There’s lots of attention shown to North Carolina these days. It’s coming from big corporations and families, both looking for a change of scenery. The Tar Heel state is a perfect combination of good looks and personality.
Our southern hospitality is what makes everyone feel at home in North Carolina.
The NC real estate market is a great indicator of the state’s popularity. But what is it that makes so many people move here? Let’s look at the average cost of living in North Carolina to see if that’s the answer.
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Cost of Living
“Cost of living” refers to the amount of money someone needs to maintain basic expenses. The cost of living index looks at the geographical differences in the cost of living. It’s expressed in comparison to the national index of 100%.
A state’s cost of living index is either above or below the national average. For example, the cost of living in NC is 90.6. That means NC is 9.4% less expensive than the average cost in the United States.
But as with most states, the cost of living depends on the area in which you choose to live. For example, the living index in NC’s capital of Raleigh is 102.3. Relocation to Fayetteville reduces the cost to 80.9, which is 20.9% less than Raleigh.
Here’s how NC cost of living compares to the national cost for housing, as well as food and groceries:
NC Cost of Living Index: Housing
North Carolina real estate is booming for a good reason. The average cost of a single-family home in NC is $187,300. Compared to the national average, the cost of living index for NC is 81, or 19% lower.
NC real estate trends as a seller’s market, meaning housing demand exceeds supply. Over the past 5 years, NC recorded a 33.72% increase in home values. The great news for anyone selling a home in NC is house prices continue to appreciate at an average annual rate of 9.87%.
If you need a quick sale of your NC home, get the facts before starting the sales process.
NC Cost of Living Index: Food and Groceries
North Carolina’s known for its good southern foods, especially barbecue. Before moving here, my idea of barbecue was anything cooked on the grill with BBQ sauce. NC taught me the truth about barbecue and other low-cost food items.
The cost of groceries in NC is 3.5% below the national average. To put this in perspective, let’s compare prices for a common essential. According to a USDA market report, the average national price of a gallon of whole milk is $3.60. In NC, the same gallon costs $2.60.
NC Cost of Living Index: Other
To give you a snapshot of how the cost of living in NC compares, we’ve put together a quick reference. Below are the major categories factored into the cost of living, along with NC’s state index:
- housing 90.9
- food and groceries 96.5
- health 107.5
- transportation 83.9
- utilities 99.2
- miscellaneous 96.2
Average Cost of Living in North Carolina
It’s easy to see now why NC is the choice for so many looking to relocate. So if you want to get more for your hard-earned money, consider the average cost of living in North Carolina. Get embraced by our southern charm.
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