A+
9%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
25%
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 Madison Heights Virginia National
Cost of living91109100
Goods & Services96100100
Groceries96101100
Health care10299100
Housing75130100
Transportation8895100
Utilities113104100

An Overview of Cost of Living in Madison Heights, VA

Are you thinking about relocating, but curious about the potential cost of living in Madison Heights? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Madison Heights stands at 91, making it 9% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

In Madison Heights, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Madison Heights will resemble that of an average city, contributing to a manageable cost of living.

Is Madison Heights Affordable?

Is Madison Heights affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Madison Heights, for instance, where the median home price falls 23% lower than the national average, and monthly rent rates are 29.5% lower than usual. Additionally, median income levels contribute to the equation, with Madison Heights flaunting a median household income of $50,137, 9.4% lower than the national norm.

What Factors can Influence the Cost of Living in Madison Heights?

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Madison Heights, the transportation index is 12.5% lower 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 Madison Heights, the housing index stands at 24.9% lower than the national average.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Madison Heights, the groceries index registers 4.4% lower than the national average.

Where is the Data From?

The Madison Heights cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Madison Heights is 17% lower than the Virginia average
  • The cost of living in Madison Heights is 9% lower than the national average
  • Madison Heights housing is 25% 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 Madison Heights

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Compare Madison Heights, 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$60,161$5,013$1,404$1,805
      Renters$24,741$2,062$577$742
      A good way to judge both the affordability of the housing and the cost of living in Madison Heights is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Madison Heights has a median income of about $60,161 for people who own homes. Based on that number, a maximum of $1,404 should be spent on expenses related to housing. Renters have a slightly different median income, which is $24,741. Based on this average, renters should spend no more than $577 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Madison Heights 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 Madison Heights 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 Madison Heights 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 Madison Heights National avg. Difference
      Home Price $142,300.00$184,700.0023.0%
      Avg. Mortgage Payment $2,606.96$2,346.6911.1%
      Apartment Rent $669.00$949.0029.5%

      Transportation

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

      Utilities

      Item Madison Heights 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%
      Big Island, VA174918.9%
      Amherst, VA2,581945.6%
      Rustburg, VA1,585955.1%
      Lynchburg, VA80,970955.0%
      Madison Heights, VA11,447919.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Elizabethtown, PA11,4451032.7%
      Magalia, CA11,4441109.6%
      Lyndon, KY11,4511043.5%
      Piedmont, CA11,454341241.1%
      Upper Montclair, NJ11,43918080.5%
      Madison Heights, VA11,447919.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.