F
66%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
204%
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 Oakton Virginia National
Cost of living166109100
Goods & Services108100100
Groceries114101100
Health care11299100
Housing304130100
Transportation10095100
Utilities101104100

An Overview of Cost of Living in Oakton, VA

Knowing the cost of living in Oakton 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 Oakton stands at 166, marking it 66% higher than the national average.

If you're in pursuit of an economical living environment, Oakton 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, Oakton falls within this bracket.

Housing costs are a major factor in the Oakton cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 204% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

The relentless increase in grocery prices is a noteworthy trend. In the last two years, grocery costs have experienced an upward trajectory of over 10%. Unfortunately, Oakton is no exception, where grocery prices are 13.9% above the national average.

Is Oakton Affordable?

Is Oakton 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 Oakton, the median home price is 245.2% higher than the national average and monthly rent prices are 108% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Oakton boasting a median household income of $138,598, 150.5% higher than the national average.

What Factors can Influence the Cost of Living in Oakton?

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 Oakton, the groceries index is 13.9% higher than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Oakton, healthcare costs are 12.4% higher 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.

Where is the Data From?

The Oakton 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 Oakton is 52% higher than the Virginia average
  • The cost of living in Oakton is 66% higher than the national average
  • Oakton housing is 204% 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 Oakton

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Compare Oakton, 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$174,135$14,511$4,063$5,225
      Renters$79,332$6,611$1,851$2,380
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Oakton, 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 Oakton, homeowners have a median income of $174,135. Using that number, a maximum of $4,063 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $79,332, which means there is a maximum of $1,851 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 Oakton National avg. Difference
      Haircut $18.62$24.2623.3%
      Beauty Salon $35.20$45.5622.7%
      Toothpaste $3.73$3.700.7%
      Shampoo $1.22$1.285.0%
      Movie $11.20$12.137.7%
      Bowling $19.22$18.006.8%

      Groceries

      Item Oakton National avg. Difference
      Ground Beef $5.49$5.846.0%
      Fried Chicken $1.37$1.5713.0%
      Milk $4.73$4.671.3%
      Potatoes $4.76$4.933.5%
      Pizza $12.47$12.093.2%
      Beer $10.83$10.414.1%

      Health Care

      Item Oakton National avg. Difference
      Optometrist $109.25$125.6813.1%
      Doctor $94.10$135.7830.7%
      Dentist $109.57$113.293.3%
      Ibuprofen $10.51$10.651.3%
      Lipitor $487.97$468.604.1%

      Housing

      Item Oakton National avg. Difference
      Home Price $637,600.00$184,700.00245.2%
      Avg. Mortgage Payment $1,870.08$2,346.6920.3%
      Apartment Rent $1,974.00$949.00108.0%

      Transportation

      Item Oakton National avg. Difference
      Gasoline $3.29$3.464.9%
      Tire Balancing $62.25$59.923.9%

      Utilities

      Item Oakton National avg. Difference
      All Electricity $248.70$193.9928.2%
      Phone $185.37$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.
      Rose Hill CDP (Lee County), VA708927.8%
      Woodlawn CDP (Carroll County), VA2,247945.9%
      Wakefield town, VA810954.6%
      Belle Haven town, VA5621022.0%
      Leisure World, MD9,31411717.0%
      Oakton, VA36,46816666.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Phenix City, AL36,461919.2%
      Trumbull, CT36,47713838.5%
      Kearns, UT36,45711110.7%
      Dunedin, FL36,4801033.0%
      Moorpark, CA36,44317676.0%
      Oakton, VA36,46816666.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.