Cost Of Living in Belmont, VA

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Belmont	Virginia	National
Cost of living	168	109	100
Goods & Services	109	100	100
Groceries	108	101	100
Health care	97	99	100
Housing	312	130	100
Transportation	95	95	100
Utilities	110	104	100

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Cost Of Living Quick Facts

The cost of living in Belmont is 54% higher than the Virginia average
The cost of living in Belmont is 68% higher than the national average
Belmont housing is 212% higher than the national average
Virginia general sales tax is 4% higher than the national average
Virginia state income tax is 23% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$196,356	$16,363	$4,581	$5,891
Renters	$117,946	$9,829	$2,752	$3,539

A good indicator of the general affordability of housing in Belmont, VA, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Belmont, the median monthly income is $196,356 for those who own their own homes. Under the standard rule, that income level would allow for $4,581 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $117,946, per the median income in the area. That would allow for renters to spend up to $2,752 on monthly rental expenses.

Virginia Sales Tax

State	General Sales Tax	With Max Surtax
Virginia	5.3%	6%

Virginia Income Tax

State	Income Tax (Low)	Income Tax (High)
Virginia	2%	5.75%

Goods & Services

Item	Belmont	National avg.	Difference
Haircut	$26.11	$24.26	7.6%
Beauty Salon	$70.08	$45.56	53.8%
Toothpaste	$3.81	$3.70	2.8%
Shampoo	$1.51	$1.28	17.9%
Movie	$15.69	$12.13	29.3%
Bowling	$24.83	$18.00	38.0%

Groceries

Item	Belmont	National avg.	Difference
Ground Beef	$6.24	$5.84	6.9%
Fried Chicken	$1.40	$1.57	11.0%
Milk	$4.78	$4.67	2.2%
Potatoes	$5.49	$4.93	11.3%
Pizza	$12.56	$12.09	3.9%
Beer	$11.10	$10.41	6.6%

Health Care

Item	Belmont	National avg.	Difference
Optometrist	$92.00	$125.68	26.8%
Doctor	$135.03	$135.78	0.5%
Dentist	$117.67	$113.29	3.9%
Ibuprofen	$11.52	$10.65	8.1%
Lipitor	$403.79	$468.60	13.8%

Housing

Item	Belmont	National avg.	Difference
Home Price	$626,600.00	$184,700.00	239.3%
Avg. Mortgage Payment	$4,819.29	$2,346.69	105.4%
Apartment Rent	$2,351.00	$949.00	147.7%

Transportation

Item	Belmont	National avg.	Difference
Gasoline	$3.25	$3.46	6.0%
Tire Balancing	$59.00	$59.92	1.5%

Utilities

Item	Belmont	National avg.	Difference
All Electricity	$222.47	$193.99	14.7%
Phone	$197.37	$192.25	2.7%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
The Plains, VA	168	127	27.2%
University Center, VA	3,878	127	26.8%
Point of Rocks, MD	2,067	129	28.9%
Hamilton, VA	708	129	29.4%
Germantown, MD	89,529	131	30.8%
Belmont, VA	9,341	168	67.9%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Tomah, WI	9,342	86	14.1%
Claymont, DE	9,343	107	7.4%
Coffeyville, KS	9,343	76	24.4%
Louisville, OH	9,336	91	9.1%
Carencro, LA	9,346	94	5.6%
Belmont, VA	9,341	168	67.9%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Belmont, VA