North Carolina Cost Of Living Statistics


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Steve Goldstein
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North Carolina Cost Of Living Statistics 2023: Facts about Cost Of Living in North Carolina reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on North Carolina Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a North Carolina LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will North Carolina Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top North Carolina Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 15 North Carolina Cost Of Living Statistics on this page 🙂

North Carolina Cost Of Living “Latest” Statistics

  • According to the Bureau of Economic Analysis, the average yearly cost of food per person in North Carolina is expected to be $3,470.[1]
  • According to the Council for Community and Economic Research’s cost of living index for the second quarter of 2021, three large cities and metro regions in North Carolina have the lowest cost of living in the U.S.[1]
  • In terms of cost of living, MERIC places North Carolina at the 24th spot, wedged between Mississippi on the low end and Hawaii on the high end.[1]
  • The average cost of child care in North Carolina as of 2021, as reported by Costofchildcare.org are as follows: $1,155 for Infant Classroom, $1,038 for Toddler Classroom, and $1,170 for Home-based Family Child Care.[1]
  • The 24th lowest cost of living in the U.S. is North Carolina, according to the gathered data from MERIC in 2021.[1]

North Carolina Cost Of Living “Be” Statistics

  • When it comes to health care, North Carolina has an average expense of $1,391 compared to the national average of $1,415.[2]

North Carolina Cost Of Living “Other” Statistics

  • Senior citizens make up about 13% of the population of North Carolina, according to census statistics from 2010.[3]
  • North Carolina’s median age of 38.9 is just somewhat higher than the general national median age of 38.5.[3]
  • In North Carolina, Roughly 35.8% of the state’s population is over the age of 50, which is almost the same as the overall national percentage.[3]
  • According to data by NeighborhoodScout, 63% of North Carolina residents are homeowners.[2]
  • The MIT living wage calculator estimates that an adult without children would need to spend $279.25 on food per month in North Carolina.[2]
  • North Carolina has the highest flat tax rate among the eight states, at 5.25%.[2]
  • North Carolina’s rate of 5.25%, as seen on the Tax Foundation’s State Individual Income Tax Rates and Brackets for 2021, isn’t particularly high or low in comparison to other states’ rates.[1]
  • The census bureau reports that the average commute time in North Carolina is 24.3 minutes, whereas the national average is 26.4 minutes.[2]
  • North Carolina’s median age has increased by 4.3% since 2010, making it the state with the twelfth largest increase and much above the total national growth of 2.7%.[3]

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How Useful is North Carolina Cost of Living

In North Carolina, the cost of living generally falls in the middle range compared to other states in the U.S. Cities like Charlotte and Raleigh often have higher costs of living due to their growing economies and vibrant cultural scenes, while more rural areas may offer a more affordable way of life. Understanding how the cost of living varies across different regions in North Carolina can give potential residents a better idea of what to expect in terms of housing, transportation, food, and other everyday expenses.

One of the key aspects of the cost of living in North Carolina is housing. Whether renting or buying, housing costs can significantly impact your overall budget. In urban areas like Durham or Wilmington, housing prices tend to be higher, reflecting the demand for living in these popular cities. However, in smaller towns or rural areas, housing costs may be more manageable, allowing residents to stretch their dollars further.

Transportation is another important factor to consider when evaluating the cost of living in North Carolina. While some areas may have good public transit systems, many residents rely on owning a car to get around. Gas prices, car insurance, and maintenance costs can all add up, especially if you have a long commute to work or regularly travel for other reasons. Evaluating these expenses alongside your housing costs can give you a more complete picture of what it will cost to live comfortably in your chosen area.

In addition to housing and transportation, everyday expenses like groceries, healthcare, and entertainment can also vary across different parts of North Carolina. Prices for goods and services may be influenced by local markets, regulations, and competition, so it’s essential to consider these factors when assessing the overall cost of living in a particular area. Understanding how these expenses fit into your budget can help you plan for your financial future and make the most of your income.

Overall, the cost of living in North Carolina can be a useful tool for residents and newcomers alike to plan their budgets and make informed decisions about their finances. By considering factors like housing, transportation, and everyday expenses, individuals can better understand how their income will be affected by living in different parts of the state. While costs may differ depending on location, being aware of these variations can help residents make the most of their money and enjoy a high quality of life in North Carolina.

Reference

  1. sofi – https://www.sofi.com/cost-of-living-in-north-carolina/
  2. smartasset – https://smartasset.com/mortgage/the-cost-of-living-in-north-carolina
  3. seniorliving – https://www.seniorliving.org/north-carolina/

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