Cost of Living in Idylwood, VA

An Overview of Cost of Living in Idylwood, VA

Understanding the cost of living in Idylwood can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Idylwood cost of living index is 159, which is 59% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Idylwood is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Idylwood falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a very significant part of the Idylwood 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 180% 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 Idylwood is even less favorable, with grocery prices here being 13.9% higher than the national average.

Is Idylwood Affordable?

Is Idylwood an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Idylwood is 218.8% higher than the national average, while the average monthly rent prices are 89.4% higher than average. The affordability of any location can also be influenced by median income levels. Idylwood has a median household income of $103,145, which is 86.4% higher than the national average.

What Factors can Influence the Cost of Living in Idylwood?

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Idylwood, the housing index is 180% higher than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Idylwood, the standard sales tax rate starts at 5.3%, and the income tax rates commence at 2%.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Idylwood comes in at 1% higher than the national average.

Where is the Data From?

The Idylwood 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.