What Is The Cost Of Living In Chesterfield VA?

Definition of "What is the cost of living in Chesterfield VA?"

Located close to the Pocahontas State Park, on the banks of Swift Creek, Chesterfield, VA is in the middle of Virginia State. As an unincorporated census-designated place since the 2000 census Chesterfield, VA, is also the county seat of Chesterfield County. Its full name is Chesterfield Court House but most people refer to it simply as Chesterfield. The longer name was probably given to the area in order to make a difference between the unincorporated census-designated place and the county.

Despite the seemingly new community, the Chesterfield, VA area has a rich history that dates back to 1614 which makes it an ideal place for those who enjoy the vast amount of historical sites. Many people come to live in Chesterfield VA because of the lower cost of living in regards to housing, when compared to the much larger city of Richmond, VA. As Chesterfield, VA along with other smaller towns, is a suburb of Richmond, VA, many people settle in the more relaxed community of Chesterfield to enjoy a good life, while they commute the approximately 25 minutes distance to work to Richmond, VA. Relocating to Chesterfield, VA can be easy if you get in touch with real estate agents in Chesterfield VA.

Affordability of Chesterfield, VA

In regards to the overall cost of living, Chesterfield, VA has a lower cost of living than Virginia’s average by 21%, while it is 11% more affordable to live there than anywhere else in the country. Almost every factor that influences the cost of living in Chesterfield, VA is more affordable than the national or state average. The only expenses that are higher than the state average in Chesterfield, VA are the housing cost that amounts to a median house value of $287,000 while the state medium house value is $285,000.

Energy costs haven’t experienced a big increase in the last year and are currently around 25.4% more affordable than the national average expenses. The factors that did experience an increase over the last year have been food, which currently costs around 29.1% less than the national average, and transportation, which is 17.6% more affordable than the national average.

Healthcare is also more affordable than the national average by 10.8%.

All of these expenses are met by the median household income in Chesterfield, VA which was estimated to be around $72,000 in 2017. However, since the census of 2000 there has been an increase of 27.6% in the median household income as the economy in the area has experienced growth. 

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Questions

Popular Real Estate Glossary Terms

The time period a real estate investment is held. The return is tied to the time period of the investment. The period is used for income tax purpose to determine whether a profit earned or ...

Percentage of a geographic location's population to the number of persons employable by a basic industry in that area. A basic industry is one that draws income from outside the locality ...

A flexible price that may be adjusted. A resolved situation between two or people or parties through discussions in which common interests are modified. For example, real estate ...

The definition of reversion in real estate is the return of property or assets to their original owner after a prespecified event or occurrence. This real estate term is used primarily in ...

In real estate terms, many consider having corner influence an extra financial advantage when it comes to transactions in most cases. Usually, enjoying a corner influence brings an ...

Arrears is a legal and financial term used to describe payments in regards to their due dates. While the term is more often used to refer to a contractual obligation or liability that was ...

loan that is not secured by a mortgage on a specific property. It is backed only by the borrower's credit rating. Unsecured loan are typically short term. The disadvantages of this kind of ...

Income reporting to the Internal Revenue Service using form 1099 stating income earned. For example, An employing real estate broker uses form 1099 to report commissions earned by a real ...

Home inspector is the name the real estate industry calls the professional responsible for the close and thorough examination of a property. The home inspector usually is called upon ...