F
62%
Overall NAT. AVG.
10%
Goods & Services NAT. AVG.
186%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
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 Mount Vernon Virginia National
Cost of living162109100
Goods & Services110100100
Groceries113101100
Health care10999100
Housing286130100
Transportation11195100
Utilities101104100

An Overview of Cost of Living in Mount Vernon, VA

Understanding the cost of living in Mount Vernon 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 Mount Vernon cost of living index is 162, which is 62% 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.

The cost of living in Mount Vernon 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, Mount Vernon falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs make up a big chunk of the cost of living in Mount Vernon, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 186.3% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Mount Vernon goods and services are 10.2% more expensive than the national average, leaving you with less money at the end of the month.

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 Mount Vernon is even less favorable, with grocery prices here being 12.6% higher than the national average.

Is Mount Vernon Affordable?

Is Mount Vernon 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 Mount Vernon, for instance, where the median home price falls 247.4% higher than the national average, and monthly rent rates are 43.7% higher than usual. Additionally, median income levels contribute to the equation, with Mount Vernon flaunting a median household income of $135,788, 145.5% higher than the national norm.

What Factors can Influence the Cost of Living in Mount Vernon?

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Mount Vernon, the transportation index stands at 10.7% higher than the national average.

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 Mount Vernon comes in at 0.8% higher than the national average.

Where is the Data From?

The Mount Vernon cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Mount Vernon is 49% higher than the Virginia average
  • The cost of living in Mount Vernon is 62% higher than the national average
  • Mount Vernon housing is 186% 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

Most Affordable Places to Live in and Around Mount Vernon

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Compare Mount Vernon, VA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$163,911$13,659$3,824$4,918
      Renters$34,611$2,884$808$1,038
      To approximate the cost of living and the housing affordability in Mount Vernon, VA, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Mount Vernon have a median income of $163,911. Therefore, the amount that a consumer should spend on housing costs should be no more than $3,824 per month to avoid calamity and poverty. The renters in the city have an income of about $34,611, which would make their monthly maximum allowable rental costs $808.

      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 Mount Vernon National avg. Difference
      Haircut $25.51$24.265.1%
      Beauty Salon $47.63$45.564.5%
      Toothpaste $3.62$3.702.1%
      Shampoo $1.34$1.284.4%
      Movie $13.08$12.137.8%
      Bowling $24.34$18.0035.2%

      Groceries

      Item Mount Vernon National avg. Difference
      Ground Beef $6.08$5.844.1%
      Fried Chicken $1.41$1.5710.6%
      Milk $4.68$4.670.2%
      Potatoes $5.30$4.937.3%
      Pizza $12.49$12.093.4%
      Beer $10.83$10.414.0%

      Health Care

      Item Mount Vernon National avg. Difference
      Optometrist $120.12$125.684.4%
      Doctor $135.82$135.780.0%
      Dentist $98.77$113.2912.8%
      Ibuprofen $10.80$10.651.4%
      Lipitor $485.49$468.603.6%

      Housing

      Item Mount Vernon National avg. Difference
      Home Price $641,700.00$184,700.00247.4%
      Avg. Mortgage Payment $1,923.85$2,346.6918.0%
      Apartment Rent $1,364.00$949.0043.7%

      Transportation

      Item Mount Vernon National avg. Difference
      Gasoline $3.34$3.463.6%
      Tire Balancing $64.70$59.928.0%

      Utilities

      Item Mount Vernon National avg. Difference
      All Electricity $213.29$193.999.9%
      Phone $184.83$192.253.9%
      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.
      Port Tobacco Village, MD41099.3%
      Rose Hill CDP (Lee County), VA708927.8%
      Potomac Heights, MD1,247936.5%
      Woodlawn CDP (Carroll County), VA2,247945.9%
      Wakefield town, VA810954.6%
      Mount Vernon, VA13,49016262.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Gladeview, FL13,490981.8%
      Wetaskiwin, AB13,487n/a 
      Grover Beach, CA13,48115656.1%
      Englewood, OH13,474937.5%
      South Park Township, PA13,470964.1%
      Mount Vernon, VA13,49016262.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.