See Why These Cities in North Carolina Have the Highest and Lowest Cost of Living So Far in 2024

15/06/2024

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North Carolina, known for its diverse landscapes from the Appalachian Mountains to the Atlantic coastline, offers a blend of urban and rural living. As more people consider relocating to the Tar Heel State, understanding the average cost of living becomes crucial. If you have been debating moving or just want to see how your finances would stack up, it’s good to know the breakdown of some cheaper and more expensive cities in North Carolina.

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Quick Take: The Cost of Living in North Carolina

Where you live will cost you in everything from property taxes to what you spend at the grocery store. GOBankingRates recently published a study listing the cities with the lowest and highest cost of living in North Carolina, as well as the other states.

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City With the Lowest Cost of Living: Laurinburg

Population: 14,971
Average annual cost of living: $26,313

City With the Highest Cost of Living: Nags Head

Population: 3,153
Average annual cost of living: $46,002

5 Things That Affect Cost of Living in North Carolina

When putting all the facts and figures into your cost of living calculator, it helps to budget for your biggest expenses. Whether you prefer small towns or big cities, you might want to consider something where statistics such as unemployment rates, median household income and average mortgage payments align with your paycheck.

1. Housing Costs

Housing costs in North Carolina vary significantly depending on the location. Urban areas like Raleigh, Charlotte and Durham tend to have housing prices higher than the national average, compared to smaller rural regions.

2. Transportation Costs

Transportation costs in North Carolina are relatively moderate. The state has a well-developed network of highways and public transportation systems in major cities. Also, as of mid-2024, the average price of gasoline in North Carolina is around $3.27 per gallon, slightly below the national average.

3. Groceries

The cost of groceries in North Carolina is generally in line with the national average. However, prices can vary depending on the region and store. A single adult can expect to spend upwards of $300 to $400 per month on groceries, whereas families might spend between $700 to $1,000 monthly.

3. Healthcare

Healthcare costs in North Carolina are comparable to the national average, but they can vary based on location and insurance coverage. The state is home to several top-rated hospitals and medical centers, particularly in urban areas, providing residents with access to high-quality healthcare services. However, there are other factors to consider, such as:

Insurance Premiums: For an individual, monthly health insurance premiums range anywhere from $300 to $500, depending on the plan. Family plans can cost more than twice that.
Out-of-Pocket Expenses: Doctor visits typically range from $100 to $200 without insurance, while dental and vision care costs are similar to national averages.

4. Education and Income Tax Rates

Education costs in North Carolina are relatively affordable, particularly in the public school system. North Carolina’s public schools are funded through a combination of state and local taxes, offering free education to residents. Some schools may have fees for extracurricular activities or supplies.

How Much You Should Have Saved To Cover Your Expenses

Other than the most and least expensive cities for cost of living, if you want to get a comprehensive breakdown of what things will cost you in major metropolitan areas in North Carolina, such as Raleigh or Durham, GOBankingRates has you covered there.

Recommended Emergency Savings

GOBankingRates also conducted research to determine what you should have saved in your emergency fund to cover your expenses should an unexpected financial shock occur.

What You Should Have in Your Emergency Savings: Raleigh

1-month budget: $3,477
3-month budget: $10,430
6-month budget: $20,861

What You Should Have in Your Emergency Savings: Durham

1-month budget: $3,330
3-month budget: $9,989
6-month budget: $19,979

Final Take To GO

The bottom line is that the cost of living in North Carolina offers a balanced mix of affordability and quality of life. Whether you are looking based solely on the cost of living and want to aim for the cheapest option of Laurinburg, more expensive areas like Nags Head, or just one of the major metropolitan areas, make sure you factor in your income and how far it will stretch.

Methodology: For this study, GOBankingRates analyzed 6,300 cities across the United States to find the cheapest and most expensive cost of living cities in each state. First, GOBankingRates found the cost of living indexes as sourced from Sperlings BestPlaces, and using the national average expenditure costs for all residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost can be calculated for each city. The total population was sourced from the U.S. Census American Community Survey, and the livability index was sourced from AreaVibes. This data was collected on and is up to date as of May 21, 2024.

GOBankingRates defined the minimum emergency savings needed in every state as the amount needed to afford 3-6 months’ living expenses. Using the top 100 cities by population as sourced from the U.S. Census American Community Survey, the cost of living indexes as sourced from Sperlings BestPlaces can be found. Using only the necessary expenses from the Bureau of Labor Statistics Consumer Expenditure Survey; including groceries defined as “food at home,” housing defined as “shelter,” utilities defined as “utilities, fuels, and public services,” transportation defined as “gasoline, other fuels, and motor oil” plus “other vehicle expenses,” healthcare and miscellaneous. Using the cost of living index and the average expenditure cost, the one-month expenses can be calculated and extrapolated for three to six months. This estimate captures the minimum emergency savings needed in the top 100 U.S. cities to cover basic expenses for three to six months. This data was collected and is up to date as of Jan. 19, 2024.