Smithfield, VA Cost Of Living

Smithfield cost of living index

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.
Index	Smithfield	Virginia	National
Cost of living index	109	108	100
Index	Smithfield	Virginia	National
Goods & Services index	101	100	100
Groceries index	88	96	100
Health care index	108	100	100
Housing index	133	130	100
Transportation index	92	91	100
Utilities index	106	101	100

The above illustration supplies generalized information for the Smithfield, VA cost of living index. Compared to other cities in Virginia and cities across the country, the cost of living index in Smithfield, VA is 109, which is 1% higher than the Virginia average and 9% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Smithfield, VA are 1% higher than the average for Virginia and 1% higher than the rest of the country.

Did you know?

The cost of living in Smithfield is 1% higher than the Virginia average.
The cost of living in Smithfield is 9% higher than the national average.
The cost of housing in Smithfield is 33% higher 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.

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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

The salary calculator allows you to compare how much your current salary in Smithfield, VA would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Smithfield, VA, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Smithfield, VA salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$86,875	$7,240	$2,027	$2,607
Renters	$26,995	$2,250	$630	$810

One can approximate the cost of living and the housing affordability in Smithfield, VA by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Smithfield, VA have a median income of $86,875. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,027 per month to avoid calamity and poverty. The renters in the city have an income of about $26,995, which would make their monthly maximum allowable rental costs $630.

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%

When considering the overall cost of living expenses in Smithfield, VA, it's important to take into account the sales tax for Virginia, as well as the rate for income tax in Virginia. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Virginia is 6%, and the sales tax in the state of Virginia is 5.3%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Virginia starts from 2% and goes up to 5.75%.

Goods & Services

Item	Smithfield	National avg.	Difference
Haircut	$18.75	$16.09	16.6%
Beauty Salon	$42.38	$37.33	13.5%
Toothpaste	$1.81	$2.45	25.9%
Shampoo	$0.85	$1.00	15.0%
Movie	$10.98	$10.28	6.8%
Bowling	$6.07	$4.93	23.1%

Groceries

Item	Smithfield	National avg.	Difference
Ground Beef	$3.41	$3.80	10.3%
Fried Chicken	$1.00	$1.40	28.6%
Milk	$1.75	$2.01	12.7%
Potatoes	$2.69	$3.01	10.5%
Pizza	$10.52	$9.89	6.4%
Beer	$9.40	$8.90	5.7%

Health Care

Item	Smithfield	National avg.	Difference
Optometrist	$110.15	$102.16	7.8%
Doctor	$109.61	$108.36	1.2%
Dentist	$115.26	$92.53	24.6%
Ibuprofen	$8.42	$9.28	9.3%
Lipitor	$403.84	$425.82	5.2%

Housing

Item	Smithfield	National avg.	Difference
Home Price	$273,900.00	$184,700.00	48.3%
Avg. Mortgage Payment	$1,057.00	$1,202.44	12.1%
Apartment Rent	$933.00	$949.00	1.7%

Transportation

Item	Smithfield	National avg.	Difference
Gasoline	$2.05	$2.24	8.6%
Tire Balancing	$43.13	$46.29	6.8%

Utilities

Item	Smithfield	National avg.	Difference
All Electricity	$155.74	$165.96	6.2%
Phone	$34.95	$28.68	21.8%

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, State	Population	Cost of Living Index	National Avg.
Benns Church, VA	699	99	-1%
Windsor, VA	2,643	95	-5%
Surry, VA	218	97	-3%
Rushmere, VA	972	97	-3%
Newport News, VA	181,606	100	0%
Smithfield, VA	8,304	109	9%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Doylestown, PA	8,305	136	36%
Upper Saddle River, NJ	8,301	204	104%
Gig Harbor, WA	8,307	130	30%
St. Joseph, MI	8,307	91	-9%
Country Club Estates, GA	8,301	88	-12%
Smithfield, VA	8,304	109	9%

Source: The Smithfield, VA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Smithfield, VA Cost of Living