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.
A general summary of the cost of living index in Portsmouth, VA is shown above. Compared to the state average of Virginia the cost of living index in Portsmouth, VA is 105, which is 3% lower than the average in Virginia and compared to the national average it is 5% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Portsmouth, VA goods and services come in at 11% higher than the average in Virginia and are 10% higher than compared to the nationwide average.
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The cost of living in Portsmouth is 3% lower than the Virginia average.
The cost of living in Portsmouth is 5% higher than the national average.
The cost of housing in Portsmouth is 5% 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.
Compare Portsmouth, VA Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Using the salary calculator lets you compare the salary you earn in Portsmouth, VA to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Portsmouth, VA, you have to earn a higher income in order to still have the same standard of living. To operate the Portsmouth, VA salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Portsmouth, VA as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Portsmouth, VA homeowners, is $63,256. This would allow for a maximum of $1,476 per month to be spent on housing costs. For renters, the median monthly income is $31,401 which would result in a maximum of $733 to be spent on rental costs.
Virginia Sales Tax
General Sales Tax
With Max Surtax
Virginia Income Tax
Income Tax (Low)
Income Tax (High)
When assessing the complete cost of living in Portsmouth, 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
Avg. Mortgage Payment
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.