A+
17%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
42%
Housing NAT. AVG.
Search Homes for Sale
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 Danville Virginia National
Cost of living83109100
Goods & Services91100100
Groceries97101100
Health care10099100
Housing58130100
Transportation9095100
Utilities97104100

An Overview of Cost of Living in Danville, VA

Knowing the cost of living in Danville allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Danville stands at 83, marking it 17% lower than the national average.

Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Danville stands out by reporting housing costs that are 42.1% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Danville can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.

What Do Locals Say About the Cost of Living in Danville?

The most insightful perspective on a city comes from its residents. We recently surveyed 10 locals to gauge their perception of the cost of living in Danville. The feedback revealed that 40% of respondents found the cost of living to be reasonable, with prices on the decline, while 60% regarded it as notably expensive with prices that continue to rise.

Is Danville Affordable?

Is Danville 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 Danville, the median home price is 48.3% lower than the national average and monthly rent prices are 27.5% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Danville boasting a median household income of $37,147, 32.9% lower than the national average.

What Factors can Influence the Cost of Living in Danville?

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Danville, the transportation index is 10% lower than the national average.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Danville, the utilities index registers at 2.9% lower than the national average.

Where is the Data From?

The Danville 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.

New Real Estate Listings in Danville Area
Search Homes for Sale in Danville, VA

Cost Of Living Quick Facts

  • The cost of living in Danville is 24% lower than the Virginia average
  • The cost of living in Danville is 17% lower than the national average
  • Danville housing is 42% lower 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 Danville

See all the best places to live around Danville

Compare Danville, VA Cost of Living

      vs
      How would you rate the cost of living in Danville?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Danville?
      Write a review to give others more information about this area.
      See all Danville poll results

      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$46,453$3,871$1,084$1,394
      Renters$27,140$2,262$633$814
      A good way to judge both the affordability of the housing and the cost of living in Danville 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. Danville has a median income of about $46,453 for people who own homes. Based on that number, a maximum of $1,084 should be spent on expenses related to housing. Renters have a slightly different median income, which is $27,140. Based on this average, renters should spend no more than $633 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 Danville National avg. Difference
      Haircut $18.48$24.2623.8%
      Beauty Salon $46.55$45.562.2%
      Toothpaste $3.68$3.700.7%
      Shampoo $1.21$1.285.5%
      Movie $13.37$12.1310.2%
      Bowling $17.53$18.002.6%

      Groceries

      Item Danville National avg. Difference
      Ground Beef $6.07$5.843.9%
      Fried Chicken $1.35$1.5714.0%
      Milk $4.58$4.671.9%
      Potatoes $4.99$4.931.0%
      Pizza $11.82$12.092.2%
      Beer $10.65$10.412.3%

      Health Care

      Item Danville National avg. Difference
      Optometrist $147.06$125.6817.0%
      Doctor $105.73$135.7822.1%
      Dentist $103.75$113.298.4%
      Ibuprofen $10.34$10.653.0%
      Lipitor $501.90$468.607.1%

      Housing

      Item Danville National avg. Difference
      Home Price $95,500.00$184,700.0048.3%
      Avg. Mortgage Payment $2,246.21$2,346.694.3%
      Apartment Rent $688.00$949.0027.5%

      Transportation

      Item Danville National avg. Difference
      Gasoline $3.28$3.465.3%
      Tire Balancing $44.50$59.9225.7%

      Utilities

      Item Danville National avg. Difference
      All Electricity $179.79$193.997.3%
      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.
      Yanceyville, NC2,8308119.2%
      Ruffin, NC4678317.1%
      Milton, NC2398713.3%
      Blairs, VA8198911.2%
      Mount Hermon, VA4,417937.2%
      Danville, VA40,6688317.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Hutchinson, KS40,6698613.7%
      Lakeshore, ON40,673n/a 
      Florence, AL40,6528614.0%
      Maplewood, MN40,6841054.8%
      Brant, ON40,692n/a 
      Danville, VA40,6688317.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.