Understanding the Cost of Living In Virginia Beach Virginia
Moving to Virginia Beach can be a great financial decision, but it’s important to understand the different costs associated with living in the city. From housing expenses to taxes, this guide will provide an overview of the cost of living in Virginia Beach so you can plan accordingly.
Cost of Living In Virginia Beach Virginia
So are you actually thinking about moving to Virginia Beach, Virginia? Then you're probably wondering what the costs are associated with Virginia Beach, Virginia. While the cost of everything is seemingly going up daily nationally, in Virginia Beach Virginia it is no different. I'm going to review the many costs associated with living in Virginia Beach, Virginia. We will discuss the costs of Food, Utilities, Taxes, Housing, and many other costs in Virginia Beach.
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The Costs of Living in Virginia Beach, Virginia:
- National Average Comparison
To start off with let's look at some numbers to compare Virginia Beach, Virginia to the rest of the nation. Using a website called BestPlaces.net, compared to the rest of the country, the cost of Virginia Beach, Virginia is at 103.3. This means it's more expensive to live in Virginia Beach as the national average is 100. Also in Virginia Beach, the average income is $79,000 and the population is 457,000.
- Food Cost
Still using Bestplaces.net, Virginia Beach's cost for food is right on the national average with 100.3. As far as Grocery Retailers available in Virginia Beach, Virginia, the following retailers have locations: Sam's Club, Food Lion, Lidl, Aldi, Harris Teeter, Kroger, Wegman's, Target, and Walmart. Additionally in 2024 a Publix is planned for the Great Neck area of Virginia Beach. As far as eating out, similar to groceries, Virginia Beach is right on par with the national average as well.
- Utilities
When talking about utilities, the first item that comes to mind is electricity. In Virginia Beach, Virginia the only service provider for Electricity is Dominion Energy. Due to the higher costs of electricity in the summertime, you should check out the budget billing option. This allows you to have the same bill amount each month, as it takes an average over the year. As the name suggests, it makes it much easier to budget your money. The other heating utility is gas, Virginia Natural Gas is the provider for this service. Additionally in Virginia Beach you will have to pay for water, sewer, trash pick-up, and recycling directly to the city of Virginia Beach. The internet providers for the city are Cox, Verizon Fios, and T-Mobile. Additionally if you live in the southern portion of Virginia Beach, you may have to look at Hughes Net for internet service.
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Additional Costs of Living in Virginia Beach, Virginia:
- Taxes
One of the questions I get asked most about the cost of living in Virginia Beach Virginia, is the price of taxes. Good news when compared to other cities in Hampton Roads, Virginia Beach has the lowest real estate property tax($.99, per $100 of assessed value). The Virginia State tax is 6%, which is 31st in the nation. The income tax varies depending on your income, but it ranges from 2-5.75%. For food the grocery tax in Virginia Beach is 2.5% and the meal tax is 5.5%. The cost of Gas continues to rise and the tax associated with that in Virginia is $.26 a gallon of unleaded and $.27 on diesel fuel.
- Housing
Housing in Virginia Beach, Virginia is one of the more expensive markets in Hampton Roads. As of April 2023 the median price for a house is $370,000 which is up 5%. As supply continues to be down, the cost of homes and rentals continues to rise. The average apartment rental for a 3 bedroom is $2,220 according to BestPlaces.net. When deciding between renting and owning in Virginia Beach, there are many factors to consider and it is different for each person’s situation. My team and I help people with this decision all the time and we would be glad to help you.
- Other Costs
When moving to Virginia Beach, Virginia there are additional costs you must consider as well. One important cost if you have a family would be the costs of daycare and schooling. Also you might want to consider pest control, lawn care, pool maintenance, or gym membership. Additionally if you're like myself, who enjoys the outdoors, you may want to purchase a fishing or hunting license. Lastly, you may want to consider the cost of transportation such as a car or public transportation.
Are the costs of living in Virginia Beach, Virginia worth it?
I feel Virginia Beach, Virginia has a lot to offer that makes it a great place to live. As with any city, you will need to consider the cost associated with living in the city of Virginia Beach, Virginia. Overall the cost in Virginia Beach is at or near the national average and definitely cheaper than some other areas in Virginia. Virginia Beach has a lot to offer in terms of entertainment and activities. There are plenty of beaches, parks, and outdoor activities to enjoy. The city also has a vibrant nightlife with many bars, clubs, and restaurants. Additionally, Virginia Beach is home to several museums, art galleries, and other cultural attractions.
If there is anything you think I missed or you have any questions about the city please comment below or reach out to me here.
I hoped you enjoyed reading all about the Cost of Living in Virginia Beach, Virginia. Please check out my blog on the Pros and Cons of Living in Virginia Beach, Virginia.
If you didn’t get a chance to watch the video then you may have missed out on some of the pros and cons of living in Virginia Beach, Virginia. Check out the video and for more content head over to our YouTube Channel “LIFE IN HAMPTON ROADS”. Don’t forget to SUBSCRIBE!
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YOUR LOCAL REALTOR
DJ Parker is your local Realtor and guide to Hampton Roads, Virginia. As a native of Chesapeake and Virginia Beach, Virginia for over 30 years, he has the local knowledge you need. He has helped clients with Real Estate throughout Chesapeake, Virginia Beach, Norfolk, Suffolk and all of Hampton Roads Virginia.
