Cost of Living in Portsmouth, VA

An Overview of Cost of Living in Portsmouth, VA

The cost of living in Portsmouth 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 Portsmouth is 101, which is 1% higher 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 Portsmouth closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Portsmouth can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

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

The real experts on a city are its residents. That's why we reached out to 15 locals to get their views on the cost of living in Portsmouth. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 47% found it budget-friendly with decreasing prices, while 53% said it's simply not affordable as prices have continued to rise.

Is Portsmouth Affordable?

Is Portsmouth an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Portsmouth is 5.7% lower than the national average, while the average monthly rent prices are 14.1% higher than average. The affordability of any location can also be influenced by median income levels. Portsmouth has a median household income of $53,213, which is 3.8% lower than the national average.

What Factors can Influence the Cost of Living in Portsmouth?

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Portsmouth, the general sales tax rate starts at 5.3%, and income tax rates begin at 2%.

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 Portsmouth, healthcare costs are 4.4% lower than the national average.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Portsmouth, the utilities index stands at 4.8% higher than the national average.

Where is the Data From?

The cost of living data in Portsmouth 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.