F
46%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
138%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
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 Burke Centre Virginia National
Cost of living146109100
Goods & Services108100100
Groceries114101100
Health care11299100
Housing238130100
Transportation10095100
Utilities101104100

An Overview of Cost of Living in Burke Centre, VA

Understanding the cost of living in Burke Centre can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Burke Centre cost of living index is 146, which is 46% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Burke Centre is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Burke Centre falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs make up a big chunk of the cost of living in Burke Centre, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 137.6% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Burke Centre does not fare better, with grocery expenses coming in at 13.9% higher than the national average.

Is Burke Centre Affordable?

Is Burke Centre affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Burke Centre, the median home price is 150% higher than the national average and monthly rent prices are 108.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Burke Centre boasting a median household income of $135,959, 145.8% higher than the national average.

What Factors can Influence the Cost of Living in Burke Centre?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Burke Centre, the housing index stands at 137.6% higher than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Burke Centre, healthcare costs are 12.4% higher than the national average.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Burke Centre, the groceries index is 13.9% higher than the national average.

Where is the Data From?

The cost of living in Burke Centre, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Burke Centre is 34% higher than the Virginia average
  • The cost of living in Burke Centre is 46% higher than the national average
  • Burke Centre housing is 138% 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

Most Affordable Places to Live in and Around Burke Centre

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Compare Burke Centre, VA Cost of Living

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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$151,303$12,609$3,530$4,540
      Renters$76,691$6,391$1,789$2,301
      The affordability of the housing market in Burke Centre, VA as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Burke Centre homeowners, the median income is $151,303. This indicates that a monthly maximum of $3,530 should be spent by homeowners on all housing related costs. Renters have a median income of $76,691. This indicates that renters would have a maximum of $1,789 for their rent related monthly costs.

      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 Burke Centre National avg. Difference
      Haircut $18.62$24.2623.3%
      Beauty Salon $35.20$45.5622.7%
      Toothpaste $3.73$3.700.7%
      Shampoo $1.22$1.285.0%
      Movie $11.20$12.137.7%
      Bowling $19.22$18.006.8%

      Groceries

      Item Burke Centre National avg. Difference
      Ground Beef $5.49$5.846.0%
      Fried Chicken $1.37$1.5713.0%
      Milk $4.73$4.671.3%
      Potatoes $4.76$4.933.5%
      Pizza $12.47$12.093.2%
      Beer $10.83$10.414.1%

      Health Care

      Item Burke Centre National avg. Difference
      Optometrist $109.25$125.6813.1%
      Doctor $94.10$135.7830.7%
      Dentist $109.57$113.293.3%
      Ibuprofen $10.51$10.651.3%
      Lipitor $487.97$468.604.1%

      Housing

      Item Burke Centre National avg. Difference
      Home Price $461,800.00$184,700.00150.0%
      Avg. Mortgage Payment $1,870.08$2,346.6920.3%
      Apartment Rent $1,979.00$949.00108.5%

      Transportation

      Item Burke Centre National avg. Difference
      Gasoline $3.29$3.464.9%
      Tire Balancing $62.25$59.923.9%

      Utilities

      Item Burke Centre National avg. Difference
      All Electricity $248.70$193.9928.2%
      Phone $185.37$192.253.6%
      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.
      Rose Hill CDP (Lee County), VA708927.8%
      Potomac Heights, MD1,247936.5%
      Woodlawn CDP (Carroll County), VA2,247945.9%
      Wakefield town, VA810954.6%
      Belle Haven town, VA5621022.0%
      Burke Centre, VA17,95214646.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Marco Island, FL17,96316262.3%
      Sheridan, WY17,9381088.0%
      Logansport, IN17,9687920.6%
      Cary, IL17,92611312.6%
      Arroyo Grande, CA17,92416564.6%
      Burke Centre, VA17,95214646.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.