If you’re considering relocation to North Carolina, you’ll want to get a better understanding of the cost of living in Tar Heel State and check how it compares to your current place of residence before you seriously consider moving. Thankfully, we can help. This guide will break down North Carolina’s living costs, from housing expenses to property insurance and healthcare costs. We’ll provide data from state cost of living index tools and how North Carolina ranks in the nation for livability. We’ll also share a handy set of additional online resources to measure and compare the cost of living expenses in different North Carolina communities. When you’re planning to live in a new state, the cost of living there will be a combination of expenses required to maintain your desired lifestyle. Statista, a leading market data platform, defines “cost of living” as “the monetary cost of goods and services necessary to maintaining a certain standard of living.” This overall cost will vary significantly based on location, even within the state. But the core living expenses you’ll pay for typically include the following categories: However, the costs often extend beyond these basics to cover other expenses, such as: These elements, when combined, establish the core costs associated with a particular way of living. However, your income and debts largely influence your standard of living and how the dollar amounts compare to the costs of basic needs in the North Carolina city where you live — or want to live. Let’s take a quick look at how you can compare your current living cost with what you might experience if you move to North Carolina. A cost of living index (CLI) monitors how much these basic expenses change over time in different cities or regions. They provide a way to compare the price of maintaining a certain standard of living. The CLI is calculated by assessing the price of essential goods and services such as housing, food, healthcare, and transportation in different areas. An index is typically standardized, with a base city or region assigned a baseline index value (often set at 100). Other cities or regions are then compared against this benchmark. For example, a North Carolina city with a CLI of 120 would signify that living there is 20% more expensive than living in the base location. At the same time, an index of 80 indicates it’s 20% less expensive. A cost of living index will typically break down and score each basic expense by category. Here are separate scores for North Carolina from the worldpopulationreview.com Cost of Living Index:What makes up the ‘cost of living’ in North Carolina?
What’s a North Carolina cost of living index (CLI)?
