A+
13%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
33%
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 Asheboro North Carolina National
Cost of living8794100
Goods & Services9798100
Groceries9598100
Health care118108100
Housing6785100
Transportation7892100
Utilities9694100

An Overview of Cost of Living in Asheboro, NC

Knowing the cost of living in Asheboro allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Asheboro stands at 87, marking it 13% lower than the national average.

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

The real experts on a city are its residents. That's why we reached out to 15 locals to get their views on the cost of living in Asheboro. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 67% found it budget-friendly with decreasing prices, while 33% said it's simply not affordable as prices have continued to rise.

Is Asheboro Affordable?

Is Asheboro an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Asheboro is 35.2% lower than the national average, while the average monthly rent prices are 27.8% lower than average. The affordability of any location can also be influenced by median income levels. Asheboro has a median household income of $37,171, which is 32.8% lower than the national average.

What Factors can Influence the Cost of Living in Asheboro?

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Asheboro, the housing index comes in at 33% lower than the national average.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Asheboro, healthcare costs are 18.4% higher than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Where is the Data From?

The cost of living in Asheboro, 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 Asheboro is 8% lower than the North Carolina average
  • The cost of living in Asheboro is 13% lower than the national average
  • Asheboro housing is 33% 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 Asheboro

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Compare Asheboro, 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$49,044$4,087$1,144$1,471
      Renters$28,282$2,357$660$849
      A good indicator of the general affordability of housing in Asheboro, NC, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Asheboro, the median monthly income is $49,044 for those who own their own homes. Under the standard rule, that income level would allow for $1,144 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $28,282, per the median income in the area. That would allow for renters to spend up to $660 on monthly rental expenses.

      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 Asheboro National avg. Difference
      Haircut $13.43$24.2644.6%
      Beauty Salon $27.71$45.5639.2%
      Toothpaste $3.63$3.701.9%
      Shampoo $1.27$1.280.6%
      Movie $6.22$12.1348.7%
      Bowling $24.08$18.0033.8%

      Groceries

      Item Asheboro National avg. Difference
      Ground Beef $5.74$5.841.6%
      Fried Chicken $1.39$1.5711.7%
      Milk $4.55$4.672.6%
      Potatoes $5.21$4.935.5%
      Pizza $13.12$12.098.5%
      Beer $10.20$10.412.1%

      Health Care

      Item Asheboro National avg. Difference
      Optometrist $183.44$125.6846.0%
      Doctor $194.39$135.7843.2%
      Dentist $137.94$113.2921.8%
      Ibuprofen $10.44$10.652.0%
      Lipitor $348.71$468.6025.6%

      Housing

      Item Asheboro National avg. Difference
      Home Price $119,700.00$184,700.0035.2%
      Avg. Mortgage Payment $1,522.05$2,346.6935.1%
      Apartment Rent $685.00$949.0027.8%

      Transportation

      Item Asheboro National avg. Difference
      Gasoline $3.44$3.460.5%
      Tire Balancing $15.83$59.9273.6%

      Utilities

      Item Asheboro National avg. Difference
      All Electricity $183.26$193.995.5%
      Phone $186.67$192.252.9%
      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.
      Franklinville, NC1,4518316.9%
      Ramseur, NC2,0488316.6%
      Liberty, NC2,6578515.3%
      Thomasville, NC26,8348713.4%
      Randleman, NC4,1248712.8%
      Asheboro, NC25,8778713.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lemoore, CA25,86711818.5%
      Prosper, TX25,88714848.0%
      Holt, MI25,888945.8%
      Sachse, TX25,88812120.8%
      Columbine, CO25,89214039.9%
      Asheboro, NC25,8778713.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.