North Carolina cost of living
Prices in North Carolina run at 94.3 against a national average of 100, which makes it the 31th most expensive of the 51 jurisdictions. Housing is the part that separates states: rents there sit at 81.4.
Where the difference actually is
Prices in North Carolina run at 94.3 where the national average is 100, so about 5.7 per cent below the country as a whole. It ranks #31 of 51 states.
Housing is unusually cheap relative to everything else here. Rents sit at 81.4 against goods at 96.6 and other services at 88.6, so the overall figure of 94.3 understates how affordable the housing itself is. That combination, ordinary prices with cheap rent, is what people are usually looking for and rarely find.
A salary here goes further than the same salary somewhere at 100. Divide by 94.3 and multiply by 100 to get the nationally comparable figure, and it will come out higher than the headline.
The vertical line is the national average of 100. Source: U.S. Bureau of Economic Analysis, Regional Price Parities, SARPP, 2024.
What it costs, in actual money
Parities are ratios. These are the figures behind them for North Carolina, drawn from the other datasets on this site.
| North Carolina | |
|---|---|
| Median home value | $259,400 |
| Median gross rent | $1,162 a month |
| Median household income | $69,904 |
| Average electricity bill | $150 a month |
| Effective property tax | 0.70% |
Everything about North Carolina Property tax by county Salaries
Metro areas in North Carolina
Within a state, cities and rural areas diverge sharply. A statewide parity averages over that.
| Metro area | All items | Goods | Rents | Rank |
|---|---|---|---|---|
| Raleigh-Cary | 98.2 | 96.6 | 103.5 | #111 |
| Virginia Beach-Chesapeake-Norfolk | 97.9 | 96.8 | 99.8 | #116 |
| Durham-Chapel Hill | 97.6 | 96.6 | 98.9 | #119 |
| Charlotte-Concord-Gastonia | 97.3 | 96.6 | 97.6 | #122 |
| Asheville | 96.5 | 96.6 | 93.4 | #136 |
| Wilmington | 96.4 | 96.6 | 93.2 | #142 |
| Burlington | 93.2 | 96.6 | 77.9 | #204 |
| Greensboro-High Point | 92.9 | 96.6 | 74.5 | #212 |
| Jacksonville | 92.1 | 96.6 | 72.1 | #240 |
| Fayetteville | 92.0 | 96.6 | 73.1 | #242 |
| Winston-Salem | 92.0 | 96.6 | 71.4 | #243 |
| Goldsboro | 88.5 | 96.6 | 57.7 | #322 |
| Hickory-Lenoir-Morganton | 88.5 | 96.6 | 59.6 | #323 |
| Greenville | 88.4 | 96.6 | 57.3 | #327 |
| Pinehurst-Southern Pines | 88.3 | 96.6 | 59.3 | #329 |
| Rocky Mount | 88.0 | 96.6 | 56.1 | #336 |
North Carolina cost of living: common questions
Is North Carolina expensive to live in?
Prices overall are 5.7% below the national average, at a parity of 94.3 where 100 is the country as a whole. It ranks #31 of 51. Goods run at 96.6, rents at 81.4 and other services at 88.6.
What is a salary in North Carolina really worth?
The median wage there is $46,950. Adjusted for local prices that buys what $49,788 buys nationally. A state that pays well and costs more can leave a household no better off, and this is the arithmetic that shows it.
What is a regional price parity?
An official measure from the Bureau of Economic Analysis of what a dollar buys in one place against the national average, set at 100. It is built from the same price collection that underlies the consumer price index, extended to compare places rather than time periods. It is the only government measure of cost of living differences between states.
Why is housing treated separately?
Because it carries most of the difference. In North Carolina rents sit 12.9 points below the state's overall parity. Goods barely vary between states, since most of them are shipped nationally; services vary more; housing varies enormously. Any cost of living comparison that does not separate housing is mostly measuring housing anyway.