A+
8%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
27%
Housing NAT. AVG.
Search Homes for Sale
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 Petersburg Virginia National
Cost of living92109100
Goods & Services100100100
Groceries101101100
Health care9699100
Housing73130100
Transportation10095100
Utilities105104100

An Overview of Cost of Living in Petersburg, VA

Knowing the cost of living in Petersburg 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 Petersburg stands at 92, marking it 8% lower than the national average.

In Petersburg, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Petersburg will resemble that of an average city, contributing to a manageable cost of living.

What Do Locals Say About the Cost of Living in Petersburg?

Locals have the inside scoop on their city. So, we polled 5 residents in Petersburg to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 40% find it reasonable with decreasing prices, but 60% think it's quite pricey, with prices that continue to rise.

Is Petersburg Affordable?

Is Petersburg 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 Petersburg, the median home price is 39.5% lower than what most folks pay across the country, and monthly rent prices are 0.9% higher than the usual rates. Income levels in Petersburg come in at $43,029, which is 22.2% lower than the national average.

What Factors can Influence the Cost of Living in Petersburg?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Petersburg, healthcare costs are 4.4% lower than the national average.

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 Petersburg, the transportation index is 0.3% 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 Petersburg, the utilities index registers at 4.8% higher than the national average.

Where is the Data From?

The cost of living in Petersburg, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

New Real Estate Listings in Petersburg Area
Search Homes for Sale in Petersburg, VA

Cost Of Living Quick Facts

  • The cost of living in Petersburg is 15% lower than the Virginia average
  • The cost of living in Petersburg is 8% lower than the national average
  • Petersburg housing is 27% 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 Petersburg

See all the best places to live around Petersburg

Compare Petersburg, VA Cost of Living

      vs
      How would you rate the cost of living in Petersburg?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Petersburg?
      Write a review to give others more information about this area.
      See all Petersburg poll results

      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$52,403$4,367$1,223$1,572
      Renters$38,580$3,215$900$1,158
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Petersburg, VA, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Petersburg homeowners, is $52,403. This would allow for a maximum of $1,223 per month to be spent on housing costs. For renters, the median monthly income is $38,580 which would result in a maximum of $900 to be spent on rental 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 Petersburg 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 Petersburg 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 Petersburg 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 Petersburg National avg. Difference
      Home Price $111,800.00$184,700.0039.5%
      Avg. Mortgage Payment $2,083.79$2,346.6911.2%
      Apartment Rent $958.00$949.000.9%

      Transportation

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

      Utilities

      Item Petersburg 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%
      Hopewell, VA22,500946.5%
      Ettrick, VA5,024964.3%
      Bellwood, VA7,808973.1%
      Petersburg, VA30,791927.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Drexel Heights, AZ30,7801011.0%
      Cleburne, TX30,812972.8%
      Winter Park, FL30,76413534.7%
      Brooklyn Center, MN30,755990.7%
      Sainte-Julie, QC30,753n/a 
      Petersburg, VA30,791927.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.