A+
2%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
1%
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 Timberlake Virginia National
Cost of living98109100
Goods & Services96100100
Groceries96101100
Health care10299100
Housing99130100
Transportation8895100
Utilities113104100

An Overview of Cost of Living in Timberlake, VA

The cost of living in Timberlake 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 Timberlake is 98, which is 2% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

In Timberlake, 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 Timberlake will resemble that of an average city, contributing to a manageable cost of living.

Is Timberlake Affordable?

Is Timberlake 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 Timberlake, the median home price is 1.6% higher than the national average and monthly rent prices are 7.3% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Timberlake boasting a median household income of $57,721, 4.3% higher than the national average.

What Factors can Influence the Cost of Living in Timberlake?

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Timberlake, the transportation index stands at 12.5% lower than the national average.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Timberlake, healthcare costs are 1.7% higher than the national average.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Timberlake comes in at 13.4% higher than the national average.

Where is the Data From?

The Timberlake cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors 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 Timberlake is 10% lower than the Virginia average
  • The cost of living in Timberlake is 2% lower than the national average
  • Timberlake housing is 1% 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 Timberlake

See all the best places to live around Timberlake

Compare Timberlake, 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$69,013$5,751$1,610$2,071
      Renters$40,730$3,394$950$1,222
      A good indicator of the general affordability of housing in Timberlake, 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 Timberlake, the median monthly income is $69,013 for those who own their own homes. Under the standard rule, that income level would allow for $1,610 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $40,730, per the median income in the area. That would allow for renters to spend up to $950 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 Timberlake National avg. Difference
      Haircut $24.89$24.262.6%
      Beauty Salon $53.95$45.5618.4%
      Toothpaste $3.79$3.702.3%
      Shampoo $1.34$1.284.6%
      Movie $13.59$12.1312.0%
      Bowling $18.42$18.002.3%

      Groceries

      Item Timberlake National avg. Difference
      Ground Beef $5.32$5.848.8%
      Fried Chicken $1.32$1.5716.1%
      Milk $4.70$4.670.7%
      Potatoes $5.17$4.934.7%
      Pizza $12.24$12.091.3%
      Beer $10.69$10.412.7%

      Health Care

      Item Timberlake National avg. Difference
      Optometrist $136.88$125.688.9%
      Doctor $139.83$135.783.0%
      Dentist $105.92$113.296.5%
      Ibuprofen $10.61$10.650.4%
      Lipitor $387.25$468.6017.4%

      Housing

      Item Timberlake National avg. Difference
      Home Price $187,700.00$184,700.001.6%
      Avg. Mortgage Payment $2,606.96$2,346.6911.1%
      Apartment Rent $880.00$949.007.3%

      Transportation

      Item Timberlake National avg. Difference
      Gasoline $3.36$3.462.8%
      Tire Balancing $50.24$59.9216.1%

      Utilities

      Item Timberlake National avg. Difference
      All Electricity $213.27$193.999.9%
      Phone $184.83$192.253.9%
      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.
      Altavista, VA3,4398712.6%
      Concord, VA1,0128911.0%
      Madison Heights, VA11,447919.2%
      Big Island, VA174918.9%
      Bedford, VA6,599927.8%
      Timberlake, VA13,130982.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      La Grange Park, IL13,12912625.8%
      Harrison, AR13,1248812.4%
      Monfort Heights, OH13,124982.3%
      Warrenville, IL13,13711111.2%
      Rocky Point, NY13,13812929.3%
      Timberlake, VA13,130982.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.