Retirement Planning, Elder Law, and Senior Finance

7/1/2021 | By Seniors Guide Staff

Cost of living varies across Hampton Roads.

Given the proximity to the beautiful beaches along the Atlantic Ocean, cost of living in Virginia Beach is higher than the national or state averages. Kiplinger Financial gave Virginia Beach a high rating of 9 for its affordability (with 1 as the most affordable, 10 as the least affordable). The rating is based on the percentage of annual income required to buy a median-priced home in each metro area. According to Kiplinger, the median home price in Virginia Beach is $250,000.

Even so, Virginia Beach got high marks from Move.org its low cost of living when compared to other large cities rather than the nation as a whole. Move.org lists 30 cities – 15 with the lowest costs and 15 with the highest. Virginia Beach came in at number 14 of the cities with lower costs of living.

The city of Chesapeake is also a little more expensive. With a U.S. average cost of living as 100, Chesapeake overall scores 106.4 (the Commonwealth of Virginia scores 103.7). Grocery, utilities, and transportation prices hover around the national average. Health care and home prices are higher than average. The median home cost is $270,300 (compared to a national average of $231,200).

On the other hand, living in the Hampton Roads communities of Newport News, Norfolk, and Hampton costs less than the averages in the Commonwealth of Virginia and the United States.

Newport News scores 92.8 when compared to a U.S. national average of 100. In Newport News, you can expect to pay a little less for groceries, utilities, and transportation, a little more for health care, and significantly less for housing. The median home cost is $181,200.

Norfolk scores 91.8. You’ll pay a little less than average for groceries, utilities, and transportation, a bit more for health care, and significantly less for housing. The median home cost is $185,900.

Hampton scores 88.4. You can expect to pay slightly less than the U.S. average for groceries and utilities, slightly more for health care, and significantly less for housing. The median home cost is $167,500.

In terms of senior living, the average monthly cost for the Tidewater region is generally in line with the national average according to Genworth’s 2020 Cost of Care Study. Assisted living, for example, costs $4,300 per month on average; versus in Tidewater where it’s $4,365. A semi-private room in nursing care costs $7,756 a month on average, but is about $7,665 in the Tidewater region. However, an in-home care aide is much less expensive per month; the national average is around $4,576, compared to $3,813 in Tidewater.

Assisted Living in Virginia: What Does It Cost and Why?

Seniors Guide Staff

Seniors Guide has been addressing traditional topics and upcoming trends in the senior living industry since 1999. We strive to educate seniors and their loved ones in an approachable manner, and aim to provide them with the right information to make the best decisions possible.

Seniors Guide Staff