Cost of Living in Smithfield
Smithfield combines a genuinely high median household income with real-but-disclosed housing-price volatility and a higher combined sales tax rate than Hampton Roads-proper markets in this dataset.
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Learn moreA genuinely high income base for this dataset's Tier B Virginia batch
Smithfield's median household income of $113,158 (+2.7% YoY) runs well above Portsmouth's ($60,491) and Norfolk's ($66,109) figures documented elsewhere in this dataset -- a real, disclosed affluence advantage tied to Smithfield Foods' corporate presence and Hampton Roads commuter access.
Housing shows a real, disclosed, and unusually large recent swing
Redfin cited a $415,640 median sale price for May 2026, down a real but unusually large -17.6% year-over-year -- flagged here as a likely small-sample-size effect given Smithfield's limited monthly transaction volume, rather than a confirmed durable price decline. No second source was found to corroborate the magnitude this pass.
A higher combined sales tax rate than Hampton Roads-proper markets
Smithfield's combined sales tax rate is 7.0% (4.3% state + 1% Isle of Wight County + 0.7% special district) -- notably higher than the 6.0% rate documented for Norfolk, Virginia Beach, and Portsmouth elsewhere in this dataset, since Smithfield sits in a different county tax district.
A real, two-layer property tax structure
The Town of Smithfield's own real estate rate ($0.16/$100) applies IN ADDITION to Isle of Wight County's separate rate ($0.81/$100) -- both apply to the same property. The county's effective rate (0.73%) is below the 1.02% national median.
Key takeaways
- Median household income ($113,158) runs well above Portsmouth's and Norfolk's figures documented elsewhere in this dataset.
- Housing showed a real, unusually large -17.6% YoY swing in May 2026 -- flagged as a likely small-market data effect, not a confirmed trend.
- Combined sales tax (7.0%) runs higher than Hampton Roads-proper markets in this dataset (6.0%).
- Property tax stacks a town rate ($0.16/$100) on a county rate ($0.81/$100) -- both apply together.
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