A+
2%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
4%
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 Hollins Virginia National
Cost of living98109100
Goods & Services96100100
Groceries97101100
Health care8999100
Housing96130100
Transportation9895100
Utilities116104100

An Overview of Cost of Living in Hollins, VA

Are you thinking about relocating, but curious about the potential cost of living in Hollins? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Hollins stands at 98, making it 2% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Hollins aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Hollins residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Is Hollins Affordable?

Is Hollins 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 Hollins, the median home price is 3.5% lower than the national average and monthly rent prices are 5.4% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Hollins boasting a median household income of $67,958, 22.8% higher than the national average.

What Factors can Influence the Cost of Living in Hollins?

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Hollins, the groceries index is 3.1% 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 Hollins, the utilities index registers at 16.2% higher than the national average.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Hollins, healthcare costs are 10.8% lower than the national average.

Where is the Data From?

The Hollins cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates 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 Hollins is 10% lower than the Virginia average
  • The cost of living in Hollins is 2% lower than the national average
  • Hollins housing is 4% 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 Hollins

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Compare Hollins, 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$75,014$6,251$1,750$2,251
      Renters$27,229$2,269$635$817
      A good indicator of the general affordability of housing in Hollins, VA, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Hollins, the median monthly income is $75,014 for those who own their own homes. Under the standard rule, that income level would allow for $1,750 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $27,229, per the median income in the area. That would allow for renters to spend up to $635 on monthly rental expenses.

      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 Hollins 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 Hollins 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 Hollins 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 Hollins National avg. Difference
      Home Price $178,200.00$184,700.003.5%
      Avg. Mortgage Payment $1,912.27$2,346.6918.5%
      Apartment Rent $898.00$949.005.4%

      Transportation

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

      Utilities

      Item Hollins 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%
      Buchanan, VA1,1729010.3%
      Montvale, VA486919.0%
      Roanoke, VA99,122927.9%
      Vinton, VA8,102937.2%
      Hollins, VA15,113982.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Glenmont, MD15,11113939.0%
      Groveland, FL15,1091098.6%
      Laurinburg, NC15,1188812.1%
      Lemon Hill, CA15,10411111.5%
      Berea, SC15,104919.3%
      Hollins, VA15,113982.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.