Cost of Living Guide: Durham

Are you considering moving to Durham but unsure about the cost of living? Don't worry, we've got you covered. In this cost of living guide, we'll break down the key expenses you should consider when budgeting for your move to Durham. From housing costs to transportation, healthcare to taxes, and other expenses, we'll give you a comprehensive overview of what to expect.

Housing Costs

When it comes to housing costs, Durham is an affordable city compared to other major cities in the US. The median home value in Durham is $385,348, which is slightly lower than the national average. The median rent for a one-bedroom apartment is around $1,707, while a two-bedroom apartment costs approximately $2,484 per month. However, keep in mind that these prices may vary depending on the location and type of property.

Transportation Costs

Durham has a good public transportation system, and the city is well-connected with buses, trains, and light rail. A monthly bus pass costs around $46, while a one-way fare is $2.90. If you prefer to drive, be aware that the average cost of gasoline in Durham is around $3.429 per gallon. Additionally, you should budget for car insurance, which costs an average of $2,649 per year.

Healthcare Costs

Durham is home to some of the best healthcare facilities in the US, including the Duke University Hospital, which is consistently ranked among the top hospitals in the country. However, healthcare costs in Durham can be expensive, so it's important to have health insurance. The average cost of a doctor's visit is around $105, while a specialist visit can cost up to $300. Prescription medications can also be costly, so it's a good idea to check if your health insurance covers them.

Tax Rates

When it comes to taxes, Durham residents pay a state income tax of 5.25%, which is lower than the national average. The city also has a local sales tax of 2.25%, which brings the total sales tax rate to 7.5%. Property taxes in Durham vary depending on the location and value of the property, but the average rate is around 0.83% of the assessed value.

Utility Costs and Bills

Utility costs in Durham are reasonable, with the average monthly electricity bill costing around $136 for a 900 square foot apartment. Water and gas bills are also affordable, with an average monthly cost of $50 for each service. Internet and cable services cost around $70 per month, depending on the provider and plan.

Other Costs

Finally, there are other expenses to consider when living in Durham, including food, entertainment, and personal expenses. The cost of groceries in Durham is slightly higher than the national average, with a gallon of milk costing around $3.50 and a loaf of bread costing $2.50. If you enjoy eating out, a meal at a mid-range restaurant costs around $15, while a domestic beer costs $5. If you're a sports fan, tickets to a Durham Bulls baseball game cost around $15, while a ticket to a Duke University basketball game can cost up to $200.

Conclusion

Overall, the cost of living in Durham is reasonable, and the city offers a high quality of life. Housing costs, transportation, healthcare, taxes, utility costs, and other expenses are all within an affordable range. When considering your move to Durham, be sure to take these expenses into account and budget accordingly. With its vibrant cultural scene, excellent healthcare facilities, and affordable cost of living, Durham is a great place to call home