An Overview of Cost of Living in Wakefield, VA
Are you thinking about relocating, but curious about the potential cost of living in Wakefield? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Wakefield stands at 177, making it 77% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
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 very significant part of the Wakefield 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 241.2% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Wakefield is even less favorable, with grocery prices here being 13.9% higher than the national average.
Is Wakefield Affordable?
Is Wakefield affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Wakefield, the median home price is 249.2% higher than the national average and monthly rent prices are 222.8% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Wakefield boasting a median household income of $163,106, 194.8% higher than the national average.
What Factors can Influence the Cost of Living in Wakefield?
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Wakefield, the housing index is 241.2% higher than the national average.
Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Wakefield, the general sales tax rate starts at 5.3%, and income tax rates begin at 2%.
Where is the Data From?
The Wakefield 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
Here are the best places to live in Virginia
Top 10 best public schools in Wakefield
These are the 10 most affordable cities in Virginia
Check out the 10 safest cities in Virginia