The Commonwealth of Virginia is known for its diverse landscape, varying from the Blue Ridge Mountains in the western part of the state to the lovely beaches in the southeast. The northern part of the state borders Washington, D.C., the country’s capital and seat of the national government.
While you can generally find a place to live that fits your tastes — be it a small college town in the mountains, a city along the beach, or a metropolitan area such as Arlington or Alexandria — the cost of living can vary significantly.
A few of the higher-priced locations include the cities just outside of Washington, D.C., along with the Hampton Roads area, which encompasses a region including Virginia Beach, Norfolk, and Chesapeake. These locations, while offering higher salaries, also come with a higher housing price tag.
The state has a median income of $72,600 — the 11th highest in the nation — and a poverty rate of 10.7%. However, while salaries may be competitive, the state is showing signs of an increasing cost of living, leading to the need for Virginia debt relief programs.
For example, home prices have increased by 9% in the past year. In fact, just about everything is more expensive. Leasing a car has increased by 24%, while food is up 5.3% and the cost of clothing by 6%. It’s no surprise that Virginians are incurring more debt to cover these steep rises in costs.
A recent survey found that the average individual in Virginia holds $9,545 in credit card debt — ranking in the top 10 of all states. On average, residents owe $39,472 in student loans. In some cases, student loan debt has prevented them from moving out of their family homes.
These debts can add up quickly, resulting in more money spent on paying minimum payments than on other, more productive means — such as saving for retirement. In some cases, a Virginia debt relief program can help.
To see the length of time that it will take to pay off your debt using only monthly minimum payments, as well as how much interest you will pay, use our calculator below.
At Americor, we understand how frustrating debt can be. Most people don’t set out to owe creditors lots of money. However, life happens, and sometimes individuals have to take on debt to meet unexpected expenses.
We have several Virginia debt relief programs available in Virginia that can assist you with getting out of debt quickly. Find out more below: