| Index | Wakefield | Virginia | National |
| Cost of living | 173 | 111 | 100 |
| Groceries | 101 | 103 | 100 |
| Health care | 101 | 103 | 100 |
| Housing | 339 | 129 | 100 |
| Transportation | 103 | 105 | 100 |
| Utilities | 103 | 104 | 100 |
| Lifestyle & Entertainment | 101 | 103 | 100 |
| Household Items | 100 | 102 | 100 |
| Education & Childcare | 106 | 109 | 100 |
Understanding the cost of living in Wakefield 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 Wakefield cost of living index is 173, which is 73% higher 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.
The cost of living in Wakefield is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Wakefield falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs are a major factor in the Wakefield cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 238.7% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Is Wakefield affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Wakefield, for instance, where the median home price falls 248.4% higher than the national average, and monthly rent rates are 216% higher than usual. Additionally, median income levels contribute to the equation, with Wakefield flaunting a median household income of $243,335, 199.2% higher than the national norm.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Wakefield, the transportation index is 2.8% higher than the national average.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including 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 offering fewer subsidies may experience a rise in their cost of living.
Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Wakefield, healthcare costs are 0.5% higher than the national average.
The cost of living estimates displayed for Wakefield are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
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| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $245,846 | $20,487 | $5,736 | $7,376 |
| Renters | $204,434 | $17,036 | $4,770 | $6,134 |
| 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. |
| Rose Hill CDP (Lee County), VA | 731 | 89 | 11.0% |
| Woodlawn CDP (Carroll County), VA | 2,334 | 89 | 11.3% |
| Wakefield town, VA | 838 | 92 | 8.4% |
| Belle Haven town, VA | 578 | 99 | 1.4% |
| Hillcrest Heights, MD | 16,890 | 113 | 13.3% |
| Wakefield, VA | 11,787 | 173 | 72.9% |
| City | Population | Cost of Living Index | National Avg. |
| North Dundas, ON | 11,794 | n/a | |
| Chino Valley, AZ | 11,776 | 111 | 10.7% |
| Fenton, MI | 11,776 | 95 | 5.3% |
| Emmaus, PA | 11,776 | 104 | 3.9% |
| Peru, IN | 11,801 | 82 | 17.6% |
| Wakefield, VA | 11,787 | 173 | 72.9% |
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