chalmette, LA	22,345	92	-8%
Brent, FL	22,319	86	-14%
Ramona, CA	22,346	132	32%
Hopewell, VA	22,332	91	-9%

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

Hopewell, VA Cost of Living