How Much Does it Cost to Live in VA?

It is logical that one would research the financial part of living in a state before moving to one. Whatever the reason for our relocation might be, one thing is certain – we want to ensure we can be financially stable once we move. To do so, we need to go through some of the statistics that will allow us a better insight into the lifestyle of the state. So, before contacting a professional moving company, like Helix Transfer & Storage, and scheduling your relocation, try to learn more about the place you are moving into. Today, we talk about the cost to live in VA and help you learn more about the financial part of living in the state. One thing is certain, the state of Virginia is a very geographically, and economically diverse state. So that is a bonus starting point.

The State of Virginia and the cost to live in VA

Officially, the Commonwealth of Virginia is a Mid-Atlantic state in the Southeastern region of the United States. The capital of the state is Richmond. However, the most populous city in Virginia is Virginia Beach. Around 8.7 million people live in the state, with 36% of the population living in the Baltimore-Washington metropolitan area.

The state’s geography, as well as its climate, is shaped by the Blue Ridge Mountains and Cheapstake Bay, which are full of flora and fauna. Economically, the state is very diverse, with incomes coming from industries like:

• Local and federal government
• Military
• Agriculture
• High-tech
• Big and small businesses

In fact, the state has the third-highest concentration of tech workers in the whole country. Furthermore, according to recent surveys, the state has around 784.000 small businesses. The economy of the state you plan to move in is a good insight into the cost of living in it.

How expensive is it to live in Virginia?

Honestly, that depends on how you look at it. To be more precise, where you come from. Generally speaking, the average cost of living in Virginia is slightly higher than the national average. However, if we compare the cost of living in the state with living in other East Coast cities in the area, it is relatively more affordable. For instance, transportation, groceries, and utilities in the state are slightly lower than the national average. Furthermore, one of the most expensive things in the state is housing, which we are going to talk about more soon. More importantly, we are going to try and touch all the focal parts of the lifestyle and the things that impact the cost of living in the state the most. Things like taxes, healthcare, housing, transportation, etc. are the things we will try to focus on.

The state taxes

The first thing we are going to talk about to find out how much does it cost to live in VA, are the taxes. Now, the state does not have any harsh taxes, so there is really no need to worry about it. However, the one thing you should know is that the taxes are progressive. This means that, depending on your income, they may vary.

Generally speaking, the taxes in the state are lower than the national average. For instance, the sales tax rate is 5.6%, while the national average is 7.3%.  The same goes for property taxes, while the national average is 1.1%, the Virginia average is 0.80%. In addition, before hiring Northern Virginia movers, you should know that any income higher than $17.000 will impose an income tax of 5.75%. Knowing the taxes before moving is the key to a good financial start in your new home.

Housing and Utilities and their cost

As we were saying, housing might be one of the biggest issues in the state. Aside from having a higher median income than the national average, as well as lower taxes, Virginia has high housing prices. Of course, the housing prices will vary, depending on the neighborhood or city district you choose to live in. With the median house cost at $258.500, the Virginia housing market is more expensive than the national average. Furthermore, in more expensive areas, housing prices go up to $1.212.500. Before you contact local movers in Northern VA, know that – Richmond, the state capital, on the other hand, has a median house value of $248.000. This is a slightly more affordable option. Aside from paying for the house, electricity will bear the most expenses. After that, natural gas and water bills, and finally, internet and cable. On average, your monthly bills will be $420 for utilities.

Food, healthcare & transportation

You will be happy to hear that the average groceries cost in the state is around $300 a month. This is actually lower than the national average. In retrospect, you will pay a lot less for groceries than you would for utilities. Again, depending on where you live, the food costs might slightly vary. Before contacting long distance moving companies in Northern VA and scheduling your relocation, let us revise the costs and the median income once more.

How much does an average person in Virginia make?

The national median household income is $67.500. On the other hand, the median household income in the state of Virginia is nearly $75.000 per year. Therefore, the state of Virginia has a slightly higher median income than the national average. In addition, this is roughly $6.250 a month. Healthcare costs are below the national average. The average American citizen pays about $495 for healthcare, while an average Virginia citizen has to pay around $446 per month. In fact, healthcare saw a drop of 4%, making it $20 cheaper since 2020. Finally, getting around might also create a higher cost to live in VA. After hiring one of the moving companies McLean VA to relocate you, you will have to spend $3.1 a gallon of gas. The average commune in the state is 28.2 minutes. Hopefully, this gives you enough information in order to decide if you want to move.