What is the cheapest city to live in north carolina – what is the cheapest city to live in north car
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It is an affordable place to live, as the earning potential is good while the property prices and cost of rental are low. Therefore, the unemployment rate in this city is low, and earning opportunities are decent. Renting and buying a property are both affordable options in this city, as is the general cost of living. Marion is home to 7, people, and many people earn a reasonable living. For those who are renting, this is the best location to choose, as it has the best income-to-rent ratio in the state.
Buying property in this town is also affordable, as it has the fourth-best home price to income ratio in North Carolina. Located in Caldwell County, Sawmills is known as the biggest little town in the foothills, and it has a population of 5, people.
It has the best income to property price ratio, which makes it the most affordable place to live for people who are buying a home. However, the income to rental price is not as good as the cost of renting is higher than some other location on this list.
You must be logged in to post a comment. This site uses Akismet to reduce spam. Learn how your comment data is processed. Skip to content Depending on their life stage, personal circumstances, lifestyle, and needs, people consider different factors when choosing where to live. Albemarle Both property prices and the cost of renting are low in Albemarle, which is a town in Stanly County.
Winterville Regardless of whether you are renting or buying a property, Winterville is an affordable place to live. Newton Newton is a town in Catawba County with a population of 13, Archdale Although the cost of buying a property is reasonable, renting is especially affordable in Archdale. Marion Marion is home to 7, people, and many people earn a reasonable living. Similar Posts.
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Visit your nearest On Q Financial, Inc. Durham is a city that has everything wrapped into a single location, all the while maintaining its affordability. Almost 70 percent of homeowners spend less than 30 percent of their monthly income on housing expenses. Case in point: Durham has some of the most affordable health care in all of North Carolina.
A lot of U. However, Concord is the place to make your dream of owning a home a reality. You get to spend less on house expenses and more on living the way you want. Homes situated by the water often fetch a high price. Depending on where you live in Wilmington, you can easily stroll around town, all the while forgoing car expenses like gas, repairs, and tire replacement. Also, most types of entertainment in Wilmington cost next to nothing.
The historic district and Riverwalk constantly provide free options that you can visit day after day. Chapel Hill is filled with an abundance of opportunities, which further compliments its affordability.
Being one of the most popular suburban areas in North Carolina, Morrisville has a population of over 22, residents and has favorably ranked in areas like the availability of jobs, public schools, ethnic and economic diversity. Wake Forest is another suburban area in North Carolina located north of the state capital.
The town is home to almost 35, residents and used to be the original home of Wake University before its relocation to Winston-Salem. The northern capital of North Carolina, Raleigh, which is also known as the City of Oaks, is a great place for people who love the excitement of the bustling city. This huge city is home to over , people, who enjoy the low cost of living.
What is the cheapest city to live in north carolina – what is the cheapest city to live in north car
This little North Carolina gem is 12th when it comes to home price to income ratio. We are not surprised considering they have such a strong economy led by a railroad hub with an emphasis in manufacturing and warehousing. Now if a job in manufacturing is not your thing, it seems there will always be a need for train conductors. The population was 15, at the census. From the late nineteenth century through much of the 20th, the city was a center of textile mills and manufacturing.
The city was incorporated in through the consolidation of three separate towns: Leaksville, Spray, and Draper. The phone Area code is area code In fact, for the ratio of home price to income, Winterville ranks as the fourth best in the state. Even if you decide to rent in Winterville, the income to rent ratio ranks as the 7. All this extra expendable income is part of the reason we named Winterville one of the best places to live in North Carolina.
Once a city with an agricultural-based economy, this Archdale has gravitated towards the traditional with most jobs, now, in manufacturing, healthcare, and tech services.
Newton ranks as the eighth most affordable city in North Carolina, mostly thanks to its relatively cheap homes.
This gives Newton the seventh best ratio of home price to income in the state. In any case, with loads of parks to choose from, you can have fun in Newton without spending a dime. The population was 9, at the census. It is the county seat of Richmond County. According to Census, population of Gibsonville was 6, Next 10 Cities. The county in North Carolina with the lowest cost of living is Durham County. Durham County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to North Carolina as a whole.
