Cost Of Living in Hollymead, 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	Hollymead	Virginia	National
Cost of living	122	109	100
Goods & Services	103	100	100
Groceries	99	101	100
Health care	96	99	100
Housing	171	130	100
Transportation	93	95	100
Utilities	105	104	100

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Cost Of Living Quick Facts

The cost of living in Hollymead is 12% higher than the Virginia average
The cost of living in Hollymead is 22% higher than the national average
Hollymead housing is 71% 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	$111,675	$9,306	$2,606	$3,351
Renters	$56,679	$4,723	$1,322	$1,701

A good way to judge both the affordability of the housing and the cost of living in Hollymead 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. Hollymead has a median income of about $111,675 for people who own homes. Based on that number, a maximum of $2,606 should be spent on expenses related to housing. Renters have a slightly different median income, which is $56,679. Based on this average, renters should spend no more than $1,322 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	Hollymead	National avg.	Difference
Haircut	$27.97	$24.26	15.3%
Beauty Salon	$54.19	$45.56	18.9%
Toothpaste	$3.81	$3.70	2.9%
Shampoo	$1.71	$1.28	33.5%
Movie	$15.32	$12.13	26.3%
Bowling	$25.50	$18.00	41.7%

Groceries

Item	Hollymead	National avg.	Difference
Ground Beef	$6.34	$5.84	8.5%
Fried Chicken	$1.41	$1.57	10.4%
Milk	$4.78	$4.67	2.4%
Potatoes	$5.33	$4.93	8.0%
Pizza	$12.47	$12.09	3.2%
Beer	$11.67	$10.41	12.1%

Health Care

Item	Hollymead	National avg.	Difference
Optometrist	$121.84	$125.68	3.1%
Doctor	$168.85	$135.78	24.4%
Dentist	$135.19	$113.29	19.3%
Ibuprofen	$11.86	$10.65	11.4%
Lipitor	$414.10	$468.60	11.6%

Housing

Item	Hollymead	National avg.	Difference
Home Price	$325,100.00	$184,700.00	76.0%
Avg. Mortgage Payment	$5,381.45	$2,346.69	129.3%
Apartment Rent	$1,527.00	$949.00	60.9%

Transportation

Item	Hollymead	National avg.	Difference
Gasoline	$3.49	$3.46	0.8%
Tire Balancing	$57.76	$59.92	3.6%

Utilities

Item	Hollymead	National avg.	Difference
All Electricity	$201.35	$193.99	3.8%
Phone	$184.83	$192.25	3.9%

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.
Free Union, VA	86	101	0.9%
Gordonsville, VA	1,988	101	1.4%
Twin Lakes, VA	1,522	102	2.1%
Stanardsville, VA	493	105	5.1%
Ruckersville, VA	1,236	107	6.9%
Hollymead, VA	8,500	122	22.1%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Perryville, MO	8,500	89	11.1%
Jennings Lodge, OR	8,500	124	24.4%
Live Oak city, CA	8,501	106	6.5%
Alamo Heights, TX	8,501	150	50.3%
Los Altos Hills, CA	8,496	337	237.1%
Hollymead, VA	8,500	122	22.1%

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 Hollymead, VA