Cost of Living in Matthews, NC

An Overview of Cost of Living in Matthews, NC

Getting a feel for the cost of living in Matthews is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Matthews is 115, which is 15% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Housing costs make up a big chunk of the cost of living in Matthews, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 50% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

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

The real experts on a city are its residents. That's why we reached out to 9 locals to get their views on the cost of living in Matthews. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 56% found it budget-friendly with decreasing prices, while 44% said it's simply not affordable as prices have continued to rise.

Is Matthews Affordable?

Is Matthews an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Matthews, the median home price is 53.3% higher than what most folks pay across the country, and monthly rent prices are 42.3% higher than the usual rates. Income levels in Matthews come in at $89,881, which is 62.5% higher than the national average.

What Factors can Influence the Cost of Living in Matthews?

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Matthews, the utilities index stands at 11.2% lower than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

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 Matthews, the housing index is 50% higher than the national average.

Where is the Data From?

The Matthews 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.