Virginia Cost Of Living Statistics 2023
– Everything You Need to Know

Last Updated on by | Reviewed by Editorial Staff

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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

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/

About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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