The city of Portsmouth, Virginia (23707) is an excellent place to call home. It has an average two bedroom rent of $1,200 per month, which is lower than the national average of $1,430 per month. Everyday expenses like groceries are also more affordable in Portsmouth compared to the rest of the country with a grocery cost index of 96 versus 100 in the US. Offering both affordability and convenience, Portsmouth offers a variety of local companies to meet your needs. These include popular names such as Big Lots, Walmart Supercenter and Lowe's Home Improvement. Smaller local businesses like Plan B Custom Apparel & Embroidery cater to those looking for unique shopping experiences. For those looking for dining options there is no shortage here either with local eateries like Captain Groovy's Grill & Raw Bar and The Dive Seafood Restaurant. The city of Portsmouth is not only an affordable option but it has plenty of shops and restaurants to choose from!
Portsmouth (zip 23707) has an unemployment rate of 8.5%. The US average is 6.0%.
Portsmouth (zip 23707) 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 29.6%, which is lower than the US average of 33.5%.
Tax Rates for Portsmouth (zip 23707)
- The Sales Tax Rate for Portsmouth (zip 23707) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Portsmouth (zip 23707) 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 Portsmouth (zip 23707)
- The average income of a Portsmouth (zip 23707) resident is $23,250 a year. The US average is $28,555 a year.
- The Median household income of a Portsmouth (zip 23707) resident is $46,980 a year. The US average is $69,021 a year.