Newport News, VA is an ideal place to live due to its low cost of living. The 2 bedroom rent in Newport News is $1,240 which is significantly lower than the national average of $1,430. This makes it a great option for those looking for budget-friendly housing. In addition to affordable rent prices, groceries also tend to be cheaper in Newport News with a Grocery Cost Index of 97 versus 100 in the US. As for local companies, there are many major employers such as Huntington Ingalls Industries, Canon Virginia Inc., and Ferguson Enterprises Inc. Overall, Newport News provides an excellent quality of life at an affordable price.
Newport News has an unemployment rate of 7.2%. The US average is 6.0%.
Newport News 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 31.6%, which is lower than the US average of 33.5%.
Tax Rates for Newport News
- The Sales Tax Rate for Newport News is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Newport News 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 Newport News
- The average income of a Newport News resident is $25,408 a year. The US average is $28,555 a year.
- The Median household income of a Newport News resident is $57,463 a year. The US average is $69,021 a year.