Cost of Living in Concord, NC

An Overview of Cost of Living in Concord, NC

Are you thinking about relocating, but curious about the potential cost of living in Concord? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Concord stands at 101, making it 1% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Concord closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Concord can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

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

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 Concord. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 83% found it budget-friendly with decreasing prices, while 17% said it's simply not affordable as prices have continued to rise.

Is Concord Affordable?

Is Concord affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Concord, the median home price is 19.3% higher than the national average and monthly rent prices are 6.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Concord boasting a median household income of $70,973, 28.3% higher than the national average.

What Factors can Influence the Cost of Living in Concord?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Concord, the transportation index is 1.4% higher than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Concord, healthcare costs are 5.3% lower than the national average.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Where is the Data From?

The cost of living data in Concord 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.