A
7%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
25%
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 Belmont North Carolina National
Cost of living10794100
Goods & Services10398100
Groceries10098100
Health care111108100
Housing12585100
Transportation9492100
Utilities8994100

An Overview of Cost of Living in Belmont, NC

Getting a feel for the cost of living in Belmont 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 Belmont is 107, which is 7% higher 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.

The cost of living in Belmont is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

When it comes to the cost of living in Belmont, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 25.2% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

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

The real experts on a city are its residents. That's why we reached out to 12 locals to get their views on the cost of living in Belmont. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 75% found it budget-friendly with decreasing prices, while 25% said it's simply not affordable as prices have continued to rise.

Is Belmont Affordable?

Wondering if Belmont 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 Belmont, for example, the median home price is 35.1% higher than what folks pay nationally, and monthly rent is 2.1% higher than the usual rates. Plus, income levels matter too, with Belmont boasting a median household income of $73,968, which is 33.7% higher than the national average.

What Factors can Influence the Cost of Living in Belmont?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Belmont, the transportation index is 6.4% lower than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Belmont, the housing index is 25.2% higher than the national average.

Where is the Data From?

The Belmont cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Belmont is 14% higher than the North Carolina average
  • The cost of living in Belmont is 7% higher than the national average
  • Belmont housing is 25% higher 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 Belmont

See all the best places to live around Belmont

Compare Belmont, 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$98,800$8,233$2,305$2,964
      Renters$42,849$3,571$1,000$1,286
      A good way to judge both the affordability of the housing and the cost of living in Belmont is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Belmont has a median income of about $98,800 for people who own homes. Based on that number, a maximum of $2,305 should be spent on expenses related to housing. Renters have a slightly different median income, which is $42,849. Based on this average, renters should spend no more than $1,000 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 Belmont National avg. Difference
      Haircut $18.25$24.2624.8%
      Beauty Salon $59.75$45.5631.1%
      Toothpaste $3.81$3.702.8%
      Shampoo $1.27$1.280.7%
      Movie $13.55$12.1311.7%
      Bowling $21.67$18.0020.4%

      Groceries

      Item Belmont National avg. Difference
      Ground Beef $6.27$5.847.3%
      Fried Chicken $1.39$1.5711.5%
      Milk $4.61$4.671.2%
      Potatoes $4.98$4.931.0%
      Pizza $10.96$12.099.3%
      Beer $10.47$10.410.5%

      Health Care

      Item Belmont National avg. Difference
      Optometrist $143.74$125.6814.4%
      Doctor $148.29$135.789.2%
      Dentist $115.52$113.292.0%
      Ibuprofen $10.77$10.651.1%
      Lipitor $467.34$468.600.3%

      Housing

      Item Belmont National avg. Difference
      Home Price $249,500.00$184,700.0035.1%
      Avg. Mortgage Payment $3,159.30$2,346.6934.6%
      Apartment Rent $969.00$949.002.1%

      Transportation

      Item Belmont National avg. Difference
      Gasoline $3.29$3.464.9%
      Tire Balancing $53.32$59.9211.0%

      Utilities

      Item Belmont National avg. Difference
      All Electricity $167.89$193.9913.5%
      Phone $189.90$192.251.2%
      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.
      Spencer Mountain, NC0990.6%
      High Shoals, NC8418712.5%
      Bessemer City, NC5,5369010.2%
      Lowell, NC3,676928.0%
      Dallas, NC4,744936.9%
      Belmont, NC12,2921077.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      West Plains, MO12,2908020.4%
      Viera East, FL12,28411313.4%
      Cambridge, MD12,300990.8%
      Beatrice, NE12,2828811.6%
      Waconia, MN12,28111413.9%
      Belmont, NC12,2921077.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.