The cost of living in Virginia Beach index illustrates the cost of basic necessities required for an individual to survive. It becomes a guide for individuals to better compare the cities they are interested in based on how much they can afford on the costs of a particular location. Moreover, being a resort city, it can be an excellent place for retirees to spend their time for relaxation. Knowing the relevant details through community and economic research could significantly help decision-making, whatever the reason that drives people to move.
Is it expensive to live in Virginia Beach?
Virginia Beach is one of the top tourist destinations in the country with its inviting waterfront, extensive boardwalk, and parks. Many often visit for holidays, but it can also be a great place to consider when transferring residence. Young adults moving to the city for the youthful vibe with many opportunities and families look into the good schools in the school district.
The five core components of any cost of living estimate include housing, food, healthcare, transportation, and energy. Any changes on these factors could affect the necessary spending, whether increasing or decreasing these primary living expenses. According to Salary.com, the cost of living in Virginia Beach index is -3.9% on Energy, -28.1% on Food, -10.1% on Healthcare, -16.9% on Transportation, and +13.5% on Housing.
Based on the data gathered, the overall cost of living in Virginia Beach is 10.6% higher than the national average. The most significant increases are transportation, food, and housing, shooting their prices up at 1.2% from last year. Using a cost of living calculator can also help compare other major cities with the national average and determine the cost of living based on current salary and location.
How much do you need to live in Virginia Beach?
The average cost of living in Virginia Beach is $1790 and $3988 for a family with four members, including rent. If rent prices are excluded, it’s $718 for every person while $2371 for a family. Virginia Beach ranks 812th place out of 2202 in the United States and 15th out of 34 in Virginia.
It has the lowest tax rate in the Hamptons region. The median home price in Virginia Beach is $262,200, and the average rent is $1258, making it an affordable place to live on the East Coast. Most neighborhoods have houses listed for sale, and the city offers better housing options. The rent prices are lower when the rental property location is a bit further away from the center of the town. Prices drop compared to the areas with higher demand. But again, it is best to evaluate the traveling expenses from one point to the destination.
Is VA Beach a good place to live?
Virginia Beach is the 43rd largest city in the US, with a population of approximately 448,000. The median after-tax salary is $4182, covering living expenses for two months. It made into the list of best places to live in the United States and ranked 6th on the most livable city in Virginia.
Climate
The weather in Virginia Beach is pleasant and moderate throughout the entire year. It can be warm and humid during summer, while it can be cold and windy during winter, but it tends not to last long. Since Virginia Beach is considered a resort city located at the shores of the Atlantic Ocean and the Chesapeake Bay, it has beautiful beaches that kids and adults will enjoy. The locals like the dense suburban vibe. It sounds a lot with half a million population, but it is actually not that highly congested in most places. It has a small town impression in a city setting. Most of the locals own their homes, and renters usually stay long-term, making wonderful communities.
Recreation
The town has fantastic bars and restaurants that offer diverse cuisines. Dining can be exciting because of the many options to choose from that do not require you to spend a lot. You can grab a yummy burger for less than $10 and craft beer or fabulous cocktails for less than $5. Having a meal for only $12 in an inexpensive restaurant is acceptable.
You can find many shopping centers like Lynnhaven Mall and Hilltop Shopping Center with many smaller centers with national brands or local boutiques. The prices of clothing and shoes are pretty low, making them affordable to shoppers. Take a walk into the occasional Farmer’s Market, where fresh produce is available from bakeries, fruits, vegetables, meats, and pastries. Good eating can definitely give a good mood, especially when ingredients are guaranteed fresh.
In general, whether eating out or cooking meals at home, the cost of food is at par with the national average. Groceries are more affordable. For example, a pound of beef costs about $6, chicken is at $2.60, and a dozen eggs for $2.02.
Transportation
Transportation could be tricky in Virginia Beach, but some buses could go around the city. The availability of public transport is also limited because a few areas are not served, so it is one of the considerations when traveling by bus. The fare is approximately $1.50 per ride using the Hampton Road Transit Bus. It would not be that difficult to go around if you had a car. However, traffic can be a bit frustrating and sometimes annoying, but it is not that bad compared to other major cities. Think about the traveling costs you could incur, whether by bus or car, including gas prices.
Utilities
The cost of utilities in the area is around $130 – $150 a month, including the basic ones such as electricity, water, cooling, heating, garbage services, and the like. Many find it reasonable. However, internet services can be pretty expensive, about $64.33 per month.
What is the average salary in Virginia Beach?
Income is essential in identifying if you can afford the cost of living in Virginia Beach. Most corporations in the Virginia Beach area are in tourism, finance, and insurance-related companies, which are mainly stable and secured. The unemployment rate is lower than the national average, while the wages are relatively high compared to the cost of living. The average salary is around $3,705, and the minimum wage at $1,257.
Finding a competent real estate agent, like Barry Jenkins of Legacy Home Team @ LPT Realty, could help you to own or rent a home. Having someone who has the knowledge of the housing market and the experience of dealing with different scenarios could be of service to find a place that could give the right value for your money.
