Cost Of Living In Albemarle, NC

Albemarle cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Albemarle	North Carolina	National
Cost of living index	85	95	100
Index	Albemarle	North Carolina	National
Goods & Services index	93	100	100
Groceries index	98	99	100
Health care index	117	105	100
Housing index	68	87	100
Transportation index	75	94	100
Utilities index	90	97	100

The above illustration supplies generalized information for the Albemarle, NC cost of living index. Compared to other cities in North Carolina and cities across the country, the cost of living index in Albemarle, NC is 85, which is 11% lower than the North Carolina average and 15% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Albemarle, NC are 8% lower than the average for North Carolina and 7% lower than the rest of the country.

Did you know?

The cost of living in Albemarle is 11% lower than the North Carolina average.
The cost of living in Albemarle is 15% lower than the national average.
The cost of housing in Albemarle 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 159% higher than the national average.

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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

The salary calculator is meant to help you compare your salary in Albemarle, NC to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Albemarle, NC, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Albemarle, NC salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$50,368	$4,197	$1,175	$1,511
Renters	$19,596	$1,633	$457	$588

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Albemarle, NC as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Albemarle, NC homeowners, is $50,368. This would allow for a maximum of $1,175 per month to be spent on housing costs. For renters, the median monthly income is $19,596 which would result in a maximum of $457 to be spent on rental costs.

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	5.75%	5.75%

The North Carolina sales tax and North Carolina income tax rates should definitely be considered when determining the overall cost of living in Albemarle, NC. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The North Carolina sales tax is 4.75% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The North Carolina income tax rates range from 5.75% to 5.75%.

Goods & Services

Item	Albemarle	National avg.	Difference
Haircut	$11.13	$15.56	28.5%
Beauty Salon	$29.63	$36.11	17.9%
Toothpaste	$1.93	$2.47	21.8%
Shampoo	$0.99	$0.96	2.6%
Movie	$5.83	$10.13	42.4%
Bowling	$2.25	$4.74	52.5%

Groceries

Item	Albemarle	National avg.	Difference
Ground Beef	$3.91	$3.98	1.9%
Fried Chicken	$1.06	$1.41	24.4%
Milk	$1.96	$2.06	4.9%
Potatoes	$3.37	$2.98	13.1%
Pizza	$10.72	$9.47	13.2%
Beer	$8.40	$8.79	4.5%

Health Care

Item	Albemarle	National avg.	Difference
Optometrist	$126.94	$101.04	25.6%
Doctor	$153.11	$107.44	42.5%
Dentist	$103.33	$90.42	14.3%
Ibuprofen	$8.29	$9.28	10.7%
Lipitor	$415.11	$426.50	2.7%

Housing

Item	Albemarle	National avg.	Difference
Home Price	$122,100.00	$175,700.00	30.5%
Avg. Mortgage Payment	$971.14	$1,133.23	14.3%
Apartment Rent	$598.00	$920.00	35.0%

Transportation

Item	Albemarle	National avg.	Difference
Gasoline	$1.84	$1.99	7.9%
Tire Balancing	$16.81	$45.76	63.3%

Utilities

Item	Albemarle	National avg.	Difference
All Electricity	$169.68	$163.81	3.6%
Phone	$20.50	$28.39	27.8%

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, State	Population	Cost of Living Index	National Avg.
Mount Gilead, NC	1,456	80	-20%
Millingport, NC	651	81	-19%
Badin, NC	1,608	82	-18%
Richfield, NC	774	83	-17%
Norwood, NC	2,727	84	-16%
Albemarle, NC	15,924	85	-15%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Asbury Park, NJ	15,933	144	44%
Clayton, MO	15,912	151	51%
Groves, TX	15,911	85	-15%
Clarksburg, MD	15,941	147	47%
Great Bend, KS	15,942	82	-18%
Albemarle, NC	15,924	85	-15%

Source: The Albemarle, NC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.

Albemarle, NC Cost of Living