A+
5%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
16%
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 Winston-Salem North Carolina National
Cost of living9594100
Goods & Services10698100
Groceries9798100
Health care113108100
Housing8485100
Transportation9292100
Utilities8994100

An Overview of Cost of Living in Winston-Salem, NC

The cost of living in Winston-Salem affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Winston-Salem is 95, which is 5% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Everyday expenditures like food, housing, goods and services, transportation and health care in Winston-Salem are priced in a manner consistent with other areas. This means that residents of Winston-Salem can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

What Do Locals Say About the Cost of Living in Winston-Salem?

Nobody knows their city better than the people who actually live there. So, we asked 29 local residents how they would rate the cost of living in Winston-Salem and this is how they responded. 79% of people said that the cost of living was affordable, with prices decreasing, while 21% of people said that the cost of living was very expensive and prices continue to rise.

Is Winston-Salem Affordable?

Is Winston-Salem affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Winston-Salem, the median home price is 17.7% lower than the national average and monthly rent prices are 12.9% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Winston-Salem boasting a median household income of $47,269, 14.6% lower than the national average.

What Factors can Influence the Cost of Living in Winston-Salem?

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Winston-Salem, the groceries index registers 2.9% lower than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Winston-Salem, healthcare costs are 12.6% higher than the national average.

Where is the Data From?

The Winston-Salem cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Winston-Salem is 2% higher than the North Carolina average
  • The cost of living in Winston-Salem is 5% lower than the national average
  • Winston-Salem housing is 16% 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 Winston-Salem

See all the best places to live around Winston-Salem

Compare Winston-Salem, 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$67,222$5,602$1,568$2,017
      Renters$31,581$2,632$737$948
      To approximate the cost of living and the housing affordability in Winston-Salem, 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 Winston-Salem have a median income of $67,222. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,568 per month to avoid calamity and poverty. The renters in the city have an income of about $31,581, which would make their monthly maximum allowable rental costs $737.

      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 Winston-Salem National avg. Difference
      Haircut $22.17$24.268.6%
      Beauty Salon $52.72$45.5615.7%
      Toothpaste $3.64$3.701.7%
      Shampoo $1.25$1.282.6%
      Movie $11.58$12.134.6%
      Bowling $20.00$18.0011.1%

      Groceries

      Item Winston-Salem National avg. Difference
      Ground Beef $5.81$5.840.6%
      Fried Chicken $1.41$1.5710.6%
      Milk $4.58$4.672.0%
      Potatoes $5.01$4.931.5%
      Pizza $11.34$12.096.2%
      Beer $10.17$10.412.3%

      Health Care

      Item Winston-Salem National avg. Difference
      Optometrist $147.25$125.6817.2%
      Doctor $157.28$135.7815.8%
      Dentist $126.56$113.2911.7%
      Ibuprofen $10.47$10.651.7%
      Lipitor $548.33$468.6017.0%

      Housing

      Item Winston-Salem National avg. Difference
      Home Price $152,000.00$184,700.0017.7%
      Avg. Mortgage Payment $1,737.79$2,346.6925.9%
      Apartment Rent $827.00$949.0012.9%

      Transportation

      Item Winston-Salem National avg. Difference
      Gasoline $3.31$3.464.2%
      Tire Balancing $48.78$59.9218.6%

      Utilities

      Item Winston-Salem National avg. Difference
      All Electricity $163.41$193.9915.8%
      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.
      Walnut Cove, NC2,0889010.2%
      East Bend, NC739919.2%
      Welcome, NC3,0508812.4%
      Tobaccoville, NC2,687927.7%
      Germanton, NC1,124937.1%
      Winston-Salem, NC245,787954.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      North Las Vegas, NV247,2481088.0%
      Norfolk, VA244,3001055.2%
      Gilbert, AZ248,34913232.0%
      Chesapeake, VA242,64711515.3%
      Longueuil, QC249,920n/a 
      Winston-Salem, NC245,787954.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.