Living Expenses in Virginia: How Much Do You Need?

Virginia is a lovely state in the United States’ southern area. It is a famous location for visitors as well as those seeking to move. One of the most essential things to consider when relocating to Virginia is the living expenses in Virginia. That’s why today we at AllState Moving and Storage help you with this; we did the homework for you and we’ll reveal to you how much money you need.  These numbers have changed mostly since 2019 past the pandemic and now in the recession. People all across the US have started moving since the energy prices are getting higher, and so is the cost of living. So let’s not waste any more time and let’s dive in!

Housing makes out the most of living expenses in Virginia

First, we’ll start with what most Americans do – renting.  In Virginia, the median rate is $1,905, and the variety of housing choices offered ranges from $135 to $26,500. The typical rent price in Virginia stays stable in March 2023 at $1,905, up only $5 from March 2022. Furthermore, the median rent price in Virginia has decreased by $35 since February 2023, indicating that now may be an excellent moment to commence a rental hunt. Currently, there are 6,812 rentals accessible in Virginia, giving renters plenty of options. Additionally, the median rent in Virginia is $195 less than the national median, suggesting that renters can find excellent homes at an affordable prices.

Virginia’s property market has seen a steady rise in house values, with the typical residence worth $351,581. The average house valuation has increased by 7.0% in the last year, showing a strong and flourishing housing market in the state. Despite the rise in house values, Virginia homes remain in high demand, with the average property moving to pending in around 21 days. This reflects the state’s robust real estate market, where homes are selling rapidly, showing the region’s high desire for housing. As leading long distance movers Virginia we can tell you that we’re having more job day by day. People seem to be moving here from bigger cities since the overall living expense in Virginia are lower. Most importantly housing and renting is much more affordable than in California or New York.

Transportaion and ulitiy expenses in Virginia

This is great news for people seeking to save money because utility costs—including those for energy, natural gas, water, internet, and cable—are lower than the national average. Natural gas costs about $74.32 per month, whereas the typical monthly expense of electricity is $124.54. While the average monthly cost of internet services is about $60, water expenses typically cost around $70. With streaming services and phone fees excluded; the average monthly energy bill for a household of four without cable TV costs about $85 per month. So if you’re looking for a place to save money this is it. We can tell you that Virginia local movers have lower prices than in other places too.  Now if you’re thinking about moving you should try to schedule a free estimate before you start.

You can explore this state in different ways but the car is the most expensive one. We’re kidding a little bit, but yes prices of fossil fuels are higher than the national average. But don’t let this stop you from exploring this gorgeous state. The average one-way commute time is longer than the national median time.  But you’ll have great roads and easy access to highways which you can use to travel around this picturesque state. In Virginia, you can buy a 30-day ticket for $60 from Greater Richmond Transit Company. You can also buy Metrobus 7-day ticket which is connected to D.C. Metro plus you’ll get an unlimited metropolitan bus ticket for only $17.50. If this is not enough you can count on some of the cheapest storage Virginia can offer.

Food, taxes, and healthcare

Let’s start with the most annoying expense of all three- taxes. As you may know the sales taxes in Virginia are 5.6% which is lower than the US average of 7.3%.  Virginia’s property taxes are 0.80% which is lower than 1.07% than the national average. When it comes to income tax it’s overall progressive, so it means that those earning less than $17,000 will pay 2% and everyone earning more will pay 5.75%. If you’ve gotten hungry lower your appetite because food is also cheaper in the state of Virginia. On average the three-meal course for two in a mid-range restaurant is around $60. Although this might’ve changed due to ongoing inflation, milkflation, etc. You get what we want to say it’s a time of recession but we hope that overall prices will start falling.

When it comes to healthcare this is also cheaper. For example, the average mid-age person will have to pay $446 per month for health insurance vs $495 per month. Overall health insurance is 4% more than the national average. But now for the question you’ve been waiting for, how much money do you need to live decently in Virginia? If you want to live with all the bells and whistles that nothing is lacking. Plus we’ve counted in the 50-30-20 rule (50% needs, 30% wants, and 20% savings), so you would need $64,947 annual income. But did you know that the average annual income in Virginia is $74,222? This means that you’ll have even more money left to do anything that you’ve wanted. So maybe you could expand your business to Virginia or invest it in stocks since they’re falling right now.

Final thoughts on living expenses in Virginia

All in all, you should know that Virginia is a great place to live. Overall estimated annual living expenses in Virginia are $64,947. So we hope that you got your answer straight ahead. Expenses like transportation, utilities, housing, food, ax, and healthcare are below the national average. In the end, as you can see Virginia is a great place where you could move. If you need any free tips about Virginia or moving check out our blog section.