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

One of the biggest advantages of living in North Carolina is its relatively affordable housing market. Compared to other states, home prices in North Carolina are more reasonable, making it an attractive option for many families looking to buy their first home or upgrade to a larger one. In addition to affordable housing, the state also offers a lower cost of living in terms of utilities, groceries, and transportation when compared to other states.

Furthermore, North Carolina offers a wide array of job opportunities across various industries, from technology to healthcare to education. With a growing economy and a strong market for both established corporations and startups, many people find success in their careers in the Tar Heel state. This combination of reasonable housing prices and job opportunities makes North Carolina an appealing place to live for many individuals and families.

On the flip side, some argue that the cost of living in North Carolina is rising, particularly in urban areas like Charlotte and Raleigh. As more people move to these bustling cities for work and amenities, the demand for housing has increased, leading to higher prices. Additionally, as the state continues to grow and attract new residents, the cost of goods and services may also increase over time.

Another consideration is the cost of healthcare in North Carolina, which has been a concern for some residents. While the state offers a variety of healthcare options, including renowned hospitals and medical facilities, the rising costs of health insurance and medical services can be burdensome for many individuals and families. This can be a significant factor for those considering a move to North Carolina or already residing in the state.

Overall, the usefulness of North Carolina’s cost of living depends on individual circumstances and priorities. For some, the state offers an affordable and comfortable lifestyle with ample job opportunities and lower expenses. For others, the rising cost of housing, goods, and services may pose challenges to their financial well-being. Ultimately, it is important for individuals to conduct thorough research and consider their own financial situation before deciding to move to or stay in North Carolina.

In conclusion, while North Carolina offers many benefits in terms of a reasonable cost of living, it is essential for residents and prospective residents to be aware of the potential challenges and fluctuations in expenses that may arise. By staying informed and actively managing their finances, individuals can make informed decisions about where to live and how to best navigate the cost of living in the Tar Heel state.

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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