B+
13%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
46%
Housing NAT. AVG.
Search Homes for Sale
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 Fuquay-Varina North Carolina National
Cost of living11394100
Goods & Services9998100
Groceries9898100
Health care112108100
Housing14685100
Transportation9392100
Utilities9894100

An Overview of Cost of Living in Fuquay-Varina, NC

Knowing the cost of living in Fuquay-Varina 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 Fuquay-Varina stands at 113, marking it 13% higher than the national average.

Housing costs are a very significant part of the Fuquay-Varina cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 45.8% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Fuquay-Varina?

The most insightful perspective on a city comes from its residents. We recently surveyed 17 locals to gauge their perception of the cost of living in Fuquay-Varina. The feedback revealed that 59% of respondents found the cost of living to be reasonable, with prices on the decline, while 41% regarded it as notably expensive with prices that continue to rise.

Is Fuquay-Varina Affordable?

Is Fuquay-Varina 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 Fuquay-Varina is 50.6% higher than the national average, while the average monthly rent prices are 34.8% higher than average. The affordability of any location can also be influenced by median income levels. Fuquay-Varina has a median household income of $81,914, which is 48.1% higher than the national average.

What Factors can Influence the Cost of Living in Fuquay-Varina?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Fuquay-Varina, healthcare costs are 11.5% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including 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 farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Fuquay-Varina, the housing index is 45.8% higher than the national average.

Where is the Data From?

The Fuquay-Varina 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 Fuquay-Varina is 20% higher than the North Carolina average
  • The cost of living in Fuquay-Varina is 13% higher than the national average
  • Fuquay-Varina housing is 46% 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 Fuquay-Varina

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Compare Fuquay-Varina, 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$99,619$8,302$2,324$2,989
      Renters$51,719$4,310$1,207$1,552
      To approximate the cost of living and the housing affordability in Fuquay-Varina, NC, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Fuquay-Varina have a median income of $99,619. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,324 per month to avoid calamity and poverty. The renters in the city have an income of about $51,719, which would make their monthly maximum allowable rental costs $1,207.

      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 Fuquay-Varina National avg. Difference
      Haircut $19.00$24.2621.7%
      Beauty Salon $29.58$45.5635.1%
      Toothpaste $3.65$3.701.4%
      Shampoo $1.09$1.2815.1%
      Movie $10.27$12.1315.3%
      Bowling $11.00$18.0038.9%

      Groceries

      Item Fuquay-Varina National avg. Difference
      Ground Beef $5.93$5.841.5%
      Fried Chicken $1.59$1.570.9%
      Milk $4.57$4.672.1%
      Potatoes $5.18$4.934.9%
      Pizza $10.47$12.0913.4%
      Beer $10.29$10.411.1%

      Health Care

      Item Fuquay-Varina National avg. Difference
      Optometrist $141.56$125.6812.6%
      Doctor $136.38$135.780.4%
      Dentist $100.17$113.2911.6%
      Ibuprofen $10.24$10.653.9%
      Lipitor $429.52$468.608.3%

      Housing

      Item Fuquay-Varina National avg. Difference
      Home Price $278,100.00$184,700.0050.6%
      Avg. Mortgage Payment $1,813.02$2,346.6922.7%
      Apartment Rent $1,279.00$949.0034.8%

      Transportation

      Item Fuquay-Varina National avg. Difference
      Gasoline $3.45$3.460.5%
      Tire Balancing $63.55$59.926.1%

      Utilities

      Item Fuquay-Varina National avg. Difference
      All Electricity $201.14$193.993.7%
      Phone $187.32$192.252.6%
      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.
      Coats, NC2,4638812.3%
      Benson, NC3,8438911.2%
      Lillington, NC3,605945.9%
      Angier, NC5,748954.7%
      Mamers, NC613954.6%
      Fuquay-Varina, NC29,11011312.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      SeaTac, WA29,10213130.5%
      Oak Ridge, TN29,124909.9%
      Southgate, MI29,129936.7%
      Rexburg, ID29,0641088.4%
      Fredericksburg, VA29,05913231.6%
      Fuquay-Varina, NC29,11011312.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.