Cost Of Living in Elkins, WV

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	Elkins	West Virginia	National
Cost of living	87	85	100
Goods & Services	95	95	100
Groceries	96	98	100
Health care	92	97	100
Housing	68	62	100
Transportation	94	94	100
Utilities	94	96	100

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Cost Of Living Quick Facts

The cost of living in Elkins is 2% higher than the West Virginia average
The cost of living in Elkins is 13% lower than the national average
Elkins housing is 32% lower than the national average
West Virginia general sales tax is 18% higher than the national average
West Virginia state income tax is 16% higher 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	$56,532	$4,711	$1,319	$1,696
Renters	$21,615	$1,801	$504	$649

The affordability of the housing market in Elkins, WV 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 Elkins homeowners, the median income is $56,532. This indicates that a monthly maximum of $1,319 should be spent by homeowners on all housing related costs. Renters have a median income of $21,615. This indicates that renters would have a maximum of $504 for their rent related monthly costs.

West Virginia Sales Tax

State	General Sales Tax	With Max Surtax
West Virginia	6%	7%

West Virginia Income Tax

State	Income Tax (Low)	Income Tax (High)
West Virginia	3%	6.5%

Goods & Services

Item	Elkins	National avg.	Difference
Haircut	$29.44	$24.26	21.4%
Beauty Salon	$49.17	$45.56	7.9%
Toothpaste	$3.80	$3.70	2.6%
Shampoo	$1.15	$1.28	10.5%
Movie	$10.26	$12.13	15.4%
Bowling	$17.17	$18.00	4.6%

Groceries

Item	Elkins	National avg.	Difference
Ground Beef	$5.63	$5.84	3.5%
Fried Chicken	$1.35	$1.57	14.2%
Milk	$4.56	$4.67	2.4%
Potatoes	$5.49	$4.93	11.3%
Pizza	$11.17	$12.09	7.6%
Beer	$10.15	$10.41	2.5%

Health Care

Item	Elkins	National avg.	Difference
Optometrist	$126.67	$125.68	0.8%
Doctor	$137.65	$135.78	1.4%
Dentist	$100.44	$113.29	11.3%
Ibuprofen	$10.20	$10.65	4.3%
Lipitor	$375.63	$468.60	19.8%

Housing

Item	Elkins	National avg.	Difference
Home Price	$120,100.00	$184,700.00	35.0%
Avg. Mortgage Payment	$1,880.59	$2,346.69	19.9%
Apartment Rent	$725.00	$949.00	23.6%

Transportation

Item	Elkins	National avg.	Difference
Gasoline	$3.46	$3.46	0.1%
Tire Balancing	$47.54	$59.92	20.7%

Utilities

Item	Elkins	National avg.	Difference
All Electricity	$178.61	$193.99	7.9%
Phone	$185.45	$192.25	3.5%

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.
East Dailey, WV	555	95	5.2%
Valley Bend, WV	634	95	5.2%
Bowden, WV	0	95	5.2%
Dailey, WV	39	95	5.2%
Hambleton, WV	229	78	21.8%
Elkins, WV	7,017	87	13.1%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Souderton, PA	7,019	109	9.3%
Collinsville, VA	7,019	84	15.7%
Crete, NE	7,013	88	11.9%
St. Augustine Beach, FL	7,010	128	28.3%
Commerce, GA	7,008	92	8.4%
Elkins, WV	7,017	87	13.1%

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 Elkins, WV