An Overview of Cost of Living in Virginia Beach, VA
The cost of living in Virginia Beach 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 Virginia Beach is 116, which is 16% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
Housing costs are a very significant part of the Virginia Beach cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 52.5% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Virginia Beach?
Locals have the inside scoop on their city. So, we polled 13 residents in Virginia Beach 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? 31% find it reasonable with decreasing prices, but 69% think it's quite pricey, with prices that continue to rise.
Is Virginia Beach Affordable?
Wondering if Virginia Beach is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Virginia Beach, for example, the median home price is 55.6% higher than what folks pay nationally, and monthly rent is 45.4% higher than the usual rates. Plus, income levels matter too, with Virginia Beach boasting a median household income of $78,136, which is 41.2% higher than the national average.
What Factors can Influence the Cost of Living in Virginia Beach?
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Virginia Beach, the groceries index is 0.5% higher than the national average.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Virginia Beach, healthcare costs are 4.4% lower than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Virginia Beach, the utilities index registers at 4.8% higher than the national average.
Where is the Data From?
The cost of living in Virginia Beach, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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