If you’re struggling with debts, you’re not alone. There are plenty of options for debt consolidation in Virginia. With determination and hard work, you can break free from the burden of debts and achieve financial independence.
There are many resources available to help you regain your financial stability. The first step is to seek out these resources and develop a plan to get out of debt.
As one of America’s founding states, Virginia has a long and storied history. But in recent decades, it has undergone some major changes. Coal production has plummeted since its peak in the 1990s, and tobacco farms are struggling as demand for cigarettes declines. However, solar energy is providing new opportunities for out-of-work coal miners, and a recent legalization bill may help rural farmers replace declining tobacco production.
Virginia Employment & Income Stats
In today’s job market, it can be difficult to find workers. In a right-to-work state like Virginia, this is even more challenging. With a large high-tech employment base and the need for employees who can qualify for security clearances, employers in the state are struggling to find qualified candidates. Although job growth in recent years has been strong, with 73,000 jobs added from September 2020 to September 2021, the competition for available positions remains fierce.
With numerous military bases and installations, there are plenty of jobs to go around. The Pentagon alone employs over 26,000 people, both federal and civilian. Norfolk naval station is home to close to 60,000 enlisted service members and around 20,000 civilian employees and contractors. Even the CIA has its headquarters in the state. While the number of employees at that facility is classified, it is still significant. With the second-largest active-duty military population after California, Virginia is definitely worth considering.
Taxes & Banking
Income taxes in the state of Virginia range from 2-5.75%. However, even if you do not live in the state of Virginia, you are still required to pay this tax. There are four other states and Washington D.C. that have tax reciprocity with Virginia, meaning that residents of those states pay taxes to their home states instead. The highest tax rate begins for adjusted incomes starting at $17,001.
Every August, Virginia has a three-day sales tax holiday where taxes are not applied to clothing, school supplies, emergency products, etc. The sales tax in Virginia is normally 4.5%.
Virginia residents are also more likely to the bank than the average American. The percentage of unbanked residents—those without a checking or savings account—in Virginia is only 4.40%.
Housing Market In Virginia
If you’re thinking about buying a home in Virginia, now is a great time. Housing sales in Virginia have begun to follow more seasonal trends again, which means prices are stabilizing. Rural areas of Virginia offer a relatively better affordability margin and could be an excellent choice for remote workers.
Virginia residents can also take advantage of homestead deductions and other deductions for residents above the age of 65 or permanently and totally disabled. And if you’re having difficulty making rent payments, Virginia has help for renters too. Homeowners in Virginia can get help with their mortgage payments if they need it.
There are many resources available if you’re thinking about buying a home in Virginia. So if you’re considering it, now is a good time to start doing your research.
Retirement
Retirees in Virginia can enjoy low taxes and high quality of life. The state exempts all Social Security taxes from the state income tax and offers additional age-related tax deductions. Virginia also has the lowest crime rate in the South Atlantic Region, making it a safe place to live.
In addition to its favorable tax policies and low crime rate, Virginia also offers retirees many amenities. There are many historical sites in the state, including some that date back before the Revolutionary War. University courses can be audited free of charge by those over 60, and if your income is below a certain threshold, you can even take those classes for academic credit. Retired military personnel will find plenty of other veterans to socialize with in Virginia. And finally, there is plenty of public transportation available in more urban areas, making it easy to access major cities up and down the East Coast.
Retirement in Virginia can be a challenge for many people, especially those on a fixed income. The cost of living in Virginia is high, and the average retirement savings is only $468,572. However, there are many areas of Virginia with lower-cost housing, and moving into rural areas can save a retiree a lot of money. The average resident retires at age 65, leaving a good amount of time to enjoy all that Virginia has to offer. About 22% of retirees rely upon Social Security for at least 90% of their income.
Virginia Insurance Premiums
In Virginia, residents pay an average of $1,033 for auto insurance per year, which is lower than the national average of $1,413. Additionally, homeowner’s insurance in Virginia averages $1,100 per year, which is also lower than the national average of $1,631. This could be due to the fact that Virginia has a low crime rate.
Health insurance in Virginia averages around $5,318 per year, slightly lower than the national average of $5,936. However, despite this slightly higher cost, residents of Virginia are more likely to have health coverage than people from other states – only 9.3% of residents lack coverage.
Debt Consolidation
Doing debt consolidation in Virginia can be a helpful way to manage your finances, by combining various debts into one single account with a lower interest rate. If you have a good credit score, debt relief in Virginia could be a great option for you, enabling you to save money on interest and monthly payments. By consolidating your debts, you can free up some budget space to cover other living expenses like your mortgage or rent, groceries, and utilities.
