Hopewell, Virginia Cost Of Living

Buy Rent

B

Overall 9%

Goods & Services 2%

Housing 27%

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	Hopewell	Virginia	National
Cost of living	91	107	100
Goods & Services	102	100	100
Groceries	92	96	100
Health care	107	100	100
Housing	73	130	100
Transportation	93	93	100
Utilities	102	97	100

Key findings

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
Hopewell housing is 27% lower than the national average
Virginia general sales tax is 4% higher than the national average
Virginia state income tax is 19% 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	$53,325	$4,444	$1,244	$1,600
Renters	$31,540	$2,628	$736	$946

A good indicator of the general affordability of housing in Hopewell, VA, 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, 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%

Goods & Services

Item	Hopewell	National avg.	Difference
Haircut	$22.29	$20.27	10.0%
Beauty Salon	$49.83	$40.39	23.4%
Toothpaste	$1.86	$2.36	21.2%
Shampoo	$1.03	$1.08	4.0%
Movie	$11.35	$10.99	3.3%
Bowling	$18.67	$15.49	20.5%

Groceries

Item	Hopewell	National avg.	Difference
Ground Beef	$3.77	$4.30	12.3%
Fried Chicken	$1.08	$1.40	22.8%
Milk	$1.72	$2.20	22.1%
Potatoes	$3.59	$3.22	11.5%
Pizza	$10.26	$10.74	4.5%
Beer	$9.79	$9.60	2.0%

Health Care

Item	Hopewell	National avg.	Difference
Optometrist	$113.52	$109.73	3.5%
Doctor	$147.87	$118.34	25.0%
Dentist	$106.38	$100.94	5.4%
Ibuprofen	$9.74	$9.93	2.0%
Lipitor	$447.69	$469.53	4.7%

Housing

Item	Hopewell	National avg.	Difference
Home Price	$125,400.00	$184,700.00	32.1%
Avg. Mortgage Payment	$1,067.73	$1,229.62	13.2%
Apartment Rent	$820.00	$949.00	13.6%

Transportation

Item	Hopewell	National avg.	Difference
Gasoline	$2.54	$2.71	6.1%
Tire Balancing	$47.60	$51.86	8.2%

Utilities

Item	Hopewell	National avg.	Difference
All Electricity	$180.41	$170.84	5.6%
Phone	$181.35	$187.18	3.1%

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.
Templeton, VA	493	99	1.1%
Camptown, VA	825	83	16.6%
Petersburg, VA	31,997	90	10.0%
Bensley, VA	6,031	92	8.2%
Bellwood, VA	6,082	93	7.3%
Hopewell, VA	22,332	91	8.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Prichard, AL	22,340	81	19.5%
Auburn Hills, MI	22,342	96	4.4%
Brent, FL	22,319	85	14.6%
Chalmette, LA	22,345	93	6.7%
Ramona, CA	22,346	136	35.7%
Hopewell, VA	22,332	91	8.7%

Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.