Castlewood, VA is a small town located in Russell County. It is known for its picturesque views and its close proximity to the Cumberland Gap National Historical Park. The population of Castlewood is just over 1,000 people and the town is home to many small businesses such as local restaurants, grocery stores, movie theaters, and general stores. Castlewood also has a few industries in town such as logging, mining, manufacturing, and agriculture.
When it comes to living costs in Castlewood versus the US average, it's slightly cheaper overall. According to recent data from the US Census Bureau, the median rent for a two bedroom apartment in Castlewood is $770 compared to $1,430 nationwide. Additionally, the Grocery Cost Index in Castlewood was 93 compared to 100 in the US. When combined with other costs of living factors like taxes and utilities prices are relatively low when compared nationwide making Castlewood an appealing place for residents looking for an inexpensive place to live.
Castlewood has an unemployment rate of 5.8%. The US average is 6.0%.
Castlewood has seen the job market decrease by -0.3% over the last year. Future job growth over the next ten years is predicted to be 18.4%, which is lower than the US average of 33.5%.
Tax Rates for Castlewood
- The Sales Tax Rate for Castlewood is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Castlewood 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 Castlewood
- The average income of a Castlewood resident is $14,555 a year. The US average is $28,555 a year.
- The Median household income of a Castlewood resident is $41,875 a year. The US average is $69,021 a year.