C
11%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
36%
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 Boone North Carolina National
Cost of living11194100
Goods & Services10098100
Groceries9898100
Health care110108100
Housing13685100
Transportation9292100
Utilities10894100

An Overview of Cost of Living in Boone, NC

The cost of living in Boone 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 Boone is 111, which is 11% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Housing costs significantly influence the Boone cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 36%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

What Do Locals Say About the Cost of Living in Boone?

The most insightful perspective on a city comes from its residents. We recently surveyed 12 locals to gauge their perception of the cost of living in Boone. The feedback revealed that 67% of respondents found the cost of living to be reasonable, with prices on the decline, while 33% regarded it as notably expensive with prices that continue to rise.

Is Boone Affordable?

Is Boone 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 Boone is 51.3% higher than the national average, while the average monthly rent prices are 0.3% higher than average. The affordability of any location can also be influenced by median income levels. Boone has a median household income of $25,535, which is 53.8% lower than the national average.

What Factors can Influence the Cost of Living in Boone?

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Boone, the general sales tax rate starts at 4.75%, and income tax rates begin at 4.99%.

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.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Boone, the housing index is 36% higher than the national average.

Where is the Data From?

The Boone 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 Boone is 18% higher than the North Carolina average
  • The cost of living in Boone is 11% higher than the national average
  • Boone housing is 36% higher than the national average
  • North Carolina general sales tax is 7% lower than the national average
  • North Carolina state income tax is 121% higher than the national average

Most Affordable Places to Live in and Around Boone

See all the best places to live around Boone

Compare Boone, 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$80,500$6,708$1,878$2,415
      Renters$17,637$1,470$412$529
      A good way to judge both the affordability of the housing and the cost of living in Boone is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Boone has a median income of about $80,500 for people who own homes. Based on that number, a maximum of $1,878 should be spent on expenses related to housing. Renters have a slightly different median income, which is $17,637. Based on this average, renters should spend no more than $412 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 4.99% 4.99%

      Goods & Services

      Item Boone 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 Boone 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 Boone 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 Boone National avg. Difference
      Home Price $279,400.00$184,700.0051.3%
      Avg. Mortgage Payment $2,256.40$2,346.693.8%
      Apartment Rent $952.00$949.000.3%

      Transportation

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

      Utilities

      Item Boone 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.
      West Jefferson, NC1,767928.0%
      Jefferson, NC1,609946.2%
      Crossnore, NC146964.3%
      Newland, NC710973.4%
      Cove Creek, NC1,0871054.9%
      Boone, NC19,46611110.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Orinda, CA19,461279178.8%
      Stillwater, MN19,47111212.3%
      Franconia, VA19,47814443.6%
      Lynbrook, NY19,44515555.1%
      Riverview, NB19,441n/a 
      Boone, NC19,46611110.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.