The capital of North Carolina and famous due to its free museums and research triangle metro area.
Moreover, the secluded beaches in northern carolina and low cost of living are the best reasons people are moving to NC.
The average cost of living is 4% lower than the national average and 1% higher than the North Carolina state average.
An average single person spends $1,196 monthly on living costs.However, for a family of four the living costs makes almost $4,188 per month.
For assisted living, the average cost in Raleigh is $2000 per month for seniors.
Is it expensive to live in Raleigh nc?
No, living in Raleigh is not expensive. Raleigh is 4% cheaper than the national average. Moreover, it also depends upon your median income and housing market of the city and your lifestyle preferences. .
Is Raleigh NC affordable?
Yes, living in Raleigh is affordable as the living costs are lower than the national average.
The affordable transportation, average healthcare costs and reasonable housing costs makes Raleigh an affordable city to live.
However, a proper research according to your budget is important for an affordable living.
Living Costs in Raleigh NC
Living costs in Raleigh vary according to your household income, either you are living in a rent apartment or owning a house in Raleigh.
Besides this the size of family also greatly affects the living costs. Let’s break down the living cost in the given article according to a rough estimation.
1. Housing in Raleigh NC
Housing costs in Raleigh are 2% lower than the national average. The average house costs $400,445 which is lower than the national average of $423,600.
However, according to recent data, Raleigh NC has been named among the most overpriced housing markets.
Average rent in Raleigh NC
The average monthly rent in Raleigh is $1,612 per month. However, one bedroom rent in Raleigh is $1,288 and an apartment of two bedrooms is $1,465 in Raleigh.
Raleigh is the capital of North Carolina with the amenities, job opportunities and strong economy which attracts more population.
These factors increase the demand for houses, ultimately resulting in the high rental costs.
Is it cheaper to buy or rent a house in Raleigh?
Buying or renting a house totally depends upon your budget. If you have enough budget for buying a house which involves down payments, taxes, mortgage, insurance and maintenance. Then buying would be a better option for the long term.
Furthermore, renting a house is also beneficial if you have a low budget or you want to live in a place for a short time.You only have to pay for the utilities, house rents and renter insurance.
2. Utilities cost in Raleigh
Utilities in Raleigh are 2% higher than the national average. The average basic utilities bill per month in Raleigh costs $243 which is 4% higher than the state average.
|Utilities in Raleigh nc||Cost of utilities in Raleigh nc|
|Water bill||$2 – $5|
3. Food costs in Raleigh
Food in Raleigh is 8% lower than the national average. The average food cost for a single person is $552 and for a family of four costs $1437 in Raleigh.
|Foods in Raleigh nc||Food costs in Raleigh nc|
4. Healthcare costs in Raleigh
Healthcare costs in Raleigh are 3% higher than the national average. Healthcare costs vary from one person to another. It widely depends upon the type of medical condition.
An average adult spends $1,192 on healthcare. However, a family of four spend $8,374 annually on healthcare.
Raleigh has the best healthcare system in North Carolina with excellent hospitals and modern technologies.
Moreover, the residents of North Carolina pay an average of $482 per person for health insurance. However, the prices can vary according to the plans and packages of the company.
- Doctor’s Visit $121.09
- Dentist Visit $115.41
- Optometrist Visit $113.39
- Prescription cost $498
- Veterinary fee $56.75
5. Transportation in Raleigh NC
Transportation in Raleigh is 6% lower than the national average. However, public transportation is free in Raleigh until June 2023.
Raleigh has a good transportation system and also has a subway.
Besides the free fares, the average transportation cost for a single person costs $5,509 and for a family of four it was $15,012.
However, one litre of gas/petrol costs $0.90 in Raleigh nc. Bus Passes are also available for travellers in Raleigh.
- Cash Fare $1.25
- 1-day Pass $2.50
- 7-day Pass $12.00
- 31-day Pass $40.00
6. Taxes in Raleigh NC
The minimum combined sales tax rate for Raleigh NC is 7.25%. This includes the total of state county and city sales tax. Wake County has 2% tax.However, Raleigh has 0% sales tax.
Are property taxes high in Raleigh nc?
No, property taxes are relatively lower in Raleigh NC than the national average. The average effective tax rate is 0.70% which is less than the 0.99% of the national average.
7. Income in Raleigh NC
The median household income in Raleigh is $72,996 per year. According to the Zip Recruiters, the average salary a person needs to live comfortably in a rough estimation is $70,996 annually and $5,916 monthly.
However, the minimum wage in Raleigh NC is $7.25 per hour.
8. Miscellaneous Goods & Services in Raleigh
|Goods & Services in Raleigh||Cost of Goods & Services in Raleigh|
9. Cost of living in Raleigh Comparison with national average
|Living in Raleigh NC||Living cost in Raleigh NC||Compared to National Average|
|Utilities||$243 per month||2% higher|
|Healthcare||$1,192 per month/1 person||3% higher|
|Transportation||Free until june 2023||6% lower|
Cost of living in Raleigh nc FAQs
What is the cheapest rent in Raleigh nc?
The cheapest rent for a one bedroom apartment is $1,010 in southwest Raleigh.
The costs can vary depending upon the location,neighbourhood, size and amenities of the apartment.
How expensive is an apartment in Raleigh?
According to the rentcafe, the average rent for an apartment in Raleigh is $1386 per month. However, the prices vary according to the location and amenities of the apartment.
How expensive is it to live in Raleigh NC?
Living in Raleigh is not expensive. The cost of living in Raleigh is 4% lower than the national average.
However, living costs are only 1% more expensive than the state average of North Carolina.
Living in Raleigh is much more affordable. The low cost of living, beautiful scenery, museums everything is worth it.
The essential utilities, foods, transportation and healthcare costs are cheaper than the national average. Find here the cost to move a mobile house in North Carolina.
We hope the above article gave you a rough estimation of living costs of Raleigh. So, if you are moving to North Carolina from the NY checklist the article might be helpful to you.