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

While the cost of living can vary depending on the region within Virginia, it is generally seen as relatively moderate when compared to other states in the country. Housing costs, a major component of the cost of living, tend to be more affordable in Virginia compared to other states on the East Coast. This is particularly true in areas outside of major metropolitan areas like Northern Virginia and Richmond.

In terms of groceries and other everyday essentials, Virginia also fares relatively well when it comes to cost. While prices may be slightly higher in urban areas, overall, residents can expect to pay a similar amount for food and household items as they would in other states. This can help alleviate some of the financial burden that many people face when trying to make ends meet.

When it comes to transportation, Virginia offers a variety of options that can help keep costs down. The state is known for its extensive public transportation system, which includes buses, trains, and even ferries in some areas. This can be a cost-effective way for residents to commute to work or travel within the state without having to rely on owning a car.

Healthcare costs are another major factor in the overall cost of living, and Virginia once again ranks relatively well in this area. The state is home to many highly regarded hospitals and healthcare facilities, providing residents with access to quality care without breaking the bank. Additionally, Virginia has expanded Medicaid under the Affordable Care Act, providing coverage to low-income residents who may not have been able to afford health insurance otherwise.

Education costs can also contribute to the overall cost of living in Virginia. The state is home to a number of top-ranked universities and colleges, providing residents with access to quality higher education options. While tuition costs can be high for out-of-state students, in-state residents can often benefit from lower tuition rates, making education more affordable for those who choose to stay in Virginia for school.

Overall, the Virginia cost of living can be seen as relatively useful for residents who are looking to make a comfortable living in the state. While expenses can certainly add up, Virginia offers a number of advantages that can help keep costs down and make living in the state more affordable. By taking advantage of these resources and carefully managing their finances, residents can find ways to make the most of their money and enjoy all that Virginia has to offer.

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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