North Carolina has always been a pretty reasonable state to live in. We enjoy beautiful landscapes, the four seasons and many outdoor activities…all at a moderate price. But it seems many people are taking notice and moving here, increasing the population, housing needs and cost of living.
As rents rise (the average rental price in Charlotte is now over $1000) and home prices rise… many young families, and even those just wanting to live within their means, are leaving the cities and make their way to the small town cities. or suburbs.
Concord
With most homes in the US costing between $300,000 and $400,000, home ownership is often out of reach. But Concord is the perfect place to make your dream of home ownership come true. The median home price in the city is very low at $168,300, with an average monthly mortgage of $1,441. These savings are compounded by the fact that Concord residents have fairly high household incomes, averaging about $53,000. That means less of your money goes towards living expenses and more towards… living the dream.
Frequently Asked Questions about Cheapest Places to Live in North Carolina
The county with the lowest cost of living in North Carolina is Durham County. The median living wage in Durham County is $100,799, according to MIT data. Durham County has the lowest cost of living because it has relatively lower overall housing and childcare costs compared to North Carolina. Childcare costs $24,296 per year in Durham County for two children, compared to the North Carolina average of $18,399. The cost of housing, defined as a combination of median rent and median mortgage payment, is $13,608 per year in Durham County, compared to an average of $11,412 in North Carolina.
North Carolina cost of living is 2.0% above US average According to MIT, the cost of living for a family of four with two working parents in North Carolina is $91,578 compared to the national average for a family of four with two working parents working parents of $89,744. The median household income in North Carolina is $56,642.
Durham
Durham is a city that has everything in one place without sacrificing affordability. Almost 70 percent of homeowners spend less than 30 percent of their monthly income on housing expenses. Additionally, Durham has an average monthly rent of just $852. However, living cheaply does not mean sacrificing quality. Case in point: Durham has some of the most affordable healthcare in all of North Carolina. It was also called “America’s Finest Small Town” by Bon Appetit.
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Asheville
- Average 1 bedroom rental price: $1,074
- Average rent change over the past year: 2.36 percent