Raleigh, North Carolina, is a vibrant and growing city with a low cost of living compared to other major cities in the United States. However, like any city, there are many factors to consider when estimating your cost of living. In this post, we’ll break down the key factors that contribute to the cost of living in Raleigh and give you an estimate of what you can expect to spend on housing costs, transportation costs, health care costs, tax rates, utility costs, bills, and other expenses.
One of the biggest expenses in Raleigh is housing. However, compared to other major cities in the US, Raleigh’s housing costs are relatively low. The average rent for a one-bedroom apartment in Raleigh is around $1,421 per month, and the average rent for a two-bedroom apartment is around $1,600 per month. If you’re looking to buy a home, the average price for a single-family home in Raleigh is around $419,700, up 2.6% over the past year.
Transportation costs can vary greatly depending on your lifestyle and how far you need to travel. If you’re planning on commuting to work or school, you can expect to spend around $40 per month on a monthly bus pass. However, if you prefer to drive, you’ll need to factor in the cost of gas, car insurance, and maintenance. The average cost of gas in Raleigh is around $3.45 per gallon, and car insurance can range from $600 to $1,500 per year depending on your driving record and the type of car you drive.
Health care costs in Raleigh are on par with the national average. If you have health insurance, you can expect to pay an average of $2,130 per month for a family plan, couple and two children, and $261 per month for an individual plan. However, if you don’t have health insurance, you can expect to pay significantly more for medical services.
Raleigh has a relatively low tax rate compared to other major cities in the US. The sales tax rate in Raleigh is 7.25%, which is the same as the state sales tax rate. The income tax rate in North Carolina is a flat rate of 5.25%.
Utility costs in Raleigh can vary depending on the time of year and your energy usage. The average monthly cost of electricity in Raleigh is around $120 per month, and the average monthly cost of water and sewer is around $70 per month. You’ll also need to factor in the cost of internet and cable, which can range from $50 to $150 per month depending on the package you choose.
In addition to the costs listed above, you’ll need to factor in the cost of groceries, dining out, entertainment, and other expenses. The cost of groceries in Raleigh is slightly below the national average, with a gallon of milk costing around $3.56 and a loaf of bread costing around $3.89. Dining out can range from fast food at around $8 per meal to fine dining at around $50 per meal. The cost of entertainment can vary greatly depending on your interests, but movie tickets typically cost around $10 per person.
Overall, Raleigh is a relatively affordable city to live in, with a low cost of living compared to other major cities in the US. While housing costs can be a significant expense, the cost of transportation, health care, taxes, and utilities are all relatively low. By factoring in all of these costs, you can estimate what your cost of living will be in Raleigh and make an informed decision about whether it’s the right city for you.