What is the Average Cost of Living in Virginia?

Virginia is a wide east coast state with a thriving ecosystem, rich culture and history and myriad of attractions for tourism. It is the 12th most populous state in the United states and home to over 8million people. Thanks to its coastal and inland location, varied terrain and industries, the way of living in Virginia can vary greatly from city to city. So, what is the average cost of living in Virginia? When considering the cost of living in a particular city, you looking at the costs associated with two main categories: housing and essential expenses. Housing expenses refer to the cost for rent or mortgage, property taxes and insurance. Essential expenses refer to costs associated with transportation, food, healthcare and utilities. Overall, Virginia’s cost of living is estimated to be slightly higher than the national average. In 2020, the overall cost of living in Virginia is at 104.9, compared to 100 in the nation as a whole. Different cities will have different cost of living in Virginia. Below we take a look at estimated costs for basic expenses in three cities in Virginia.

Virginia Beach

Virginia Beach is one of the most popular cities in the entire state, due to its beautiful coastline, boardwalk, shopping opportunities, famed seafood restaurants and annual events. As such, it is no surprise that it has some of the highest average expenses in Virginia when it comes to housing and essentials. When it comes to housing expenses, median rent costs are a little higher than the rest of the state. According to Zillow, the median rental cost for an apartment or house in Virginia Beach is currently $1,335 per month and $1,699 per month respectively. The median home value is currently $306,403 with an expected 5% increase year to year. Property taxes and insurance will vary depending on property and location; however, a homeowner can expect to pay around 1% of their home’s value for taxes and around $850 for insurance annually. When it comes to essential costs, transportation-related expenses will remain more or less the same across all cities in Virginia due to the lack of public transportation options and need for private vehicles. Visitors can expect gas prices around $2.399 for regular fuel. When it come to food related costs, one should expect to pay around 11% more on average than in other parts of the nation for groceries. Finally, healthcare expenses will be around 6% higher than the national average and utilities costs are around 5% higher then the national average.

Reston

Reston is a suburb located just outside of Washington D.C., making it an ideal location for commuters who work in the federal government or city districts. It also houses a state-of-the-art technology complex and many opportunities for outdoor adventure including hiking trails, waterways and large public parks. When it comes to housing expenses in Reston,the median rent is a little less than in other parts of the state at $1,251 per month for an apartment and $1,586 per month for a house. Home values are much higher than those found in Virginia Beach, with homes currently valued at an average of $427,359 after an 8% increase from 2019-2020 where home values were estimated at $395,918. Property taxes and insurance also remain fairly consistent throughout Virginia; however, coverage may differ depending on location within Reston as some areas may pose more risk due to proximity to rivers or other features that require additional coverage. As far as essential expenses goes one can expect to pay the same amount across most areas in Virginia due to lack of public transportation options and need for private vehicles. Current gas prices are sitting at around $2.399 per gallon. Food related costs are comparable to other parts of the state at around 11% more on average than the national rate. Health care expenses are also comparable in Reston at 6% higher than the national rate and utilities costs continue to remain 5% higher than national average across Virginia.

Fairfax

Finally there is Fairfax which is located near the metro D.C area but is considered to be an independent city within Virginia itself. Fairfax borders both Maryland and Washington D.C. and provides a great opportunity for those who want to commute between both states or take full advantage of all that this city has to offer such as its famous farmers markets! Housing prices are comparable to Reston but slightly higher; with median rent sitting at approximately $1,336 per month for an apartment and $1776 per month for a house. Home values have also slightly increased since last year seeing an 8% jump from 2019-2020 to an estimated $439,308 now putting home value close to that found in Reston albeit slightly higher by a few thousand dollars. Property taxes and insurance like those found in Reston are consistent with the rest of Virginia depending on location; however coverage may differ due to risk factors around rivers or other bodies of water close by. Essential costs across Fairfax remain more or less the same as other areas throughout Virginia; with transportation-related expenses remaining largely untouched due to city’s lack of public transportation services with gas prices still hovering around $2.399 per gallon;food related costs average 11% higher than national rate; healthcare expenses sitting around 6% higher than national average; and finally utility costs showcasing their staying power with rates still 5% above the national average!

Conclusion

As you can see, there is a slight variance when considering the cost of living across various areas of Virginia; however overall all three cities remained consistent when it came to essential expenses due too lack of public transportation options being available and need for private vehicles instead. The slight difference mainly occurred within housing related expenses with median rent sitting higher in both Virginia Beach and Fairfax while home values increasing across all three cities since last year by anywhere from 5 – 8%; however overall you can expect Virginia’s cost of living being slightly above that found nationally. For specifics on each area you can visit AreaVibes where they have an extensive breakdown on each city’s cost of living so you can better plan your own budget when relocating or just visiting this great state!