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 second quarter of 2023 was 90.8, over 9 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 below the national average in the second quarter of 2023.
|City of Colonial Heights||91.3|
|City of Petersburg||86.2|
|City of Hopewell||86.8|
|Prince George County||94.3|
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 2023 was $178,548, 27 percent lower than the national price of $244,900.
|City of Colonial Heights||$188,900|
|City of Petersburg||$119,200|
|City of Hopewell||$127,300|
|Prince George County||$231,000|
Source: American Community Survey (2017-2021)
Median Gross Rent
The median gross rent in the localities of the Gateway Region is below the national median gross rent of $1,163 for six of our seven localities.
|City of Colonial Heights||$1,075|
|City of Petersburg||$1,023|
|City of Hopewell||$957|
|Prince George County||$1,394|
Source: U.S. Census Bureau's 2017-2021 American Community Survey, Table DP04