An affordable cost of living makes it easier to attract good people and retain them when your company is located in that area. Employees’ paychecks will stretch farther in Norfolk than in many other parts of the country. As a result, you can offer wages that are competitive but hold down labor costs compared to other parts of the country, making your company more competitive on a global scale.
Hampton Roads Cost of Living:
|City||Composite Index||Food Items||Housing||Health Care|
|New York City, NY||248.5||139.5||522.8||114.8|
The Cost of Living Index is interpreted as follows. The national average is set as the base of comparison and is thus 100. Any value above 100 indicates the Cost of Living in the selected area is higher, or it is more expensive to live there. Any value below 100 indicates the Cost of Living in the selected area is lower, or it is cheaper to live there. In the table for the Hampton Roads Cost of Living, the Composite Index is 96.5, meaning it is less expensive to live in Hampton Roads compared to the national average, or, it is 3.5% less expensive to live in Hampton Roads compared to the national average.