Cost of Living in North Carolina, 2023
What's not to love about North Carolina? It's a Southern state with charm to match. With beaches and mountains for outdoor adventure, room to explore for city dwellers, and some of the best savory BBQ delights in the country, this state is one-of-a-kind.
If you're looking to put down roots in the Tar Heel State, it's essential to make sure you're prepared by adjusting your budget. You want to make sure you can afford to live comfortably in your prospective new home.
In this guide, we will break down the cost of living in North Carolina to help you build an accurate budget. Let's dive in!
North Carolina Cost of Living
How Much Is Rent in North Carolina?
To help you get an idea of housing costs, here are the average rent prices for apartments in North Carolina's major cities, including Greensboro, Raleigh, Durham, and Charlotte.
| City | Average 1-Bedroom Rent | Average 2-Bedroom Rent |
|---|---|---|
| Greensboro, NC | $1,093 | $1,265 |
| Durham, NC | $1,169 | $1,405 |
| Charlotte, NC | $1,334 | $1,462 |
| Raleigh, NC | $1,305 | $1,484 |
The good news is that the cost of living in North Carolina is relatively average, making it an affordable place to live. It's nowhere near the cost of some of the more notoriously expensive cities (looking at you, San Francisco), but it's also not the least costly place to live either.
Currently, median rent prices are on the rise across the state, Greensboro leading the pack with a 6.4% increase reflected in a year-over-year cost comparison. As prices continue to rise, those looking to save on rent should make their move now. Consider straying away from the newer luxury high-rises to avoid higher rent prices. You might also consider renting with a roommate to cut your expenses in half.
How Much Is Transportation in North Carolina?
According to MIT's Living Wage Calculator, the average North Carolina resident spends $5,509 on transportation costs annually. That number increases to $15,012 for a family of four. Transportation expenses can even go as far as rivaling housing costs, which is why many people gravitate toward city living as a means to offset the high cost of personal vehicle ownership.
It's crucial to decide whether you will use a personal vehicle or rely on public transportation to get around, as your choice can significantly impact your budget. Even in Charlotte, the city with the highest public transportation costs in North Carolina, a resident relying solely on public transportation options would spend just $1,452 annually on unlimited transport passes, representing a savings of $4,057 annually!
If you're working remotely from home, you may be able to save money on your commute to work. Luckily, both Asheville and Raleigh were ranked in the top 10 in our best cities for remote workers.
How Much Are Grocery Prices in North Carolina?
The average North Carolina resident can expect to spend $3,351 yearly or about $279.25 monthly on food. For a family of four, annual food expenses increase to $9,856 or about $821.33 monthly.
However, these costs reflect a situation in which all meals and snacks are prepared at home.
As avoiding the allure of North Carolina’s delectable seafood and BBQ options might prove difficult, we expect that you will dine out on occasion.
According to Numbeo, here's a breakdown of the costs you can expect to pay for a three-course meal at a mid-tier restaurant in North Carolina.
- Raleigh: $75
- Greensboro: $65
- Durham: $66.25
- Charlotte: $69
Luckily, saving on your grocery bill is as simple as knowing where to shop. Head over to Costco for savings on bulk purchases.
There are also several ALDI locations across the state. This discount grocery chain is the gold standard, so don't be afraid to take a drive to reach one.
Finally, a membership to Raleigh Wegmans paired with some coupon clipping can provide you with some real savings at the best grocery store in America.
What Is the Average Cost of Health Insurance in North Carolina?
Healthcare is a necessary expense — an expense that amounts to $2,709 annually for the average North Carolina resident and $8,347 for families of four.
If you are in the market for healthcare coverage (most policies don't transfer across state lines), head over to Healthcare.gov to find an affordable plan on the federal marketplace. You can compare policies to determine which is the best option for you.
Finally, if you require low-to-no-cost healthcare, the North Carolina Division of Public Health has many resources to help you find the best care.
How Much are Utilities in North Carolina on Average?
The average cost for electricity, water, and gas/fuel in North Carolina is $230.21. This means most North Carolina residents' basic utility costs are less than the $253 national average. Here's what you can expect to pay for basic utilities in different North Carolina cities.
- Raleigh:$234.97
- Greensboro: $162.37
- Charlotte: $135.37
- Durham: $126.78
As basic utilities only include the cost of gas, electricity, and water, remember to include the cost of "common utilities" like cell phone and internet service.
The average American pays $94 per month for cell phone service and anywhere between $30-$60 for internet service. However, you can get more accurate estimates by choosing a service provider and getting a quote online.
If you are a new customer, you might also catch some pretty incredible deals. Some cell phone and internet providers include free subscriptions to video and music streaming services for new customers.
Fitness and Entertainment in North Carolina
With all the fitness and entertainment opportunities in North Carolina, there’s no way that you won’t find something to enjoy. Of course, fitness and entertainment costs can have a significant impact on your wallet, so it’s crucial to consider them in your budget. Here’s an in-depth look at the cost of fitness and entertainment in North Carolina.
North Carolina Gym Memberships
Staying fit is only as expensive as you make it. If you prefer the least expensive option, try bodyweight fitness techniques, or simply lace up your sneakers and head out for a run. If you prefer an indoor fitness environment, are looking for a community of friends, and want a variety of exercise options, a gym membership will be your best bet. Here are the average monthly gym membership costs throughout different North Carolina cities:
- Raleigh: $51.60
- Greensboro: $56.67
- Charlotte: $36.50
- Durham: $39.17
Outdoor Adventures in North Carolina
North Carolina is rich in outdoor entertainment and recreation opportunities. The landscape includes the Appalachian mountains, beaches, and massive state parks — all of which are free to visit.
