A+
6%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
20%
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 Morganton North Carolina National
Cost of living9494100
Goods & Services10098100
Groceries9898100
Health care110108100
Housing8085100
Transportation9292100
Utilities10894100

An Overview of Cost of Living in Morganton, NC

Getting a feel for the cost of living in Morganton 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 Morganton is 94, which is 6% lower 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.

The cost of living in Morganton is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Is Morganton Affordable?

Is Morganton 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 Morganton is 16.9% lower than the national average, while the average monthly rent prices are 27.9% lower than average. The affordability of any location can also be influenced by median income levels. Morganton has a median household income of $40,406, which is 27% lower than the national average.

What Factors can Influence the Cost of Living in Morganton?

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Morganton, the groceries index is 2.5% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Morganton, the healthcare costs are 9.7% higher than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Where is the Data From?

The Morganton 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 Morganton is equal to the North Carolina average
  • The cost of living in Morganton is 6% lower than the national average
  • Morganton housing is 20% 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 Morganton

See all the best places to live around Morganton

Compare Morganton, 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$54,462$4,539$1,271$1,634
      Renters$28,672$2,389$669$860
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Morganton, NC, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Morganton, homeowners have a median income of $54,462. Using that number, a maximum of $1,271 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $28,672, which means there is a maximum of $669 to be spent on the costs of renting a home or apartment.

      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 Morganton National avg. Difference
      Haircut $28.00$24.2615.4%
      Beauty Salon $48.22$45.565.8%
      Toothpaste $3.80$3.702.6%
      Shampoo $1.33$1.283.6%
      Movie $13.07$12.137.7%
      Bowling $15.89$18.0011.7%

      Groceries

      Item Morganton National avg. Difference
      Ground Beef $6.47$5.8410.7%
      Fried Chicken $1.46$1.577.0%
      Milk $4.61$4.671.3%
      Potatoes $5.27$4.936.7%
      Pizza $10.44$12.0913.6%
      Beer $10.44$10.410.3%

      Health Care

      Item Morganton National avg. Difference
      Optometrist $155.11$125.6823.4%
      Doctor $166.73$135.7822.8%
      Dentist $113.89$113.290.5%
      Ibuprofen $10.57$10.650.7%
      Lipitor $509.86$468.608.8%

      Housing

      Item Morganton National avg. Difference
      Home Price $153,400.00$184,700.0016.9%
      Avg. Mortgage Payment $2,256.40$2,346.693.8%
      Apartment Rent $684.00$949.0027.9%

      Transportation

      Item Morganton National avg. Difference
      Gasoline $3.29$3.465.0%
      Tire Balancing $49.99$59.9216.6%

      Utilities

      Item Morganton National avg. Difference
      All Electricity $221.84$193.9914.4%
      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.
      Icard, NC2,1198812.4%
      Gamewell, NC3,8748811.8%
      Connelly Springs, NC2,2728812.0%
      Lenoir, NC17,9098514.9%
      Sawmills, NC5,2018911.4%
      Morganton, NC16,517946.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lake Wales, FL16,515972.9%
      Roosevelt, NY16,52214140.7%
      Vienna, VA16,53218584.6%
      Greater Napanee, ON16,500n/a 
      East Highland Park, VA16,499981.8%
      Morganton, NC16,517946.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.