Cost of Living in Lowes Island, VA

An Overview of Cost of Living in Lowes Island, VA

Are you thinking about relocating, but curious about the potential cost of living in Lowes Island? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lowes Island stands at 168, making it 68% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Lowes Island is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Lowes Island falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs significantly influence the Lowes Island cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 213.1%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Lowes Island Affordable?

Is Lowes Island affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Lowes Island, for instance, where the median home price falls 249.5% higher than the national average, and monthly rent rates are 128.1% higher than usual. Additionally, median income levels contribute to the equation, with Lowes Island flaunting a median household income of $199,375, 260.4% higher than the national norm.

What Factors can Influence the Cost of Living in Lowes Island?

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Lowes Island, the general sales tax rate starts at 5.3%, and income tax rates begin at 2%.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Lowes Island, the groceries index is 8.3% higher than the national average.

Where is the Data From?

The Lowes Island 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.