A+
11%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
32%
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 Spring Lake North Carolina National
Cost of living8994100
Goods & Services9998100
Groceries9898100
Health care112108100
Housing6885100
Transportation9392100
Utilities9894100

An Overview of Cost of Living in Spring Lake, NC

Are you thinking about relocating, but curious about the potential cost of living in Spring Lake? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Spring Lake stands at 89, making it 11% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Is Spring Lake Affordable?

Is Spring Lake 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 Spring Lake is 49.2% lower than the national average, while the average monthly rent prices are 7.9% higher than average. The affordability of any location can also be influenced by median income levels. Spring Lake has a median household income of $39,898, which is 27.9% lower than the national average.

What Factors can Influence the Cost of Living in Spring Lake?

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 Spring Lake, the groceries index is 1.6% lower than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Spring Lake, the baseline sales tax rate begins at 4.75%, and income tax rates start at 4.99%.

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.

Where is the Data From?

The cost of living data in Spring Lake displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Spring Lake is 5% lower than the North Carolina average
  • The cost of living in Spring Lake is 11% lower than the national average
  • Spring Lake housing is 32% 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 Spring Lake

See all the best places to live around Spring Lake

Compare Spring Lake, 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$38,922$3,244$908$1,168
      Renters$40,282$3,357$940$1,209
      To approximate the cost of living and the housing affordability in Spring Lake, 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 Spring Lake have a median income of $38,922. Therefore, the amount that a consumer should spend on housing costs should be no more than $908 per month to avoid calamity and poverty. The renters in the city have an income of about $40,282, which would make their monthly maximum allowable rental costs $940.

      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 Spring Lake 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 Spring Lake 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 Spring Lake 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 Spring Lake National avg. Difference
      Home Price $93,800.00$184,700.0049.2%
      Avg. Mortgage Payment $1,813.02$2,346.6922.7%
      Apartment Rent $1,024.00$949.007.9%

      Transportation

      Item Spring Lake National avg. Difference
      Gasoline $3.45$3.460.5%
      Tire Balancing $63.55$59.926.1%

      Utilities

      Item Spring Lake 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.
      Bunnlevel, NC7798416.2%
      Wade, NC6058713.3%
      Silver City, NC1,0928911.5%
      Linden, NC1108911.4%
      Cameron, NC4768811.8%
      Spring Lake, NC12,0938910.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Middle Valley, TN12,100945.8%
      Riverview, MI12,085963.7%
      Shady Hills, FL12,078945.5%
      Newcastle, WA12,07818685.8%
      Haverstraw, NY12,07612322.7%
      Spring Lake, NC12,0938910.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.