F
43%
Overall NAT. AVG.
10%
Goods & Services NAT. AVG.
120%
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 Groveton Virginia National
Cost of living143109100
Goods & Services110100100
Groceries113101100
Health care10999100
Housing220130100
Transportation11195100
Utilities101104100

An Overview of Cost of Living in Groveton, VA

Getting a feel for the cost of living in Groveton is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Groveton is 143, which is 43% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

The cost of living in Groveton is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Groveton falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a very significant part of the Groveton 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 120.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

The things you purchase regularly, like clothes, haircuts, movie tickets and gym memberships, can make a big dent in your budget and make up 33% of the cost of living index. Unfortunately in Groveton, these items will cost you 10.2% more than what's considered the norm, making it a more expensive place to call home.

The cost of groceries continues to rise at an alarming rate. Over the last two years, grocery prices have increased by more than 10%! Unfortunately, in Groveton, the news isn't any better as grocery prices are 12.6% higher than the national average.

Is Groveton Affordable?

Is Groveton 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 Groveton is 140.1% higher than the national average, while the average monthly rent prices are 73.4% higher than average. The affordability of any location can also be influenced by median income levels. Groveton has a median household income of $94,110, which is 70.1% higher than the national average.

What Factors can Influence the Cost of Living in Groveton?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Groveton, the housing index comes in at 120.1% higher than the national average.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Groveton, the utilities index registers 0.8% 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.

Where is the Data From?

The cost of living in Groveton, 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.

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

Cost Of Living Quick Facts

  • The cost of living in Groveton is 31% higher than the Virginia average
  • The cost of living in Groveton is 43% higher than the national average
  • Groveton housing is 120% 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 Groveton

See all the best places to live around Groveton

Compare Groveton, VA Cost of Living

      vs
      How would you rate the cost of living in Groveton?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Groveton?
      Write a review to give others more information about this area.
      See all Groveton 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$116,481$9,707$2,718$3,495
      Renters$71,455$5,955$1,667$2,144
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Groveton, VA, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Groveton, homeowners have a median income of $116,481. Using that number, a maximum of $2,718 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $71,455, which means there is a maximum of $1,667 to be spent on the costs of renting a home or apartment.

      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 Groveton 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 Groveton 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 Groveton 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 Groveton National avg. Difference
      Home Price $443,400.00$184,700.00140.1%
      Avg. Mortgage Payment $1,923.85$2,346.6918.0%
      Apartment Rent $1,646.00$949.0073.4%

      Transportation

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

      Utilities

      Item Groveton 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.
      Cedarville, MD5771099.3%
      Rose Hill CDP (Lee County), VA708927.8%
      Potomac Heights, MD1,247936.5%
      Woodlawn CDP (Carroll County), VA2,247945.9%
      Wakefield town, VA810954.6%
      Groveton, VA14,66414342.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Scottsbluff, NE14,660919.5%
      Sharonville, OH14,659982.1%
      Jennings, MO14,6728119.5%
      Hampton Bays, NY14,68415352.7%
      Callaway, FL14,691955.4%
      Groveton, VA14,66414342.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.