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

Mortgage that has an interest rate that changes based on some event. For example, the interest rate may vary depending on changes in the prime rate or inflation rate. ...

Also called earnest money. Money deposited with an individual for security for the performance of some contract. This is intended to show his/her willingness to follow through with the ...

The definition of trade-in in real estate refers to a swap of houses. The trade-in program gives a seller of a property the chance to find an ideal replacement home for their family while ...

How much of an investment made in real estate has been recovered expressed in dollars or in percentage terms. ...

A reduction in structural value from all reasons except physical failure. For example, a commercial building having an outdated elevator or electrical wiring system is experiencing ...

A lessening in the inflation rate. This may occur during a recession when insufficient demand prevents sellers from passing on higher prices to prospective buyers of houses. See also ...

The Graduate, REALTOR® Institute is a designation given to real estate agents who have completed the curriculum developed as an educational attainment program by the National ...

Same as term closing: legal process of transferring a piece of real estate to a buyer. Typically it occurs in the office of the lender, attorney, or an escrow company. ...

The term straight note in real estate is also known as a promissory note. A straight note is defined as a loan agreement that generally requires payments of interest only over the term of ...