Cost of Living in Hampton, VA

Housing

The housing market plays a significant role in determining the cost of living in Hampton, VA.

• Housing Index: 110.0 / 100
• Median Home Price is: $305000
• Average Rent (2 BR Apartment): $1300 per month
• Average Rent (2 BR House): $1200 per month

In Hampton, VA, the housing index of 110.0 indicates a moderately priced real estate market potentially higher than the national average. With a median home price of 305000, entering homeownership may require significant financial commitment. Conversely, renting remains attractive, particularly for a 2-bedroom apartment averaging 1300 and a house at 1200. Basing your decision on your long-term plans and lifestyle preferences will be crucial, as the balance between renting and buying can significantly impact your financial future in this evolving market.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Hampton, VA.

• Electricity Price: 15.31 USD (median by state)
• Natural Gas Price: $19.91 USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $250 per month

Living in Hampton, VA could entail higher utility costs. Electricity costs sit at 15.31, while natural gas is priced at 19.91 per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 103.5

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $64430

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Hampton, VA, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.