C
12%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
40%
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 Suffolk Virginia National
Cost of living112109100
Goods & Services100100100
Groceries101101100
Health care9699100
Housing140130100
Transportation10095100
Utilities105104100

An Overview of Cost of Living in Suffolk, VA

Getting a feel for the cost of living in Suffolk is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Suffolk is 112, which is 12% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

When it comes to the cost of living in Suffolk, 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 39.6% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Suffolk Affordable?

Is Suffolk 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 Suffolk is 43.8% higher than the national average, while the average monthly rent prices are 29.7% higher than average. The affordability of any location can also be influenced by median income levels. Suffolk has a median household income of $79,899, which is 44.4% higher than the national average.

What Factors can Influence the Cost of Living in Suffolk?

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Suffolk, the utilities index registers 4.8% higher than the national average.

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

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 Suffolk, the housing index stands at 39.6% higher than the national average.

Where is the Data From?

The cost of living data in Suffolk 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 Suffolk is 3% higher than the Virginia average
  • The cost of living in Suffolk is 12% higher than the national average
  • Suffolk housing is 40% 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 Suffolk

See all the best places to live around Suffolk

Compare Suffolk, 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$97,129$8,094$2,266$2,914
      Renters$45,381$3,782$1,059$1,362
      The affordability of the housing market in Suffolk, 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 Suffolk homeowners, the median income is $97,129. This indicates that a monthly maximum of $2,266 should be spent by homeowners on all housing related costs. Renters have a median income of $45,381. This indicates that renters would have a maximum of $1,059 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 Suffolk 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 Suffolk 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 Suffolk 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 Suffolk National avg. Difference
      Home Price $265,600.00$184,700.0043.8%
      Avg. Mortgage Payment $2,083.79$2,346.6911.2%
      Apartment Rent $1,231.00$949.0029.7%

      Transportation

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

      Utilities

      Item Suffolk 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.
      Benns Church, VA6421010.6%
      Carrsville, VA2311010.6%
      Windsor, VA2,7481000.2%
      Suffolk, VA91,38311212.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Carson, CA91,35415252.1%
      Tracy, CA91,46215151.1%
      Alafaya, FL91,46811716.5%
      Maple Ridge, BC91,475n/a 
      Santa Monica, CA91,600264164.0%
      Suffolk, VA91,38311212.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.