Area’s cost of living lowest in stateJune 5, 2015
The Cost of Living Index, which is published by The Council for Community and Economic Research, found that the Lynchburg Metropolitan Area Composite Index is the lowest in Virginia at 90.0. Housing and transportation were both found to be contributing factors at 81.6 and 94.7. Bedford County is one of the localities within the Lynchburg Metropolitan Statistical Area (MSA).
The Council for Community and Economic Research measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile.
“Cost of living estimates provide a valuable tool for making accurate comparisons of economic performance which is an important element for growing companies,” says Megan Lucas, President & CEO of the Region 2000 Business and Economic Alliance. “Communities with a low cost of living tend to experience the most growth because people want to live where they can maximize their standard of living. Our low cost of living makes Region 2000 more competitive.”