If you have decided to move to Virginia, you were probably drawn in part to its gorgeous Blue Ridge mountains, sparkling rivers, and rich history. But like it is in any state in the nation, there are various costs you will encounter once you make the move to the Old Dominion. To ensure you won’t encounter any unexpected costs, here are four you should expect to find upon moving to Virginia.
Utility Costs
For Virginia residents, utility costs actually tend to fall below the national average. Overall, your monthly utility costs will average just over $400. Electricity is the biggest part of this expense, averaging $125 per month. As for internet service, plan on paying around $60 each month. While homeowners will spend $400 per month, renters should set aside about $150 each month.
Housing Costs
Unfortunately, housing costs in Virginia are substantially above the national average. While the median cost nationwide for a home is $231,000, Virginians pay an average of almost $259,000. However, much of this increase in cost is linked to the northern part of the state and its proximity to Washington, D.C., where the cost of living is high as well. The cost to rent a one-bedroom apartment averages around $1,030 per month. Should you instead want a luxury apartment, you may need to anticipate double that. That being said luxury apartments can be more affordable in Virginia than in many other states if you consider the lower cost of food and entertainment such as local museums.
Groceries and Eating Out
While you may spend more on utilities and housing in Virginia, you will recoup some of your money in grocery costs and what you spend eating out at restaurants. Coming in at below the national average in both of these areas, expect to spend an average of $300 per month on your groceries. As for eating out, a meal at an inexpensive restaurant will run you around $15, while a fancier three-course meal for two at a high-quality restaurant will only cost $50-$60.
State Taxes
For anyone who moves to a new state, taxes are one of the most important things on their mind. Fortunately, Virginia’s taxes are very reasonable when compared to other states. For example, the sales tax rate is 5.6%, which is lower than the 7.3% national average. Also, property taxes tend to be lower, since the state has a 0.80% rate compared to the national average of 1.07%.
Like any state, Virginia has pros and cons associated with it regarding its costs. By doing your homework before you move, you can know what to expect and how to adjust your budget accordingly.
