Palmyra, VA is an attractive area for many potential residents due to its affordability and convenience. The average 2 bedroom rent in Palmyra, VA is lower than the US average at $1,470 compared to $1,430. Additionally, the Grocery Cost Index in Palmyra is 98 versus 100 in the US making it a more affordable place to purchase food items. There are many local businesses around such as Farmer’s Bank of Appomattox with locations in both Palmyra and Farmville, and White Stone Hardware & Supply Company located on Main Street in Palmyra. The cost of living in Palmyra is significantly lower than neighboring cities like Richmond or Charlottesville with much of the same amenities available to residents.
Palmyra has an unemployment rate of 4.4%. The US average is 6.0%.
Palmyra has seen the job market decrease by -7.4% over the last year. Future job growth over the next ten years is predicted to be 41.1%, which is higher than the US average of 33.5%.
Tax Rates for Palmyra
- The Sales Tax Rate for Palmyra is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Palmyra 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 Palmyra
- The average income of a Palmyra resident is $79,792 a year. The US average is $37,638 a year.
- The Median household income of a Palmyra resident is $0 a year. The US average is $69,021 a year.