A+
12%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
28%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Albemarle North Carolina National
Cost of living8894100
Goods & Services9198100
Groceries9798100
Health care95108100
Housing7285100
Transportation10192100
Utilities10194100

An Overview of Cost of Living in Albemarle, NC

Getting a feel for the cost of living in Albemarle is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Albemarle is 88, which is 12% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

What Do Locals Say About the Cost of Living in Albemarle?

Nobody knows their city better than the people who actually live there. So, we asked 5 local residents how they would rate the cost of living in Albemarle and this is how they responded. 60% of people said that the cost of living was affordable, with prices decreasing, while 40% of people said that the cost of living was very expensive and prices continue to rise.

Is Albemarle Affordable?

Wondering if Albemarle is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Albemarle, for example, the median home price is 31.9% lower than what folks pay nationally, and monthly rent is 18% lower than the usual rates. Plus, income levels matter too, with Albemarle boasting a median household income of $44,294, which is 19.9% lower than the national average.

What Factors can Influence the Cost of Living in Albemarle?

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Albemarle, the transportation index is 1.4% higher than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Albemarle, healthcare costs are 5.3% lower than the national average.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Albemarle, the groceries index is 3.4% lower than the national average.

Where is the Data From?

The cost of living in Albemarle, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Albemarle is 6% lower than the North Carolina average
  • The cost of living in Albemarle is 12% lower than the national average
  • Albemarle housing is 28% lower than the national average
  • North Carolina general sales tax is 7% lower than the national average
  • North Carolina state income tax is 83% higher than the national average

Most Affordable Places to Live in and Around Albemarle

See all the best places to live around Albemarle

Compare Albemarle, NC Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$66,227$5,519$1,545$1,987
      Renters$21,763$1,814$508$653
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Albemarle, NC, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Albemarle homeowners, is $66,227. This would allow for a maximum of $1,545 per month to be spent on housing costs. For renters, the median monthly income is $21,763 which would result in a maximum of $508 to be spent on rental costs.

      North Carolina Sales Tax

      State General Sales Tax With Max Surtax
      North Carolina 4.75% 7.5%

      North Carolina Income Tax

      State Income Tax (Low) Income Tax (High)
      North Carolina 4.75% 4.75%

      Goods & Services

      Item Albemarle National avg. Difference
      Haircut $30.02$24.2623.7%
      Beauty Salon $39.60$45.5613.1%
      Toothpaste $3.75$3.701.3%
      Shampoo $1.34$1.284.6%
      Movie $13.67$12.1312.6%
      Bowling $18.63$18.003.5%

      Groceries

      Item Albemarle National avg. Difference
      Ground Beef $6.12$5.844.7%
      Fried Chicken $1.55$1.571.5%
      Milk $4.66$4.670.3%
      Potatoes $5.30$4.937.3%
      Pizza $11.64$12.093.7%
      Beer $10.31$10.410.9%

      Health Care

      Item Albemarle National avg. Difference
      Optometrist $131.75$125.684.8%
      Doctor $157.27$135.7815.8%
      Dentist $130.26$113.2915.0%
      Ibuprofen $10.78$10.651.2%
      Lipitor $483.22$468.603.1%

      Housing

      Item Albemarle National avg. Difference
      Home Price $125,700.00$184,700.0031.9%
      Avg. Mortgage Payment $2,004.78$2,346.6914.6%
      Apartment Rent $778.00$949.0018.0%

      Transportation

      Item Albemarle National avg. Difference
      Gasoline $3.19$3.467.7%
      Tire Balancing $57.92$59.923.3%

      Utilities

      Item Albemarle National avg. Difference
      All Electricity $160.96$193.9917.0%
      Phone $187.97$192.252.2%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Aquadale, NC4138217.8%
      Badin, NC1,9768316.8%
      Misenheimer, NC7028515.3%
      Millingport, NC4488515.2%
      Norwood, NC2,8318811.8%
      Albemarle, NC16,0738811.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Harrisburg, NC16,07312020.1%
      Cullman, AL16,0729010.2%
      Cold Lake, AB16,076n/a 
      Zephyrhills, FL16,0628911.4%
      Crawfordsville, IN16,0888812.1%
      Albemarle, NC16,0738811.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.