Cost of Living in Portsmouth, VA
Housing
The housing market plays a significant role in determining the cost of living in Portsmouth, VA.
- Housing Index: 107.5 / 100
- Median Home Price is: $265,000
- Average Rent (2 BR Apartment): $1655 per month
- Average Rent (2 BR House): $1799 per month
Considering moving to Portsmouth, VA? With a median home price of 265000, the housing market appears quite favorable for homebuyers. However, with a housing index of 107.5, it suggests that the local market may be currently stagnant. This could mean fewer renting options as indicated by both the average rent for a 2BR apartment and a 2BR house being reported at 1655 and 1799 respectively. Before deciding, it’s important to consider overall cost of living, amenities, and the job market trends in Portsmouth.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Portsmouth, VA.
- Electricity Price: $15.31 USD (median by state)
- Natural Gas Price: $19.91 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $242 per month
Living in Portsmouth, VA could entail higher utility costs. Electricity costs sit at $15.31, while natural gas is priced at $19.91 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $242 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Portsmouth is a financially viable option for your relocation.