What is the cost of living in North Carolina?

Introduction 

Moving is expensive regardless of where you plan to move.

If North Carolina is where you plan to live, however, you'll be happy knowing the cost of living is below the national average. North Carolina tends to be a (relatively) affordable state as compared to living in any other place across the U.S. Let's dive in!

Housing Costs 

Homebuying or renting is typically the first thing most people research when they plan on relocating to a new state.

Overall, the rent price for a one bedroom in North Carolina is lower than the national average. A one bedroom costs around $722 per month, while the average cost of rent for an apartment is $768.

These prices are changing quickly as people continue to move to NC. More realistically, if you plan on moving to a larger city like Raleigh or Charlotte, you can expect to pay anywhere from $1000 to $1600 for a 1 bedroom apartment.

In terms of homebuying, NC continues to attract outside investment from places like California and New York. It's no wonder that a house will only stay on market for a week in most NC towns.

Average Home Price

Charlotte 

$323,678 

Raleigh 

$380,540

Greensboro 

$190,156 

Fayetteville 

$155,450 

Hickory 

$190,110 

Wilmington 

$298,050 

Jacksonville 

$190,400 

Greenville 

$180,150 

Rocky Mount 

$145,559 

Burlington 

$220,312 

Goldsboro 

$159,878 

Shelby 

$179,860 

Wilson 

$156,845 

Transportation costs 

Transportation is another crucial factor affecting the cost of living.

The facility of public transportation is available in almost every city of North Carolina. The basic route costs about $82 on a monthly pass. However, many NC residents own private vehicles, and most people from larger cities will find the public transportation to be lacking.

As North Carolina has about 40% gas prices lower than the average compared to other states, this makes it easier to move around. It is a car-based state, meaning that you will need to apply for car insurance. If you're curious, the average cost is $832 a year. 

Health care costs 

Cost of living also includes health care facilities the city, state, or country provides. The price of healthcare has continued to climb across the US, and you won't find many "cost-effective" healthcare services. In fact, North Carolina ranks 37th in the U.S in terms of affordability and access to healthcare services.

It costs around $6,300 per year for a single person's health care, which is more than the comparable national average of $4,400. 

Tax rates 

High tax rates are also one of the reasons why people want to move out of their states like California, New Jersey, etc.

However, now adjustments have been made with a total of 5.35% tax on personal income and state sales tax of 4.75%. Taxes on property are also low and affordable now, as compared to other states in the U.S. 

Utility Costs 

Utility costs include the cost of electricity, gas, trash, water, sewer, and other technology subscriptions like internet, cable, T.V., phone service, and others.

North Carolina basic utility costs are about 4% less than the $235 national average. Fair warning: Duke Energy is an energy monopoly in the state.

Average bill of North Carolina 

Electricity 

$116 

Gas 

$115 

Cable & Internet 

$111 

Water 

$19 

Conclusion 

Relocation from one place to another is not an easy task. You'll need to do thorough research on the cost of living before making the move.

Fortunately, North Carolina is among the most budget-friendly states as discussed in the article. It's still a great place to live where you can find a quality life staying within a budget.