Cost of Living in Velva, ND
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
108.6
100 = national avg
+8.6 vs national average
Living Wage (1 Adult)
$47,773
per year
Living Wage (Family of 4)
$112,919
per year
Cost Index by Category
Housing93.9
Food112.2
Transportation124.4
Healthcare109.7
Utilities106.1
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$839
per month
2 Bedroom
$1,000
per month
The overall cost of living index in Velva is 108.6, which is 8.6% above the national average. Housing costs are below the national average at an index of 93.9. A single adult needs to earn approximately $47,773 per year to cover basic expenses.