Cost of Living in Cary, NC

An Overview of Cost of Living in Cary, NC

The cost of living in Cary affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Cary is 124, which is 24% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If you prioritize affordability when seeking a new place to live, Cary may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Cary falls into this category, which may not align with your preferences for a budget-friendly living environment.

When it comes to the cost of living in Cary, 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 84.2% 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 Cary?

Nobody knows their city better than the people who actually live there. So, we asked 27 local residents how they would rate the cost of living in Cary and this is how they responded. 48% of people said that the cost of living was affordable, with prices decreasing, while 52% of people said that the cost of living was very expensive and prices continue to rise.

Is Cary Affordable?

Is Cary affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Cary, for instance, where the median home price falls 103.9% higher than the national average, and monthly rent rates are 38.3% higher than usual. Additionally, median income levels contribute to the equation, with Cary flaunting a median household income of $107,463, 94.3% higher than the national norm.

What Factors can Influence the Cost of Living in Cary?

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Cary, the prevailing sales tax rate starts at 4.75%, and income tax rates kick off at 4.99%.

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 Cary, the housing index is 84.2% higher than the national average.

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Cary, the transportation index stands at 6.9% lower than the national average.

Where is the Data From?

The cost of living data in Cary displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.