The cost of living index is based on a U.S. average of 100. On this scale, the cost of living in North Carolina is 91, meaning that it’s 9% less expensive to live in North Carolina than in the United States on average. 

If you’ve been considering a move to North Carolina, but you’re not sure about the cost of living, check out the following break down.

According to Sperling’s Best Places, the cost of housing in North Carolina is just 83.1% of the U.S. average for both renting and buying. The median home value in North Carolina is $330,000, about 8% lower than the U.S. median home value of $357,544. Home prices here have increased 17.9% year-over-year, but major real estate industry experts have predicted that home prices will fall in 2023.

The cost of living in North Carolina’s major cities differs from NC as a whole. For example, the cost of living in Raleigh indexes at 102.4, meaning it’s 2.4% more expensive to live here than in the U.S. on average. On the plus side, incomes here are generally higher too. The median household income in Raleigh is $72,996, about 3% higher than the U.S. median household income of $70,784.

As a rule, you shouldn’t spend more than 33% of your monthly income on housing expenses. In North Carolina, the median household income is $60,516 and the average mortgage payment is $1,122. That breaks down to a 22% monthly expenditure on housing—well within the recommended limit. If you’re looking for a place to balance your finances and save money in the long run, North Carolina is a good choice for you.

The cost of living in North Carolina is lower than the U.S. average across all categories except health. Standard healthcare costs including the daily rate for a hospital room and the average price of doctor and dental visits are 7.2% more expensive than they are in the nation as a whole. Otherwise? Expect to save. Groceries are 3.5% cheaper in North Carolina, and you’ll also save about 1% on utilities, 16% on transportation, and an impressive 17% on housing.

Let us help. The Coley Group lives, works, and plays in the Triangle—our favorite place in North Carolina. We’ll help you find your dream home at the right price in the perfect neighborhood so you can take advantage of NC’s low cost of living. Fill out the form below to get started.

Looking to settle down in Raleigh? Let us help you find your dream home. Schedule a chat with us today to find out how we can help.