Suffolk, VA is a great place to live with many local companies. The most prominent companies are Dollar Tree, Sentara Healthcare, and Smithfield Foods. Suffolk has a lower cost of living compared to the US overall. For example, the 2 bedroom rent in Suffolk is $1,370 whereas it is $1,430 in the US. Additionally, the Grocery Cost Index in Suffolk is 98 whereas its 100 nationwide. These factors demonstrate that living in Suffolk can be more affordable than other parts of the country.
Suffolk has an unemployment rate of 5.7%. The US average is 6.0%.
Suffolk has seen the job market decrease by -5.8% over the last year. Future job growth over the next ten years is predicted to be 35.2%, which is higher than the US average of 33.5%.
Tax Rates for Suffolk
- The Sales Tax Rate for Suffolk is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Suffolk 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 Suffolk
- The average income of a Suffolk resident is $40,389 a year. The US average is $37,638 a year.
- The Median household income of a Suffolk resident is $81,883 a year. The US average is $69,021 a year.