Cost of Living in East Highland Park, VA

An Overview of Cost of Living in East Highland Park, VA

Are you thinking about relocating, but curious about the potential cost of living in East Highland Park? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in East Highland Park stands at 98, making it 2% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in East Highland Park closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of East Highland Park can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is East Highland Park Affordable?

Is East Highland Park an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in East Highland Park, the median home price is 16.9% lower than what most folks pay across the country, and monthly rent prices are 15% higher than the usual rates. Income levels in East Highland Park come in at $55,512, which is 0.3% higher than the national average.

What Factors can Influence the Cost of Living in East Highland Park?

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in East Highland Park starts at 5.3% and the income tax rates start at 2%.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In East Highland Park, the housing index is 7.3% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In East Highland Park, the healthcare costs are 4.4% lower than the national average.

Where is the Data From?

The East Highland Park cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.