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

For some, the cost of living in North Carolina may seem manageable, particularly when compared to more expensive cities and states. Housing prices, for example, may be relatively affordable in certain areas of the state, providing individuals with the opportunity to own a home without breaking the bank. This can be particularly advantageous for families and individuals looking to put down roots and build a future in the state.

Additionally, the cost of living in North Carolina can also be viewed as a positive factor for businesses looking to establish themselves in the state. Lower costs can contribute to a more favorable environment for businesses, incentivizing growth and economic development. This, in turn, can create job opportunities for residents and improve the overall quality of life in the state.

However, it is important to acknowledge that the cost of living in North Carolina is not without its challenges. For many residents, the reality of managing day-to-day expenses can be daunting, particularly for those living on a fixed income or working low-wage jobs. Rising healthcare costs, transportation expenses, and utility bills can quickly add up, putting financial strain on individuals and families.

Furthermore, the cost of living in North Carolina can also have implications for various social issues within the state. Affordable housing, for example, continues to be a concern, with many individuals struggling to find safe and secure living arrangements. This can lead to issues of homelessness, displacement, and housing insecurity, all of which can have long-lasting impacts on individuals and communities.

In addition, the cost of living in North Carolina can also impact overall quality of life for residents. As expenses rise and incomes stagnate, individuals may find themselves having to make difficult decisions about how to allocate their resources. This can result in individuals sacrificing their physical and mental well-being, as they struggle to make ends meet and prioritize financial obligations over personal health and happiness.

Ultimately, the usefulness of the cost of living in North Carolina is subjective and complex. While it may offer advantages for some individuals and businesses, it can also pose challenges for many residents across the state. As policymakers and community leaders work to address these issues, it is crucial to consider the broader implications of the cost of living on individuals and communities, and strive to create a more equitable and sustainable environment for all residents of North Carolina.

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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