Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, January 16, 1992 TAG: 9201160065
SECTION: BUSINESS PAGE: C5 EDITION: METRO
SOURCE: GEORGE KEGLEY BUSINESS EDITOR
DATELINE: LENGTH: Medium
ROANOKE'S COST OF LIVING MAKES A PRETTY GOOD LURE
The cost of living in the Roanoke Valley dropped 1.5 percentage points in last year's third quarter, according to a study released Wednesday. The region's living costs also fell 3.2 percentage points below the national average for the quarter.But - reflecting a slightly higher cost of living in the past year - the index rose 0.2 point from the same quarter in 1991.
Roanoke's living costs were lower than in five other Virginia areas included in the study but were higher than costs reported for Lynchburg and the Bristol-Johnson City-Kingsport region.
Roanoke's costs ranked 96.8 percent on a scale using 100 percent as the national average for the quarter.
The survey is complied by the American Chamber of Commerce Researchers Association. The researchers compute the index by checking the prices of 59 products and services in many areas of the country. The local statistics were supplied by the Roanoke Regional Chamber of Commerce and were reported by the Roanoke Valley Economic Development Partnership.
Roanoke's rating is an advantage in recruiting companies, said Beth Doughty, acting executive director of the partnership.
Costs in Roanoke increased slightly from a year earlier in the major components of transportation, health care, other consumer services and utilities; while lower levels were reported for groceries and housing.
The index is intended to reflect living costs for a family of a middle-management breadwinner, the association said.
Specifically, the cost of a pound of bacon in the Roanoke Valley fell 4 cents in the past year to $2.93, while a half-gallon of milk was down 3 cents to $1.34. A dozen eggs cost 86 cents, down a penny, while a loaf of bread was up a penny to 59 cents. A carton of cigarettes cost $13.58, or $1.48 more. A 13-ounce can of coffee fell 30 cents to $2.31. A 4.5-ounce jar of baby food was 30 cents, up 2 cents.
The survey said the monthly rent for a two-bedroom apartment in Roanoke averaged $415, up $3; the price of an 1,800-square-foot house was $115,600, up $2,189; the 30-year mortgage rate averaged 9.694 percent, down from 10.233 percent. A homeowner's monthly cost of all types of energy was $92.58, up $7.
A gallon of unleaded gasoline was $1.076, up .059 cents. A one-day stay in a hospital room jumped $25.67 to $248 and a visit to a doctor's office was $29.80, up $4.20.
A man's haircut cost $7.60, up 40 cents; and a woman's shampoo, trim and blow-dry was $15, unchanged from a year ago. A six-pack of beer was $3.37, up 48 cents and a 12-inch pizza rose 30 cents to $7.49.