B-
12%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
55%
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 Elon North Carolina National
Cost of living11294100
Goods & Services9398100
Groceries9598100
Health care105108100
Housing15585100
Transportation9492100
Utilities8994100

An Overview of Cost of Living in Elon, NC

Knowing the cost of living in Elon 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 Elon stands at 112, marking it 12% higher than the national average.

Housing costs significantly influence the Elon cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 55.5%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Elon Affordable?

Is Elon 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 Elon, for instance, where the median home price falls 61% higher than the national average, and monthly rent rates are 42.7% higher than usual. Additionally, median income levels contribute to the equation, with Elon flaunting a median household income of $69,085, 24.9% higher than the national norm.

What Factors can Influence the Cost of Living in Elon?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Elon, the housing index stands at 55.5% higher than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

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 Elon, the transportation index is 5.6% lower than the national average.

Where is the Data From?

The cost of living in Elon, 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 Elon is 20% higher than the North Carolina average
  • The cost of living in Elon is 12% higher than the national average
  • Elon housing is 55% 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 Elon

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Compare Elon, 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$93,980$7,832$2,193$2,820
      Renters$33,362$2,780$778$1,001
      A good way to judge both the affordability of the housing and the cost of living in Elon 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. Elon has a median income of about $93,980 for people who own homes. Based on that number, a maximum of $2,193 should be spent on expenses related to housing. Renters have a slightly different median income, which is $33,362. Based on this average, renters should spend no more than $778 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 Elon National avg. Difference
      Haircut $28.33$24.2616.8%
      Beauty Salon $37.66$45.5617.3%
      Toothpaste $3.67$3.700.8%
      Shampoo $1.24$1.283.4%
      Movie $12.00$12.131.1%
      Bowling $18.67$18.003.7%

      Groceries

      Item Elon National avg. Difference
      Ground Beef $6.17$5.845.7%
      Fried Chicken $1.42$1.579.9%
      Milk $4.49$4.673.8%
      Potatoes $5.00$4.931.3%
      Pizza $10.41$12.0913.9%
      Beer $10.25$10.411.6%

      Health Care

      Item Elon National avg. Difference
      Optometrist $146.78$125.6816.8%
      Doctor $174.00$135.7828.1%
      Dentist $97.67$113.2913.8%
      Ibuprofen $10.31$10.653.2%
      Lipitor $495.98$468.605.8%

      Housing

      Item Elon National avg. Difference
      Home Price $297,300.00$184,700.0061.0%
      Avg. Mortgage Payment $2,041.67$2,346.6913.0%
      Apartment Rent $1,354.00$949.0042.7%

      Transportation

      Item Elon National avg. Difference
      Gasoline $3.31$3.464.2%
      Tire Balancing $54.55$59.929.0%

      Utilities

      Item Elon National avg. Difference
      All Electricity $161.71$193.9916.6%
      Phone $186.82$192.252.8%
      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.
      Altamahaw, NC3697921.4%
      Haw River, NC2,4778218.2%
      Ossipee, NC5088317.0%
      Green Level, NC2,5418317.0%
      Saxapahaw, NC1,3408713.4%
      Elon, NC11,94111212.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Macedonia, OH11,9421022.3%
      Canton, MS11,9438415.9%
      Blackfoot, ID11,936919.5%
      Les Îles-de-la-Madeleine, QC11,947n/a 
      St. Peter, MN11,934972.9%
      Elon, NC11,94111212.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.