F
44%
Overall NAT. AVG.
10%
Goods & Services NAT. AVG.
124%
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 Franconia Virginia National
Cost of living144109100
Goods & Services110100100
Groceries113101100
Health care10999100
Housing224130100
Transportation11195100
Utilities101104100

An Overview of Cost of Living in Franconia, VA

Understanding the cost of living in Franconia 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 Franconia cost of living index is 144, which is 44% 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 you prioritize affordability when seeking a new place to live, Franconia may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Franconia falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs are a very significant part of the Franconia cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 123.5% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Franconia, you you will have to spend 10.2% more than average when compared to the typical prices for these items, making it a more expensive place to live.

Groceries are getting more expensive by the day and the cost of groceries makes up 13% of the overall cost of living index. In the past two years, prices have shot up by over 10%! Unfortunately, in Franconia, it's the same story – grocery costs are 12.6% higher than what people pay across the country.

Is Franconia Affordable?

Is Franconia 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 Franconia, the median home price is 129.1% higher than the national average and monthly rent prices are 110.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Franconia boasting a median household income of $120,946, 118.6% higher than the national average.

What Factors can Influence the Cost of Living in Franconia?

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 Franconia, the transportation index is 10.7% higher than the national average.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Where is the Data From?

The cost of living in Franconia, 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 Franconia is 32% higher than the Virginia average
  • The cost of living in Franconia is 44% higher than the national average
  • Franconia housing is 124% 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 Franconia

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Compare Franconia, 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$132,706$11,059$3,096$3,982
      Renters$103,500$8,625$2,415$3,105
      The affordability of the housing market in Franconia, 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 Franconia homeowners, the median income is $132,706. This indicates that a monthly maximum of $3,096 should be spent by homeowners on all housing related costs. Renters have a median income of $103,500. This indicates that renters would have a maximum of $2,415 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 Franconia National avg. Difference
      Haircut $25.51$24.265.1%
      Beauty Salon $47.63$45.564.5%
      Toothpaste $3.62$3.702.1%
      Shampoo $1.34$1.284.4%
      Movie $13.08$12.137.8%
      Bowling $24.34$18.0035.2%

      Groceries

      Item Franconia National avg. Difference
      Ground Beef $6.08$5.844.1%
      Fried Chicken $1.41$1.5710.6%
      Milk $4.68$4.670.2%
      Potatoes $5.30$4.937.3%
      Pizza $12.49$12.093.4%
      Beer $10.83$10.414.0%

      Health Care

      Item Franconia National avg. Difference
      Optometrist $120.12$125.684.4%
      Doctor $135.82$135.780.0%
      Dentist $98.77$113.2912.8%
      Ibuprofen $10.80$10.651.4%
      Lipitor $485.49$468.603.6%

      Housing

      Item Franconia National avg. Difference
      Home Price $423,100.00$184,700.00129.1%
      Avg. Mortgage Payment $1,923.85$2,346.6918.0%
      Apartment Rent $1,998.00$949.00110.5%

      Transportation

      Item Franconia National avg. Difference
      Gasoline $3.34$3.463.6%
      Tire Balancing $64.70$59.928.0%

      Utilities

      Item Franconia National avg. Difference
      All Electricity $213.29$193.999.9%
      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.
      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%
      Franconia, VA19,47814443.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Stillwater, MN19,47111212.3%
      Boone, NC19,46611110.7%
      Salmon Arm, BC19,494n/a 
      Orinda, CA19,461279178.8%
      Cumberland, MD19,4958515.2%
      Franconia, VA19,47814443.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.