The Roanoke Region remains the top value in Virginia with the lowest cost of living in the state.
Numbers from the Council for Community and Economic Research put the region well below the national average as well for the third quarter of 2015. The region boasts costs that are 10.2 percent below the national average and has lower costs than three-fourths of metros across the country.
The Roanoke Region is no stranger to value when it comes to high quality of life and low cost of living; it’s a combination that’s hard to beat.
The Cost of Living Index measures regional differences in the cost of consumer goods and services. The composite index is based on six component categories – housing, utilities, grocery items, transportation, health care, and miscellaneous goods and services. This is where the overall ranking comes from.
Here’s a look at the Virginia ranking:
SOURCE: Council for Community and Economic Research (C2ER)
Roanoke Regional Partnership staff members collect this data each quarter and submit it to the council so that you can see how our region fits into the larger picture. It is based on more than 90,000 prices covering 60 different items for which prices are collected quarterly by chambers of commerce, economic development organizations, and universities in each participating urban area.
Cost of living information is an important tool for individuals and businesses. It provides a baseline comparison for how far a dollar will go. And in the Roanoke Region your dollar stretches further.