Cost of Living in Smithfield, VA

With a cost of living index of 99, Smithfield, VA is right around the national average in cost. Living here is 1% cheaper than the national average and 5% below the Virginia state average of 104. Smithfield is a smaller community of 8,729 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Smithfield's cost of living. The median monthly rent is $1,182 (10% below the US median of $1,319), and the median home value sits at $358,100 (17% above the national median of $304,900). At current prices, the median home costs roughly 3.3x the median household income — a moderately affordable ratio by today's standards.

The median household income in Smithfield is $110,182, which is 47% higher than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Smithfield. The area sees an average annual temperature of 59.5°F, with summers averaging 77°F and winters around 42°F. Annual rainfall totals 45.1 inches spread over roughly 129 days.

Everyday prices in the Virginia Beach-Chesapeake-Norfolk, VA-NC (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.