F
77%
Overall NAT. AVG.
8%
Goods & Services NAT. AVG.
241%
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 Wakefield Virginia National
Cost of living177109100
Goods & Services108100100
Groceries114101100
Health care11299100
Housing341130100
Transportation10095100
Utilities101104100

An Overview of Cost of Living in Wakefield, VA

Are you thinking about relocating, but curious about the potential cost of living in Wakefield? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Wakefield stands at 177, making it 77% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Wakefield is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Wakefield falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a very significant part of the Wakefield cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 241.2% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Wakefield is even less favorable, with grocery prices here being 13.9% higher than the national average.

Is Wakefield Affordable?

Is Wakefield 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 Wakefield, the median home price is 249.2% higher than the national average and monthly rent prices are 222.8% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Wakefield boasting a median household income of $163,106, 194.8% higher than the national average.

What Factors can Influence the Cost of Living in Wakefield?

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Wakefield, the housing index is 241.2% higher than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

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 Wakefield, the general sales tax rate starts at 5.3%, and income tax rates begin at 2%.

Where is the Data From?

The Wakefield 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 Wakefield is 63% higher than the Virginia average
  • The cost of living in Wakefield is 77% higher than the national average
  • Wakefield housing is 241% 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 Wakefield

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Compare Wakefield, VA Cost of Living

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      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$167,435$13,953$3,907$5,024
      Renters$134,602$11,217$3,141$4,038
      A good way to judge both the affordability of the housing and the cost of living in Wakefield is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Wakefield has a median income of about $167,435 for people who own homes. Based on that number, a maximum of $3,907 should be spent on expenses related to housing. Renters have a slightly different median income, which is $134,602. Based on this average, renters should spend no more than $3,141 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Wakefield 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 Wakefield 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 Wakefield 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 Wakefield National avg. Difference
      Home Price $644,900.00$184,700.00249.2%
      Avg. Mortgage Payment $1,870.08$2,346.6920.3%
      Apartment Rent $3,063.00$949.00222.8%

      Transportation

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

      Utilities

      Item Wakefield 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%
      Marumsco, VA38,81511615.8%
      Wakefield, VA11,41317777.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lawrenceburg, KY11,416937.4%
      Woods Cross, UT11,42311717.5%
      Collegedale, TN11,4021000.2%
      Lovington, NM11,4008812.2%
      Roma, TX11,4277623.9%
      Wakefield, VA11,41317777.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.