The cost of living in North Carolina is 2. The cheapest housing market in North Carolina is Roxboro. The two most important things to think about when it comes to being able to afford if you can live comes down to:. You might spend more on housing, but you have more money overall to play with. With that example in mind, we derived several statistics from the latest Census American Community Survey around incomes and costs.
They are:. We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes heating, electricity, etc.
You can then compare these metrics in each of the places in North Carolina to figure out which is the least expensive. So we used that cost of living index in order to rank all of the places in North Carolina that have more than 5, people.
The place with the lowest cost of living in North Carolina according to the data is Sawmills. You can download the data here. Although Cornelius tops this list, it remains more unaffordable than Thomasville, the fifth most unaffordable city for homeowners.
Like other affordable cities for renters in the state, Cornelius’ residents have a median income that’s well above North Carolina’s median income for renters. The second most affordable city for renters is Apex , a suburb of Raleigh. This city’s tenants spend Apex is the only place in our study besides Cary, another city that’s adjacent to Raleigh, that appears on both the homeowners and renters affordability lists.
Cary’s renters spend a quarter of their income on housing, but they make almost twice what’s expected for renters in North Carolina. Costs associated with housing in Holly Springs amount to The fifth most affordable city in North Carolina is Mooresville. This city, which sits alongside Lake Norman to the north of Charlotte, costs its renters about As with North Carolina’s least affordable cities for homeowners, renters’ low wages contribute to the unaffordability of a region.
Kinston is the least affordable city in the state. Its residents spend Shelby is the second least affordable city in the state. Consequently, despite its unaffordability for renters, Shelby is among the most affordable cities for homeowners in North Carolina.
However, like those in Kinston and Shelby, renters in Lumberton have relatively low incomes and can’t absorb housing costs well. These disparities are the seventh and eighth largest among the cities we surveyed. For both homeowners and renters, the cost of insurance is a factor in determining a home’s affordability. Since the cost of insurance varies with household due to a variety of reasons, including personal history and location, it’s best to consider the coverage options from a few providers.
Because homeowners insurance is often included as a requirement by mortgage lenders, its costs are included in the Census Bureau’s calculations of affordability. The price of renters insurance isn’t accounted for, though. Since the state also ranks in the National Association of Insurance Commissioners’ NAIC list of states that make flood damage claims, it could be a good idea to purchase flood insurance as well. Most homeowners insurance policies don’t provide coverage for this type of peril, but coverage is often a small percentage of one’s income.
Like homeowners, renters in North Carolina should consider flood insurance, as this type of damage is not often covered by a typical policy. Because the cost of renters insurance isn’t accounted for by the Census Bureau’s assessment of gross net rent, tenants who purchase this protection must consider its cost separate from utilities. Fortunately, since the cost of renters insurance is significantly cheaper than homeowners insurance, its price carries a lower financial burden, even with flood insurance.
We analyzed the affordability of owning and renting a home in this state using data from the Census Bureau’s database.
The major cities in this study have an estimated population of over 20, people as of More information pertaining to home affordability can be found here. It has not been previewed, commissioned or otherwise endorsed by any of our network partners. To get an insurance quote over the phone, call: Agents available 24 hours a day, 7 days a week! While North Carolina’s largest cities are affordable for homeowners, the state’s renters will have a harder time finding affordable housing.
Which cities in North Carolina are the most and least affordable for its residents? Source: Getty Images. Key findings Although it’s affordable to own a home in each of the state’s cities with over 20, people, housing for renters is unaffordable in 24 of the 43 cities we surveyed. Raleigh has a concentration of affordable cities surrounding it.
Raleigh’s well-paying tech industries and low overall unemployment seem to have benefited residents in nearby cities and suburbs, like Cary, Apex and Holly Springs. Raleigh is a good city for residents looking to move, and those with high-paying jobs may find the city’s satellite communities even better.