Cost of Living

 
 

An affordable cost of living makes it easier to attract good people and retain them when your company is located in that area. Employees’ paychecks will stretch farther in Norfolk than in many other parts of the country. As a result, you can offer wages that are competitive, but hold down labor costs compared to other parts of the country, making your company more competive on a global scale.

 

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Hampton Roads Cost of Living: (1st Qtr. 2013)
Composite Index
99.2
Groceries
93.7
Housing
96.2
Utilities
112.3
Transportation
96.2
Health Care
98.5
Miscellaneous 113.4
National average
100
Here’s how the Hampton Roads MSA compares to other MSAs

 

 

Composite Index

 

Food Items

 

Housing

 

Health Care

Jacksonville, FL

96.2

100.6

82.0

88.8

Detroit, MI

95.1

93.6

86.8

102.0

Miama, FL

106.8

103.6

114.4

99.1

Richmond, VA

102.1

101.4

89.0

113.9

Norfolk, VA

99.2

93.7

96.2

98.5

Chicago, IL

114.8

106.3

129.3

90.2

Baltimore, MD

114.2

107.6

156.6

98.7

Philadelphia, PA

126.5

127.2

141.1

104.2

Newark, NJ

128.8

116.1

166.1

103.8

Los Angeles

136.2

105.0

206.7

115.6

Washington, DC

137.9

109.5

219.1

109.2

San Francisco, CA

162.1

115.9

273.9

108.8

New York City, NY

218.0

161.0

388.9

119.9

Source: Council for Community and Economic Research, Cost of Living Index May 2013

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