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The North Virginia Cost of Living – What You Need to Know

Cost of Living

Northern Virginia, also known as NoVA, is a beautiful place to live in. It is one of the most affluent parts of the United States. The region possesses both small town charm and big city vibes. While the East Coast is known for its high cost of living, the good news is, Northern Virginia is much more affordable compared to cities like Boston, New York, and Washington, D.C.

Moving to a new location can be a very exciting adventure, but it can also mean having a higher cost of living. If you are considering relocating to North Virginia, we recommend that you check the Northern Virginia cost of living and compare it with that of your current residence. It will be beneficial for you to know whether this city is more affordable or more expensive than your present location.

Northern Virginia Cost of Living

What is Cost of Living?

Simply put, the cost of living is the amount of money necessary to cover an individual’s basic expenses in a particular location and time period. This would include housing, food, taxes, and healthcare. Cost of living is often used to compare the affordability of living in one city compared to another. Knowledge of North Virginia cost of living is particularly helpful if you are considering moving to North Virginia, and you want to see if moving here would be beneficial for you and your family given your projected income.

A cost-of-living index is particularly helpful if you are considering moving to North Virginia, and you want to see if living here would be beneficial for you and your family given your projected income. This index is based on a national average of 100. For example, if the COL index of housing in a given area is 130, then it is 30% higher than the national average.

Cost of Living Index

Cost of Living: Northern VA

To get a sense of the affordability of living in NoVA, let’s take a look at some of the neighborhoods in this region.

Richmond is the flourishing capital city of the state of Virginia. According to official estimates, Richmond is the fourth most populous city in the state, with approximately 230,000 residents.

  • The overall cost of living in Richmond is 95.1.
  • The COL index for groceries is 98.
  • The COL index for health care is 98.1.
  • The COL index for housing is 92.7.
  • The COL index for transportation is 83.5.
  • The COL index for utilities is 98.9.

 

Richmond Housing Costs

  • The median home price in Richmond is $282,800.
  • The average rent in Richmond is $1,447, ranging from $1,056 to as much as $1,823, depending on the location and the size of the apartment.
  • The average rent for a studio apartment is $1,056.
  • The average rent for a 1-bedroom apartment is $1,357.
  • The average rent for a 2-bedroom apartment is $1,561.
  • The average rent for a 3-bedroom apartment is $1,823.

Cost of Living in Chester, Northern VA

 

Chester is a thriving and vibrant city in NoVA and is well-known for its historical ties. Residents enjoy a modest suburban setting, with a diverse array of recreational areas and excellent public schools.

  • The overall cost of living in Chester is 98.7.
  • The COL index for groceries is 98.5.
  • The COL index for health care is 98.3.
  • The COL index for housing is 102.7.
  • The COL index for transportation is 85.5.
  • The COL index for utilities is 101.1.

Chester Housing Costs

  • The median home price in Chester is $323,785.
  • The average monthly rent in Chester is $1,332, the range starts at $929 and can go as high as $1,713, depending on the location and the size of the apartment.
  • The average monthly rent of a studio apartment in Chester is $929.
  • For a 1-bedroom apartment, the average rent is $1,295.
  • For a 2-bedroom apartment, the average rent is $1,600.
  • For a 3-bedroom apartment, the average rent is $1,713.

Midlothian is a modest city in NoVA known for its historic commercial coal mines, railroads, and fast-growing economy. It is a convenient place to live because of its proximity to Richmond’s central business district.

  • The overall cost of living in Midlothian is 104.6.
  • The COL index for groceries is 100.9.
  • The COL index for health care is 98.3.
  • The COL index for housing is 116.7.
  • The COL index for transportation is 91.4.
  • The COL index for utilities is 106.4.

 

Midlothian Housing Costs

  • The median home price in Midlothian is $335,400.
  • For a 1-bedroom apartment, the average rent is $1,409.
  • For a 2-bedroom apartment, the average rent is $1,697.
  • For a 3-bedroom apartment, the average rent is $2,037.

Chesterfield is a charming and historic community in NoVA located just southwest of Richmond. It is a popular tourist attraction for its historical significance and breathtaking natural scenery.

  • The overall cost of living in Chesterfield is 99.7.
  • The COL index for groceries is 100.
  • The COL index for health care is 98.3.
  • The COL index for housing is 103.7.
  • The COL index for transportation is 89.3.
  • The COL index for utilities is 101.6.

Chesterfield Housing Costs

  • The median home price in Chesterfield is $303,300.
  • The average rent in Chesterfield is $1,264 for a 1-bedroom apartment.
  • The average rent for a 2-bedroom apartment is $1,376.
  • The average rent for a 3-bedroom apartment is $1,849.
North Virginia Cost of Living

Northern Virginia is indeed an amazing place to live in. If you are considering relocating to this area, we hope that the information in this article has helped you determine if the move will be beneficial for you. And if you are planning to buy your new home in this location, feel free to get in touch with us and we will be more than happy to help you find the perfect home for you and your family given your lifestyle, personal preferences, and budget. Give us a call today at 804-480-4673 or send us an email at contact@hoperealtyva.com if you have any questions or if you would like to schedule an appointment.