Cost of Living
The ACCRA Cost of Living Index is a measure of regional differences in the cost of consumer goods and services. The index is based on six components: housing, utilities, grocery items, transportation, health care, and miscellaneous goods and services.
The Gateway Region’s Cost of Living Index in the first quarter of 2017 was 93.1, nearly 7 percent below the national average of 100. The Gateway Region’s communities are remarkably affordable as the cost of living index in each individual community was at least 5.5 percent below the national average in the first quarter of 2017.
|City of Colonial Heights||90.3|
|City of Petersburg||85.3|
|City of Hopewell||86.3|
|Prince George County||93.7|
Source: C2er ACCRA Cost of Living data, imputed by JobsEQ
Median Home Price
Housing is a major determinant in a community’s overall cost of living or affordability to its residents. Besides miscellaneous goods and services, the housing category contributed most to the overall cost of living index. The median home price of a typical home in the Gateway Region during the second quarter of 2017 was $184,631, 13 percent lower than the national price of $213,099.
|City of Colonial Heights||$196,201|
|City of Petersburg||$129,680|
|City of Hopewell||$143,471|
|Prince George County||$240,471|
Source: National Association of Realtors, 2017 Q2
Median Gross Rent
The median gross rent in the Gateway Region is $938, which was nearly one percent above the national median gross rent of $928.
|City of Colonial Heights||$940|
|City of Petersburg||$842|
|City of Hopewell||$835|
|Prince George County||$1,279|
Source: U.S. Census Bureau’s 2011-2015 American Community Survey