Newsoms, VA is an ideal place to live for many people. It offers a lower cost of living compared to the average US city, with 2 bedroom rent at $1,030 as opposed to the US average of $1,430. In addition to this cost saving on rent, the Grocery Cost Index in Newsoms is also much lower at 96 versus 100 in the US. There are plenty of local businesses to choose from such as Newsoms Auto Supply and Newsoms Garden Center that offer unique products and services to serve the community. The quiet streets and friendly neighbors make Newsoms a great place to raise a family or retire in peace. With its close proximity to major cities like Richmond and Norfolk it’s easy to enjoy all that these larger cities have to offer while still being able to call Newsoms home.
Newsoms has an unemployment rate of 4.5%. The US average is 6.0%.
Newsoms has seen the job market increase by 1.0% over the last year. Future job growth over the next ten years is predicted to be 20.4%, which is lower than the US average of 33.5%.
Tax Rates for Newsoms
- The Sales Tax Rate for Newsoms is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Newsoms 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 Newsoms
- The average income of a Newsoms resident is $26,731 a year. The US average is $28,555 a year.
- The Median household income of a Newsoms resident is $44,583 a year. The US average is $69,021 a year.