A+
5%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
11%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
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 Lynchburg Virginia National
Cost of living95109100
Goods & Services96100100
Groceries96101100
Health care10299100
Housing89130100
Transportation8895100
Utilities113104100

An Overview of Cost of Living in Lynchburg, VA

Getting a feel for the cost of living in Lynchburg is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Lynchburg is 95, which is 5% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Everyday expenditures like food, housing, goods and services, transportation and health care in Lynchburg are priced in a manner consistent with other areas. This means that residents of Lynchburg can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Lynchburg Affordable?

Is Lynchburg 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 Lynchburg, the median home price is 11.8% lower than the national average and monthly rent prices are 9.5% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Lynchburg boasting a median household income of $49,201, 11.1% lower than the national average.

What Factors can Influence the Cost of Living in Lynchburg?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Lynchburg, healthcare costs are 1.7% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Lynchburg, the baseline sales tax rate begins at 5.3%, and income tax rates start at 2%.

Where is the Data From?

The Lynchburg cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Lynchburg is 13% lower than the Virginia average
  • The cost of living in Lynchburg is 5% lower than the national average
  • Lynchburg housing is 11% lower than the national average
  • Virginia general sales tax is 4% higher than the national average
  • Virginia state income tax is 11% lower than the national average

Most Affordable Places to Live in and Around Lynchburg

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Compare Lynchburg, VA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$69,019$5,752$1,610$2,071
      Renters$35,554$2,963$830$1,067
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Lynchburg, VA, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Lynchburg, homeowners have a median income of $69,019. Using that number, a maximum of $1,610 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $35,554, which means there is a maximum of $830 to be spent on the costs of renting a home or apartment.

      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 Lynchburg National avg. Difference
      Haircut $24.89$24.262.6%
      Beauty Salon $53.95$45.5618.4%
      Toothpaste $3.79$3.702.3%
      Shampoo $1.34$1.284.6%
      Movie $13.59$12.1312.0%
      Bowling $18.42$18.002.3%

      Groceries

      Item Lynchburg National avg. Difference
      Ground Beef $5.32$5.848.8%
      Fried Chicken $1.32$1.5716.1%
      Milk $4.70$4.670.7%
      Potatoes $5.17$4.934.7%
      Pizza $12.24$12.091.3%
      Beer $10.69$10.412.7%

      Health Care

      Item Lynchburg National avg. Difference
      Optometrist $136.88$125.688.9%
      Doctor $139.83$135.783.0%
      Dentist $105.92$113.296.5%
      Ibuprofen $10.61$10.650.4%
      Lipitor $387.25$468.6017.4%

      Housing

      Item Lynchburg National avg. Difference
      Home Price $162,900.00$184,700.0011.8%
      Avg. Mortgage Payment $2,606.96$2,346.6911.1%
      Apartment Rent $859.00$949.009.5%

      Transportation

      Item Lynchburg National avg. Difference
      Gasoline $3.36$3.462.8%
      Tire Balancing $50.24$59.9216.1%

      Utilities

      Item Lynchburg National avg. Difference
      All Electricity $213.27$193.999.9%
      Phone $184.83$192.253.9%
      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.
      Concord, VA1,0128911.0%
      Madison Heights, VA11,447919.2%
      Big Island, VA174918.9%
      Amherst, VA2,581945.6%
      Rustburg, VA1,585955.1%
      Lynchburg, VA80,970955.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Farmington Hills, MI80,93711312.6%
      Auburn, WA80,91413232.1%
      Warwick, RI81,04311414.2%
      Silver Spring, MD81,06915050.2%
      Manteca, CA81,07814141.4%
      Lynchburg, VA80,970955.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.