Hot Springs, VA is a small town nestled in the Allegheny Mountains. It is known for its hot springs, mineral baths, and resorts. The cost of living is lower than the national average, with rent for two-bedroom apartments being around $800 compared to the US average of $1,430. Grocery costs are also lower, with an index of 96 compared to 100 in the US.
Local businesses range from restaurants and shops offering antiques and handmade gifts to law firms and medical offices. For example, The Hot Springs Diner is a local restaurant that serves home cooked meals in a family friendly atmosphere. The B&B shop offers unique antique items as well as handmade gifts crafted by local artisans. Fosco Law Firm has been providing legal services to the community since 1999 and Bath County Family Medicine provides quality healthcare services to the residents of Hot Springs.
Hot Springs has an unemployment rate of 6.9%. The US average is 6.0%.
Hot Springs has seen the job market increase by 0.6% over the last year. Future job growth over the next ten years is predicted to be 22.1%, which is lower than the US average of 33.5%.
Tax Rates for Hot Springs
- The Sales Tax Rate for Hot Springs is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Hot Springs 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 Hot Springs
- The average income of a Hot Springs resident is $53,760 a year. The US average is $28,555 a year.
- The Median household income of a Hot Springs resident is $48,558 a year. The US average is $69,021 a year.