A+
6%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
23%
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 Hopewell Virginia National
Cost of living94109100
Goods & Services100100100
Groceries101101100
Health care9699100
Housing77130100
Transportation10095100
Utilities105104100

An Overview of Cost of Living in Hopewell, VA

The cost of living in Hopewell affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Hopewell is 94, which is 6% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Hopewell 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. Hopewell 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 Hopewell Affordable?

Is Hopewell an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Hopewell, the median home price is 31.7% lower than what most folks pay across the country, and monthly rent prices are 3.1% lower than the usual rates. Income levels in Hopewell come in at $43,262, which is 21.8% lower than the national average.

What Factors can Influence the Cost of Living in Hopewell?

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Hopewell comes in at 4.8% higher than the national average.

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 Hopewell, the groceries index is 0.5% higher than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Hopewell, the transportation index stands at 0.3% lower than the national average.

Where is the Data From?

The Hopewell 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 Hopewell is 14% lower than the Virginia average
  • The cost of living in Hopewell is 6% lower than the national average
  • Hopewell housing is 23% 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 Hopewell

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Compare Hopewell, 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$60,127$5,011$1,403$1,804
      Renters$30,852$2,571$720$926
      A good indicator of the general affordability of housing in Hopewell, 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 Hopewell, the median monthly income is $60,127 for those who own their own homes. Under the standard rule, that income level would allow for $1,403 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $30,852, per the median income in the area. That would allow for renters to spend up to $720 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 Hopewell National avg. Difference
      Haircut $20.00$24.2617.6%
      Beauty Salon $54.17$45.5618.9%
      Toothpaste $3.72$3.700.5%
      Shampoo $1.26$1.281.3%
      Movie $13.31$12.139.7%
      Bowling $24.17$18.0034.3%

      Groceries

      Item Hopewell National avg. Difference
      Ground Beef $5.54$5.845.2%
      Fried Chicken $1.44$1.578.5%
      Milk $4.63$4.671.0%
      Potatoes $5.27$4.936.8%
      Pizza $12.72$12.095.3%
      Beer $10.64$10.412.2%

      Health Care

      Item Hopewell National avg. Difference
      Optometrist $95.44$125.6824.1%
      Doctor $122.83$135.789.5%
      Dentist $109.67$113.293.2%
      Ibuprofen $10.76$10.651.0%
      Lipitor $489.65$468.604.5%

      Housing

      Item Hopewell National avg. Difference
      Home Price $126,100.00$184,700.0031.7%
      Avg. Mortgage Payment $2,083.79$2,346.6911.2%
      Apartment Rent $920.00$949.003.1%

      Transportation

      Item Hopewell National avg. Difference
      Gasoline $3.27$3.465.5%
      Tire Balancing $60.00$59.920.1%

      Utilities

      Item Hopewell National avg. Difference
      All Electricity $227.22$193.9917.1%
      Phone $185.33$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.
      Templeton, VA1181010.6%
      Camptown, VA7618911.1%
      Petersburg, VA30,791927.8%
      Ettrick, VA5,024964.3%
      Bensley, VA6,044964.0%
      Hopewell, VA22,500946.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Dolton, IL22,487972.7%
      Mandan, ND22,4821021.7%
      Christiansburg, VA22,482991.1%
      Highland, IN22,4791022.0%
      Lennox, CA22,47614948.8%
      Hopewell, VA22,500946.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.