ROANOKE, Va. (January 26, 2010) – The Roanoke, Virginia Region offers the lowest cost of living of the seven Virginia metro areas included in the Council for Community and Economic Research’s ACCRA Cost of Living Index 2009 Annual Review.
The annual review is an average of data accumulated from the three pricing periods of the previous year. According to the 2009 report, the region has the lowest cost of living index among the metro areas and the second lowest of the nine participating Virginia communities. Overall, the Roanoke, Virginia Region’s cost of living index is 95.3 compared with the national index average of 100.
“This latest survey highlights the Roanoke Region’s continued competitiveness as an affordable place to live and run a business,” said Beth Doughty, executive director of the Roanoke Regional Partnership. “When combined with other recent good economic news – a stabilizing real estate market and falling unemployment rates, it is no wonder we’re starting to be noticed by national publications such as The Wall Street Journal and The Washington Post, and Business Facilities.
The 2009 average is higher than last year’s 92.6, in part of the relative health of the local home prices. Data recently released by both the Roanoke Valley and National Associations of REALTORS® shows the December to December growth in home prices. Locally, prices rose 15.4% from $171,332 to $197,748. Nationally, home prices rose just 3.6%. Housing accounts for 28.99% of the overall cost of living, which is derived from costs in that and five other consumer categories: groceries, utilities, transportation, health care and miscellaneous goods and services.
ABOUT THE ROANOKE REGIONAL PARTNERSHIP
The Roanoke Regional Partnership was founded in 1983 as a regional economic development organization for the greater Roanoke area that includes Alleghany, Botetourt, Franklin, and Roanoke counties plus the cities of Roanoke and Salem and the town of Vinton. Its program of work includes image building, asset development, and business recruitment and has been involved in business locations and expansions that have created more than 13,600 jobs and $1.3 billion in investment in real estate and equipment. The Partnership has been conducting the Roanoke MSA cost of living survey since 1992. To learn more, please visit www.Roanoke.org.
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