Port Royal, VA is a beautiful small town located along the Rappahannock River. It has a population of around 400 and a low cost of living. The 2 bedroom rent in Port Royal is $770, which is significantly lower than the US average of $1,430. This is made possible due to local affordable housing options as well as lower prices for essentials like groceries; the Grocery Cost Index in Port Royal is 97 compared to 100 in the US.
The economy of Port Royal is driven by its local businesses such as J.W.Hiking Adventures, providing guided hiking trips in the area; Old Foundry Woodworking, specializing in furniture and cabinetry; and Riverside Marine Services offering boat repair services. These local companies bring fresh ideas to the community and contribute to its growth and prosperity. They also create jobs for locals, allowing them to live closer to home and support their families in this small town atmosphere.
Port Royal has an unemployment rate of 5.9%. The US average is 6.0%.
Port Royal has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 35.3%, which is higher than the US average of 33.5%.
Tax Rates for Port Royal
- The Sales Tax Rate for Port Royal is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Port Royal 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 Port Royal
- The average income of a Port Royal resident is $28,229 a year. The US average is $28,555 a year.
- The Median household income of a Port Royal resident is $45,536 a year. The US average is $69,021 a year.