This North Carolina State Park Directory can help you choose a state park to visit during your downtime. If you’re having a hard time deciding, the William B. Umstead State Park is an excellent option. The park features 13 miles of horseback riding trails, picnic areas, campsites, canoeing, fishing, and hiking trails. There’s something for everyone!
If you prefer the sound of crashing waves and the smell of saltwater, head to one of North Carolina’s beaches. The Outer Banks are among the most famous of North Carolina’s beaches; however, if you want to beat the crowd, head to Carolina Beach for a relaxing day of sand and sun.
North Carolina Sports
North Carolina has several professional sports teams across the state, including a professional hockey team in Raleigh and professional hockey and basketball teams in Charlotte. If you’re a sports fanatic, it’s important to consider the costs of attending games. Here are the average ticket costs for North Carolina’s major sports teams:
- Carolina Panthers: $107
- Carolina Hurricanes: $85
- Charlotte Hornets: $74
Though there aren’t any professional baseball teams in North Carolina, there are many semi-professional teams to follow.
If you’re looking for inexpensive sports entertainment year-round, check out The University of North Carolina at Chapel Hill (UNC). Their Division 1 athletics department churns out professional athletes year after year. You might just catch a star player in their formative years, as many residents watched a young Michael Jordan blossom into stardom at UNC.
Additional North Carolina Expenses
To create the most accurate budget possible, it's vital to keep other miscellaneous expenses in mind. These are the expenses that typically go unchecked when planning a move. Luckily, we've got you covered. Here are the hidden costs to consider when moving to North Carolina.
- State Income and Sales Tax: North Carolina residents are responsible for paying a flat 5.25% income tax. Additionally, the state sales tax rate sits at 4.75%.
- Local-level Taxes: Local city and county level taxes will apply wherever you are moving. Be sure to research the local tax rates before making your move.
- Childcare: The cost of childcare is high across the country, and North Carolina is not exempt. For full-time, single-child daycare, expect to pay around $14,088 annually.
What Salary Do I Need to Live Comfortably in North Carolina?
Using Raleigh, North Carolina, as an example, the average resident would need to earn at least $4,350 monthly before taxes to live comfortably. This translates to an annual pre-tax wage of $52,200. According to the U.S. Census Bureau, the median income in North Carolina is $60,516.
However, to live comfortably means earning enough to pay for your immediate living expenses, having some money for fun, and keeping a savings fund that you can contribute to regularly. The most crucial factor to consider when setting a comfortable living wage is your housing expenses, as they generally have the highest budget expense. You want to earn at least three times the price of your rent to live comfortably.
Reflections on Cost of Living in North Carolina
Moving to a new state is never easy. However, there’s so much that North Carolina has to offer that you’ll be handsomely rewarded for your planning efforts.
If you’ve got an updated budget for your move to North Carolina, it’s time to start apartment hunting! Check out our quiz above to get started on finding your dream apartment in North Carolina.
Learn about the best cities and cheapest cities to live in North Carolina.
FAQs: What to Know About the Cost of Living in North Carolina in 2023
What is a good salary in North Carolina?
The recommended salary in Raleigh, North Carolina, is $4,390 per month or $52,680 annually. This total reflects a salary that would allow a renter to live comfortably and afford to cover the median rent for a one-bedroom apartment, which sits at $1,317 on average. The median income in North Carolina is $60,516.
How expensive is an apartment in North Carolina?
A one-bedroom apartment in Raleigh costs $1,317. A two-bedroom apartment in Raleigh costs $1,497.
A one-bedroom apartment in Greensboro costs $1,103. A two-bedroom apartment in Greensboro costs $1,276.
A one-bedroom apartment in Durham costs $1,205. A two-bedroom apartment in Durham costs $1,449. A one-bedroom apartment in Charlotte is $1,331. A two-bedroom apartment in Charlotte costs $1,458.
You can use Apartment List's Cost of Living Calculator to hone in on more cities and determine how much you have to pay to live their comfortably.
What is the cheapest rent in North Carolina?
The cheapest average rent can be found in Greensboro, where a one-bedroom apartment costs $1,103 per month.
How expensive is it to live in North Carolina?
Living in North Carolina is relatively inexpensive. In the more expensive area of Charlotte, North Carolina, rent averages $1,331 for a one-bedroom apartment. Transportation costs in Charlotte amount to $5,477 a year per person. Food costs $3,926 a year on average for a single resident of Charlotte.
What is the population of North Carolina?
According to the U.S. Census Bureau, The population of North Carolina is 10,698,973. It is the ninth-most populated state in the country.
Is South Carolina cheaper than North Carolina?
South Carolina is slightly cheaper than North Carolina. The median rent for a two-bedroom apartment in Spartanburg, South Carolina, sits at $1,048, while the median rent for a two-bedroom apartment in Greensboro, North Carolina, sits at $1,276.
Is South Carolina cheaper than North Carolina?
South Carolina is slightly cheaper than North Carolina. The median rent for a two-bedroom apartment in South Carolina sits at $1,362, while the median rent for a two-bedroom apartment in North Carolina sits at $1,558.
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