Virginia Cost Of Living Statistics


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Virginia Cost Of Living Statistics 2023: Facts about Cost Of Living in Virginia reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on Virginia Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Virginia LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Virginia Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Virginia Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 18 Virginia Cost Of Living Statistics on this page 🙂

Virginia Cost Of Living “Latest” Statistics

  • The cost of living in Virginia varies greatly throughout the state, ranging from 15% lower to 46% higher than the average for the United States.[1]
  • According to Payscale, the average pay in Richmond is $64,000, or $18.23 per hour, with a cost of living trend that has been down 4% and earnings that have recently trended up 2%.[2]
  • Richmond, Virginia, has an average property price of $290,000, up 8.5% over the recent years, and it costs on average $189 per square foot.[2]
  • In Virginia, the cost of living adjustment has increased by 5.9% for 2022, which will result in a large rise in veterans’ affairs disability rates and monthly payments.[3]
  • In Virginia, 500,000 renter families with high housing costs spend more than 30% of their income on housing.[2]
  • Virginia has 3% lower utility costs than the national average for things like power, water, and gas.[1]
  • Before the 2022 VA cost of living rise was formally announced, the expected cost of living rate in Virginia dropped between 4.5% and 5.3%.[3]

Virginia Cost Of Living “Price” Statistics

  • In Virginia over a year ago, homes were selling on average for 98% of the asking price but currently, homes have been selling for $50,000 or more over the asking price.[2]
  • Since 2020, the price of health insurance in Virginia has dropped by 4% or $20 less per month on average.[4]
  • Home prices in Richmond have soared by a staggering 45.3% during the five years ending in October 2021, according to Freddie Mac’s house price index.[2]

Virginia Cost Of Living “Be” Statistics

  • According to Numbeo, a family of four living in Richmond, Virginia, typically spends $3,173 a month without rent.[2]
  • In Richmond, the number of houses available to purchasers earning 80% of the area’s median income fell by 13% between 2013 and 2021.[2]
  • According to statistics from Zillow from October 2021, the average property in Martinsville is only worth $88,580.[5]

Virginia Cost Of Living “Living” Statistics

  • According to a recent release by the Social Security Administration, the cost of living adjustment (COLA) for 2022 in Virginia is 5.9%.[6]
  • Without children, an average individual would need an income of at least $26,631, according to the living wage calculation at MIT.[4]

Virginia Cost Of Living “Other” Statistics

  • According to the Tax Foundation’s 2021 State Individual Income Tax Rates and Brackets, Virginia’s top marginal state income tax rate is a relatively low 5.75%.[5]
  • Virginia has a smaller proportion of residents who are 50 or older than the U.S. as a whole.[7]
  • According to statistics from 2020, the Bureau of Economic Analysis forecasts that the typical Virginian spends $42,757 annually just to stay within living conditions.[5]

Also Read

How Useful is Virginia Cost of Living

For many residents of Virginia, the cost of living may feel high compared to neighboring states. Housing prices can be steep, especially in popular areas like Northern Virginia, where many people are looking to live and work due to proximity to Washington DC job opportunities. Renting or buying a home in these areas can be a significant financial burden for many individuals.

Additionally, transportation costs in Virginia can add up quickly. The state’s highway system is well-maintained, and traffic congestion can be a common issue. Commutes to work or school from suburban or rural areas can lead to high gas expenses and wear and tear on vehicles.

On the other hand, Virginia also offers many benefits that may make the cost of living worth it for some residents. The state has a relatively low overall tax burden compared to other states, which can help offset other expenses. Additionally, Virginia is home to top-notch universities, healthcare facilities, and job opportunities in industries like technology, defense, and government.

Virginia’s cost of living can also vary significantly depending on where someone chooses to live within the state. Rural areas and smaller towns may offer more affordable housing options, while still providing access to the state’s amenities and resources.

The key to navigating the cost of living in Virginia may lie in careful financial planning and decision-making. Individuals and families should consider their priorities and financial goals when choosing where to live in the state. It may be worthwhile to consider factors like job opportunities, school districts, proximity to healthcare facilities, and amenities when evaluating the cost of living in different areas.

Additionally, exploring budgeting strategies and seeking out resources like financial counseling or assistance programs can help individuals manage their expenses and make the most of their financial resources in Virginia.

At the end of the day, Virginia’s cost of living may present challenges for some residents but opportunities for others. By carefully evaluating their priorities, resources, and goals, individuals and families can make informed decisions about where to live and how to navigate the cost of living in the state. While it may not be the most affordable place to live, Virginia offers a high quality of life and numerous opportunities that may make the cost of living worthwhile for many residents.

Reference

  1. ramseysolutions – https://www.ramseysolutions.com/real-estate/cost-of-living-in-virginia
  2. ontheflymovingguys – https://ontheflymovingguys.com/blog/richmond-va-cost-of-living/
  3. veteranlife – https://veteranlife.com/veteran-benefits/va-cost-of-living-increase/
  4. upnest – https://www.upnest.com/1/post/cost-of-living-virginia/
  5. sofi – https://www.sofi.com/cost-of-living-in-virginia/
  6. cck-law – https://cck-law.com/blog/2022-va-disability-pay-chart-compensation-rates-cost-of-living-adjustment/
  7. seniorliving – https://www.seniorliving.org/virginia/

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