A-
4%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
16%
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 Cave Spring Virginia National
Cost of living104109100
Goods & Services96100100
Groceries97101100
Health care8999100
Housing116130100
Transportation9895100
Utilities116104100

An Overview of Cost of Living in Cave Spring, VA

Understanding the cost of living in Cave Spring 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 Cave Spring cost of living index is 104, which is 4% 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.

The cost of living in Cave Spring is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Is Cave Spring Affordable?

Is Cave Spring an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Cave Spring is 21.7% higher than the national average, while the average monthly rent prices are 3% higher than average. The affordability of any location can also be influenced by median income levels. Cave Spring has a median household income of $68,225, which is 23.3% higher than the national average.

What Factors can Influence the Cost of Living in Cave Spring?

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Cave Spring, the groceries index is 3.1% lower 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 Cave Spring, healthcare costs are 10.8% lower than the national average.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Cave Spring, the utilities index stands at 16.2% higher than the national average.

Where is the Data From?

The Cave Spring cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Cave Spring is 5% lower than the Virginia average
  • The cost of living in Cave Spring is 4% higher than the national average
  • Cave Spring housing is 16% 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 Cave Spring

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Compare Cave Spring, VA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$90,427$7,536$2,110$2,713
      Renters$46,287$3,857$1,080$1,389
      A good way to judge both the affordability of the housing and the cost of living in Cave Spring is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Cave Spring has a median income of about $90,427 for people who own homes. Based on that number, a maximum of $2,110 should be spent on expenses related to housing. Renters have a slightly different median income, which is $46,287. Based on this average, renters should spend no more than $1,080 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Cave Spring National avg. Difference
      Haircut $14.40$24.2640.6%
      Beauty Salon $33.51$45.5626.5%
      Toothpaste $3.66$3.701.1%
      Shampoo $1.20$1.286.0%
      Movie $13.42$12.1310.6%
      Bowling $13.22$18.0026.5%

      Groceries

      Item Cave Spring National avg. Difference
      Ground Beef $5.36$5.848.3%
      Fried Chicken $1.43$1.579.3%
      Milk $4.59$4.671.8%
      Potatoes $4.93$4.930.0%
      Pizza $14.11$12.0916.7%
      Beer $10.63$10.412.1%

      Health Care

      Item Cave Spring National avg. Difference
      Optometrist $121.62$125.683.2%
      Doctor $150.70$135.7811.0%
      Dentist $109.15$113.293.7%
      Ibuprofen $10.39$10.652.5%
      Lipitor $484.30$468.603.4%

      Housing

      Item Cave Spring National avg. Difference
      Home Price $224,700.00$184,700.0021.7%
      Avg. Mortgage Payment $1,912.27$2,346.6918.5%
      Apartment Rent $977.00$949.003.0%

      Transportation

      Item Cave Spring National avg. Difference
      Gasoline $3.29$3.464.9%
      Tire Balancing $41.28$59.9231.1%

      Utilities

      Item Cave Spring National avg. Difference
      All Electricity $240.27$193.9923.9%
      Phone $184.83$192.253.9%
      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.
      Lafayette, VA813963.6%
      Shawsville, VA1,9528812.4%
      Roanoke, VA99,122927.9%
      Vinton, VA8,102937.2%
      Boones Mill, VA149936.6%
      Cave Spring, VA25,1931043.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Caledonia, WI25,1821054.6%
      Lunenburg, NS25,205n/a 
      Austin, MN25,1809010.0%
      Haines City, FL25,178963.9%
      Homewood, AL25,17012323.0%
      Cave Spring, VA25,1931043.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.