F
34%
Overall NAT. AVG.
10%
Goods & Services NAT. AVG.
93%
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 Lake Ridge Virginia National
Cost of living134109100
Goods & Services110100100
Groceries113101100
Health care10999100
Housing193130100
Transportation11195100
Utilities101104100

An Overview of Cost of Living in Lake Ridge, VA

Understanding the cost of living in Lake Ridge 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 Lake Ridge cost of living index is 134, which is 34% 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're in pursuit of an economical living environment, Lake Ridge may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Lake Ridge falls within this bracket.

When it comes to the cost of living in Lake Ridge, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 92.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Lake Ridge goods and services are 10.2% more expensive than the national average, leaving you with less money at the end of the month.

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 Lake Ridge, the news isn't any better as grocery prices are 12.6% higher than the national average.

Is Lake Ridge Affordable?

Is Lake Ridge affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Lake Ridge, for instance, where the median home price falls 91.1% higher than the national average, and monthly rent rates are 96.2% higher than usual. Additionally, median income levels contribute to the equation, with Lake Ridge flaunting a median household income of $103,608, 87.3% higher than the national norm.

What Factors can Influence the Cost of Living in Lake Ridge?

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.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable 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 Lake Ridge, the transportation index is 10.7% higher than the national average.

Where is the Data From?

The Lake Ridge 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 Lake Ridge is 23% higher than the Virginia average
  • The cost of living in Lake Ridge is 34% higher than the national average
  • Lake Ridge housing is 93% 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 Lake Ridge

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Compare Lake Ridge, 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$115,211$9,601$2,688$3,457
      Renters$83,920$6,993$1,958$2,518
      The affordability of the housing market in Lake Ridge, 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 Lake Ridge homeowners, the median income is $115,211. This indicates that a monthly maximum of $2,688 should be spent by homeowners on all housing related costs. Renters have a median income of $83,920. This indicates that renters would have a maximum of $1,958 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 Lake Ridge 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 Lake Ridge 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 Lake Ridge 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 Lake Ridge National avg. Difference
      Home Price $352,900.00$184,700.0091.1%
      Avg. Mortgage Payment $1,923.85$2,346.6918.0%
      Apartment Rent $1,862.00$949.0096.2%

      Transportation

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

      Utilities

      Item Lake Ridge 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%
      Boswell's Corner, VA1,442982.4%
      Lake Ridge, VA45,11113434.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Cleveland, TN45,115928.5%
      Pearl City, HI45,15918988.6%
      Rockwall, TX45,16812221.8%
      Attleboro, MA45,02312222.4%
      Herriman, UT45,21113232.3%
      Lake Ridge, VA45,11113434.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.