F
42%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
126%
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 McNair Virginia National
Cost of living142109100
Goods & Services109100100
Groceries108101100
Health care9799100
Housing226130100
Transportation9595100
Utilities110104100

An Overview of Cost of Living in McNair, VA

Knowing the cost of living in McNair allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in McNair stands at 142, marking it 42% higher than the national average.

The cost of living in McNair 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, McNair falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in McNair, 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 126.3% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is McNair Affordable?

Wondering if McNair is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In McNair, for example, the median home price is 138.5% higher than what folks pay nationally, and monthly rent is 97.7% higher than the usual rates. Plus, income levels matter too, with McNair boasting a median household income of $106,204, which is 92% higher than the national average.

What Factors can Influence the Cost of Living in McNair?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In McNair, the transportation index is 4.7% lower than the national average.

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.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In McNair, the housing index stands at 126.3% higher than the national average.

Where is the Data From?

The cost of living data in McNair displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in McNair is 31% higher than the Virginia average
  • The cost of living in McNair is 42% higher than the national average
  • McNair housing is 126% 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 McNair

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Compare McNair, 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$149,118$12,427$3,479$4,474
      Renters$99,054$8,255$2,311$2,972
      A good indicator of the general affordability of housing in McNair, 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 McNair, the median monthly income is $149,118 for those who own their own homes. Under the standard rule, that income level would allow for $3,479 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $99,054, per the median income in the area. That would allow for renters to spend up to $2,311 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 McNair National avg. Difference
      Haircut $26.11$24.267.6%
      Beauty Salon $70.08$45.5653.8%
      Toothpaste $3.81$3.702.8%
      Shampoo $1.51$1.2817.9%
      Movie $15.69$12.1329.3%
      Bowling $24.83$18.0038.0%

      Groceries

      Item McNair National avg. Difference
      Ground Beef $6.24$5.846.9%
      Fried Chicken $1.40$1.5711.0%
      Milk $4.78$4.672.2%
      Potatoes $5.49$4.9311.3%
      Pizza $12.56$12.093.9%
      Beer $11.10$10.416.6%

      Health Care

      Item McNair National avg. Difference
      Optometrist $92.00$125.6826.8%
      Doctor $135.03$135.780.5%
      Dentist $117.67$113.293.9%
      Ibuprofen $11.52$10.658.1%
      Lipitor $403.79$468.6013.8%

      Housing

      Item McNair National avg. Difference
      Home Price $440,500.00$184,700.00138.5%
      Avg. Mortgage Payment $4,819.29$2,346.69105.4%
      Apartment Rent $1,876.00$949.0097.7%

      Transportation

      Item McNair National avg. Difference
      Gasoline $3.25$3.466.0%
      Tire Balancing $59.00$59.921.5%

      Utilities

      Item McNair National avg. Difference
      All Electricity $222.47$193.9914.7%
      Phone $197.37$192.252.7%
      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.
      Bull Run, VA16,76912020.2%
      Yorkshire, VA9,11812322.8%
      Sudley, VA18,01912525.1%
      Manassas Park, VA17,54812525.2%
      Warrenton, VA9,92812626.4%
      McNair, VA20,77614242.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lebanon, OH20,7811000.2%
      Clifton, CO20,783982.4%
      South El Monte, CA20,79114545.3%
      Ypsilanti, MI20,792963.7%
      Sainte-Marthe-sur-le-Lac, QC20,759n/a 
      McNair, VA20,77614242.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.