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Known for its diverse landscapes, from the Appalachians to the Atlantic Coast, North Carolina offers a mix of urban and rural living. As more people consider moving to the Tar Heel State, understanding the average cost of living becomes crucial. If you’ve been debating moving or just want to see how your finances would trend, it’s good to know the breakdown of some cheaper and more expensive cities in North Carolina.

Quick take: the cost of living in North Carolina

Where you live costs you 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 costs of living in North Carolina and the other states.

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 the Cost of Living in North Carolina

When you put all the facts and figures into your living cost calculator, it will help you budget for your biggest expenses. Whether you prefer small or large cities, you may want to consider something where statistics like unemployment rates, median household income, and average mortgage payments match your salary.

1. Housing costs

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

2. Transport costs

Transportation costs in North Carolina are relatively moderate. The state has a well-developed network of highways and public transport systems in major cities. Additionally, the average price of gasoline in North Carolina will be approximately $3.27 per gallon in mid-2024, slightly below the national average.

3. Groceries

Grocery costs in North Carolina are generally in line with the national average. However, prices may vary depending on region and store. A single adult can expect to spend upwards of $300 to $400 per month on groceries, while families spend between $700 and $1,000 per month.

3. Healthcare

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

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

4. Education and income tax rates

Education costs in North Carolina are relatively affordable, especially in the public school system. North Carolina’s public schools are funded by a combination of state and local taxes, providing residents with a free education. Some schools may charge fees for extracurricular activities or supplies.

How much you should have saved to cover your expenses

Beyond the most and least expensive cities in terms of cost of living, if you want to get a comprehensive look at what things will cost you in the major metropolitan areas in North Carolina like Raleigh or Durham, GOBankingRates has you covered there .

Cost	Average annual costs in Raleigh	Average annual costs in Durham
Groceries	$5,737	$5,657
healthcare	$5,546	$5,727
Housing	$17,234	$15,450
Utilities	$4,508	$4,554
Transport	$7,629	$7,573
Mixed	$1,068	$997
Total annual expenses	$41,721	$39,958

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 to have in your emergency savings: Raleigh

• Budget for 1 month: $3,477
• Budget for 3 months: $10,430
• Budget for 6 months: $20,861

What to have in your emergency savings: Durham

• Budget for 1 month: $3,330
• Budget for 3 months: $9,989
• Budget for 6 months: $19,979

Last 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 searching based solely on cost of living and want to aim for the cheapest option: Laurinburg, more expensive areas like Nags Head, or just one of the largest metropolitan areas, make sure you consider your income and to what extent will cooperate. stretch.

Methodology: For this study, GOBankingRates analyzed 6,300 cities in the United States to find the cheapest and most expensive costs of living in each state. First, GOBankingRates found the cost of living indexes sourced from Sperlings BestPlaces, and using the national average cost of spending for all residents, as sourced from the Bureau of Labor Statistics’ Consumer Expenditure Survey, the average cost of spending for each city ​​are calculated. Total population is from the US Census American Community Survey and the livability index is from AreaVibes. This data was collected on and is current as of May 21, 2024.

GOBankingRates defined the minimum emergency savings required in each state as the amount needed to cover three to six months’ worth of living expenses. Using the top 100 cities by population, as sourced from the US Census American Community Survey, the cost of living indexes sourced from Sperlings BestPlaces can be found. Use only necessary expenditures 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 average spending costs, monthly expenses can be calculated and extrapolated to three to six months. This estimate represents the minimum emergency savings needed in the top 100 U.S. cities to cover basic expenses for three to six months. This data has been collected and is current as of January 19, 2024.

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