Cost Of Living in Woodlake, VA

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	Woodlake	Virginia	National
Cost of living	118	109	100
Goods & Services	100	100	100
Groceries	101	101	100
Health care	96	99	100
Housing	158	130	100
Transportation	100	95	100
Utilities	105	104	100

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Cost Of Living Quick Facts

The cost of living in Woodlake is 8% higher than the Virginia average
The cost of living in Woodlake is 18% higher than the national average
Woodlake housing is 58% 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

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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	$120,500	$10,042	$2,811	$3,615
Renters	$72,721	$6,060	$1,697	$2,182

A good indicator of the general affordability of housing in Woodlake, 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 Woodlake, the median monthly income is $120,500 for those who own their own homes. Under the standard rule, that income level would allow for $2,811 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $72,721, per the median income in the area. That would allow for renters to spend up to $1,697 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	Woodlake	National avg.	Difference
Haircut	$20.00	$24.26	17.6%
Beauty Salon	$54.17	$45.56	18.9%
Toothpaste	$3.72	$3.70	0.5%
Shampoo	$1.26	$1.28	1.3%
Movie	$13.31	$12.13	9.7%
Bowling	$24.17	$18.00	34.3%

Groceries

Item	Woodlake	National avg.	Difference
Ground Beef	$5.54	$5.84	5.2%
Fried Chicken	$1.44	$1.57	8.5%
Milk	$4.63	$4.67	1.0%
Potatoes	$5.27	$4.93	6.8%
Pizza	$12.72	$12.09	5.3%
Beer	$10.64	$10.41	2.2%

Health Care

Item	Woodlake	National avg.	Difference
Optometrist	$95.44	$125.68	24.1%
Doctor	$122.83	$135.78	9.5%
Dentist	$109.67	$113.29	3.2%
Ibuprofen	$10.76	$10.65	1.0%
Lipitor	$489.65	$468.60	4.5%

Housing

Item	Woodlake	National avg.	Difference
Home Price	$293,800.00	$184,700.00	59.1%
Avg. Mortgage Payment	$2,083.79	$2,346.69	11.2%
Apartment Rent	$1,462.00	$949.00	54.1%

Transportation

Item	Woodlake	National avg.	Difference
Gasoline	$3.27	$3.46	5.5%
Tire Balancing	$60.00	$59.92	0.1%

Utilities

Item	Woodlake	National avg.	Difference
All Electricity	$227.22	$193.99	17.1%
Phone	$185.33	$192.25	3.6%

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.
Ettrick, VA	5,024	96	4.3%
Bensley, VA	6,044	96	4.0%
Bellwood, VA	7,808	97	3.1%
Matoaca, VA	2,725	99	1.1%
Lakeside, VA	12,749	102	2.3%
Woodlake, VA	7,404	118	17.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Saint-Joseph-du-Lac, QC	7,402	n/a
Ancient Oaks, PA	7,401	123	23.0%
Sudden Valley, WA	7,407	134	34.0%
Inverness, FL	7,399	85	14.9%
Hiawatha, IA	7,395	94	6.4%
Woodlake, VA	7,404	118	17.7%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Woodlake, VA