Portsmouth, VA is a great city for living as it offers a low cost of living compared to the national average. The median 2 bedroom rent in Portsmouth is $1,200 compared to the US average of $1,430 and the Grocery Cost Index is 96 versus 100 in the US. Local companies in Portsmouth include Sentara Healthcare, the City of Portsmouth, Old Dominion University and Naval Medical Center. Other local businesses include Williams Wholesale Supply Co, Port Norfolk Plaza Shopping Center, Business Interiors by Staples and Coliseum Central Business Park.
Portsmouth has an unemployment rate of 8.5%. The US average is 6.0%.
Portsmouth has seen the job market increase by 1.3% over the last year. Future job growth over the next ten years is predicted to be 29.6%, which is lower than the US average of 33.5%.
Tax Rates for Portsmouth
- The Sales Tax Rate for Portsmouth is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Portsmouth is 5.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Portsmouth
- The average income of a Portsmouth resident is $28,520 a year. The US average is $37,638 a year.
- The Median household income of a Portsmouth resident is $54,020 a year. The US average is $69,021 a year.