The cost of living index in Hopewell, VA, stands at 88, slightly below the nationwide average of 100. This indicates that living in Hopewell is about 12% less expensive than the national average. The lower housing costs play a significant role in this comparison, with an index of 85, reflecting a 15% reduction.
Despite some categories like utilities and healthcare being close to the national average, the overall lower index for Hopewell presents a favorable environment for budget-conscious job seekers. Each category, from housing to miscellaneous expenses, shows a cost difference that aligns closely with the overall index, making it easier for individuals to understand the economic landscape in Hopewell.
The cost of living in Hopewell, VA, offers a mix of affordability and modest expenses compared to the nationwide average. For housing, residents experience a 15% lower cost, with an index of 85 compared to the national average of 100. This suggests that housing in Hopewell is more affordable and can be a significant advantage for those looking to manage their budget. Groceries in Hopewell also reflect a favorable rate, standing at 92 on the index. This means the cost of groceries is just 2% higher than the national average, providing a slight increase but remaining relatively accessible.
Other expenses like utilities and healthcare follow closely with slight variations. Utilities in Hopewell are priced at 95, indicating a 5% increase over the national average. Healthcare costs are also slightly higher, with an index of 90, which is 10% above the average. Transportation and miscellaneous expenses are similarly balanced, with indices of 88 and 87 respectively. These figures show that while some areas see a minor uptick in costs, overall, the cost of living in Hopewell remains competitive, offering residents a balance of affordability and manageable expenses.
