An Overview of Cost of Living in Roanoke, VA
Understanding the cost of living in Roanoke can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Roanoke cost of living index is 92, which is 8% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
Everyday expenditures like food, housing, goods and services, transportation and health care in Roanoke are priced in a manner consistent with other areas. This means that residents of Roanoke can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
What Do Locals Say About the Cost of Living in Roanoke?
Locals have the inside scoop on their city. So, we polled 16 residents in Roanoke to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 63% find it reasonable with decreasing prices, but 38% think it's quite pricey, with prices that continue to rise.
Is Roanoke Affordable?
Is Roanoke an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Roanoke, the median home price is 27% lower than what most folks pay across the country, and monthly rent prices are 15.3% lower than the usual rates. Income levels in Roanoke come in at $45,664, which is 17.5% lower than the national average.
What Factors can Influence the Cost of Living in Roanoke?
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Roanoke comes in at 16.2% higher than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Roanoke, the groceries index is 3.1% lower than the national average.
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 Roanoke, the transportation index is 2.4% lower than the national average.
Where is the Data From?
The Roanoke 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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