A+
16%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
45%
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 Henderson North Carolina National
Cost of living8494100
Goods & Services9798100
Groceries10398100
Health care106108100
Housing5585100
Transportation8992100
Utilities8994100

An Overview of Cost of Living in Henderson, NC

Understanding the cost of living in Henderson can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Henderson cost of living index is 84, which is 16% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Henderson stands out by reporting housing costs that are 45.4% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

Is Henderson Affordable?

Is Henderson 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 Henderson is 52.1% lower than the national average, while the average monthly rent prices are 29.6% lower than average. The affordability of any location can also be influenced by median income levels. Henderson has a median household income of $31,793, which is 42.5% lower than the national average.

What Factors can Influence the Cost of Living in Henderson?

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 Henderson, the transportation index is 11.2% lower than the national average.

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.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Henderson, the groceries index is 2.5% higher than the national average.

Where is the Data From?

The Henderson 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 Henderson is 11% lower than the North Carolina average
  • The cost of living in Henderson is 16% lower than the national average
  • Henderson housing is 45% lower 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 Henderson

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Compare Henderson, 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$49,130$4,094$1,146$1,474
      Renters$22,878$1,907$534$686
      The affordability of the housing market in Henderson, NC as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Henderson homeowners, the median income is $49,130. This indicates that a monthly maximum of $1,146 should be spent by homeowners on all housing related costs. Renters have a median income of $22,878. This indicates that renters would have a maximum of $534 for their rent related monthly costs.

      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 Henderson National avg. Difference
      Haircut $26.10$24.267.6%
      Beauty Salon $53.19$45.5616.7%
      Toothpaste $3.81$3.702.9%
      Shampoo $1.27$1.280.8%
      Movie $12.67$12.134.4%
      Bowling $20.20$18.0012.2%

      Groceries

      Item Henderson National avg. Difference
      Ground Beef $6.13$5.844.9%
      Fried Chicken $1.50$1.574.4%
      Milk $4.61$4.671.4%
      Potatoes $5.05$4.932.4%
      Pizza $10.79$12.0910.7%
      Beer $10.35$10.410.6%

      Health Care

      Item Henderson National avg. Difference
      Optometrist $113.17$125.6810.0%
      Doctor $146.11$135.787.6%
      Dentist $149.50$113.2932.0%
      Ibuprofen $10.91$10.652.4%
      Lipitor $438.85$468.606.3%

      Housing

      Item Henderson National avg. Difference
      Home Price $88,400.00$184,700.0052.1%
      Avg. Mortgage Payment $2,113.73$2,346.699.9%
      Apartment Rent $668.00$949.0029.6%

      Transportation

      Item Henderson National avg. Difference
      Gasoline $3.36$3.462.9%
      Tire Balancing $50.00$59.9216.6%

      Utilities

      Item Henderson National avg. Difference
      All Electricity $191.72$193.991.2%
      Phone $186.28$192.253.1%
      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.
      South Henderson, NC1,0557822.3%
      Norlina, NC1,1978218.4%
      Kittrell, NC1368218.0%
      Warrenton, NC1,0368613.8%
      Stovall, NC286909.6%
      Henderson, NC15,1278416.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Mineral Wells, TX15,130937.1%
      Laurinburg, NC15,1188812.1%
      Weston, WI15,1399010.4%
      Hollins, VA15,113982.1%
      Glenmont, MD15,11113939.0%
      Henderson, NC15,1278416.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.