Average Cost of Living in North Carolina
North Carolina residents enjoy a low cost of living that ranges from 3.5% to 10.6% lower than the national average. Although the cost of food, utilities, and healthcare are nominally less than the rest of the country, housing and transportation costs in North Carolina are lower than in other states.
Average Home Prices in North Carolina
The median home value in North Carolina is just over $200,000, and industry analysts expect these values to increase. Home prices can vary greatly across the state, though. Asheville's median home price is more than $300,000, but Fayetteville's median home price is just over $120,000. In the state's most popular cities, median home prices range from nearly $160,000 in Greensboro to just over $284,000 in Raleigh.
North Carolina Statistics
If you're looking for a rent-to-own home in North Carolina, be sure to consider important factors beyond monthly living costs, such as average commute times, taxes, crime, and much more. The following are some common North Carolina statistics compared to the U.S. national average.
|North Carolina Averages||National Averages|
|One-Way Commute||24.3 minutes||26.4 minutes|
|Income Tax Rate||5.5%||4.6%|
|Median Household Income||$46,693||$53,482|
|Median Property Taxes||$1,209||$2,200|
|Median Home Cost||$187,300||$231,200|
|Median Home Age||27 years||40 years|
Popular North Carolina Cities
The five largest cities in North Carolina are conveniently located along the Interstates 85 and 40, including the following:
- Asheville is a haven for artists. It is surrounded by some of the most spectacular panoramic views in the state.
- Charlotte is one of the fastest-growing cities in the state. It is the second-largest banking center in the country and home to nine Fortune 500 companies.
- Greensboro is known as the "Gate City". Greensboro's central location makes it the perfect base for exploring the wonders of the Tar Heel state.
- Raleigh: The state capital, along with Durham and Chapel Hill, make up what's known as The Research Triangle thanks to the number of jobs available within the technology industry.
- Winston-Salem: Filled with college-town charm, Winston-Salem is home to Wake Forest University and a state-of-the-art medical center.
Other popular spots include smaller communities like Fayetteville and Wilmington near the Atlantic coast. You'll find plenty of small-town charm and affordable North Carolina rent to own homes here.
Popular Attractions in North Carolina
It's not an exaggeration to say that North Carolina has it all. Not only does the state boast a stunning landscape that stretches from the mountains to the ocean, but this scenic beauty offers plenty of fun opportunities for the whole family. You'll discover a variety of natural attractions, outdoor adventures, historical sites, and art museums to explore.
- Swim in the crystal clear waters at Jordan Lake State Recreation Area.
- Enjoy the panoramic views at the top of Chimney Rock.
- Climb the natural dome at the center of Stone Mountain State Park.
- Fly kites along the shore at Jockey's Ridge State Park.
- Find out firsthand why The Great Smoky Mountains is the nation's most visited national park. While you're there, go on a whitewater rafting adventure or spend a day tubing or fishing if you prefer a slower pace.
- Take a leisurely Sunday drive along the Blue Ridge Parkway or explore shipwrecks hidden just off the coast.
- Find out more about the role Fort Dobbs played in the colonial period's French and Indian War.
- Visit the site of the Wright Brothers' historic first flight. Explore an assortment of structures and ships that date back to the Civil War period.
- North Carolina knows how to showcase its local artists and musicians, and you don't have to go too far to find an art installation or concert. Head up to Asheville to discover the latest work by contemporary and folk artists.
- Make sure you spend some time at the state's most famous residence, the Biltmore Estate, where there's always an interesting event taking place. That seems to be a theme across the state. Life in North Carolina is full of southern comfort and whatever adventure you choose.
If you love the outdoors, history, and a bustling economy with plenty of industries and career options, North Carolina might be the perfect place to call home.