| Index | Portsmouth | Virginia | National |
| Cost of living | 104 | 111 | 100 |
| Groceries | 105 | 103 | 100 |
| Health care | 100 | 103 | 100 |
| Housing | 102 | 129 | 100 |
| Transportation | 106 | 105 | 100 |
| Utilities | 103 | 104 | 100 |
| Lifestyle & Entertainment | 105 | 103 | 100 |
| Household Items | 101 | 102 | 100 |
| Education & Childcare | 109 | 109 | 100 |
The cost of living in Portsmouth affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Portsmouth is 104, which is 4% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
In Portsmouth, daily expenses such as food, housing, lifestyle expenses, 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 Portsmouth will resemble that of an average city, contributing to a manageable cost of living.
Nobody knows their city better than the people who actually live there. So, we asked 15 local residents how they would rate the cost of living in Portsmouth and this is how they responded. 47% of people said that the cost of living was affordable, with prices decreasing, while 53% of people said that the cost of living was very expensive and prices continue to rise.
Is Portsmouth an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Portsmouth is 3.9% lower than the national average, while the average monthly rent prices are 14.8% higher than average. The affordability of any location can also be influenced by median income levels. Portsmouth has a median household income of $77,881, which is 4.2% lower than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Portsmouth, healthcare costs are 0.4% higher than the national average.
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.
Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Portsmouth, the housing index is 1.7% higher than the national average.
The Portsmouth cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $102,650 | $8,554 | $2,395 | $3,080 |
| Renters | $54,000 | $4,500 | $1,260 | $1,620 |
| State | General Sales Tax | With Max Surtax |
| Virginia | 5.3% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Virginia | 2% | 5.75% |
| City | Population | Cost of Living Index | National Avg. |
| Hampton, VA | 138,888 | 105 | 5.0% |
| Norfolk, VA | 250,142 | 109 | 9.3% |
| Chesapeake, VA | 251,202 | 119 | 18.8% |
| Carrollton, VA | 6,533 | 125 | 24.9% |
| Portsmouth, VA | 98,194 | 104 | 3.5% |
| City | Population | Cost of Living Index | National Avg. |
| Sandy, UT | 98,208 | 129 | 29.1% |
| Roswell, GA | 98,234 | 128 | 28.1% |
| Riverview, FL | 98,341 | 112 | 12.2% |
| Hesperia, CA | 98,419 | 123 | 22.5% |
| Brockton, MA | 98,714 | 126 | 25.9% |
| Portsmouth, VA | 98,194 | 104 | 3.5% |
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