D+
22%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
83%
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 Carrboro North Carolina National
Cost of living12294100
Goods & Services9698100
Groceries10098100
Health care104108100
Housing18385100
Transportation9392100
Utilities9194100

An Overview of Cost of Living in Carrboro, NC

Knowing the cost of living in Carrboro allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Carrboro stands at 122, marking it 22% higher than the national average.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Carrboro is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Carrboro falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a very significant part of the Carrboro cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 83.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Carrboro Affordable?

Is Carrboro 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 Carrboro is 109.5% higher than the national average, while the average monthly rent prices are 21.4% higher than average. The affordability of any location can also be influenced by median income levels. Carrboro has a median household income of $67,469, which is 22% higher than the national average.

What Factors can Influence the Cost of Living in Carrboro?

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Carrboro, the transportation index is 6.7% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Carrboro, healthcare costs are 4.1% higher than the national average.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Carrboro, the utilities index stands at 8.6% lower than the national average.

Where is the Data From?

The cost of living data in Carrboro 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 Carrboro is 31% higher than the North Carolina average
  • The cost of living in Carrboro is 22% higher than the national average
  • Carrboro housing is 83% 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 Carrboro

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Compare Carrboro, 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$107,659$8,972$2,512$3,230
      Renters$47,123$3,927$1,099$1,414
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Carrboro, 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 Carrboro homeowners, is $107,659. This would allow for a maximum of $2,512 per month to be spent on housing costs. For renters, the median monthly income is $47,123 which would result in a maximum of $1,099 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 4.99% 4.99%

      Goods & Services

      Item Carrboro National avg. Difference
      Haircut $28.20$24.2616.2%
      Beauty Salon $50.33$45.5610.5%
      Toothpaste $3.85$3.703.9%
      Shampoo $1.33$1.284.1%
      Movie $12.19$12.130.4%
      Bowling $20.00$18.0011.1%

      Groceries

      Item Carrboro National avg. Difference
      Ground Beef $6.28$5.847.6%
      Fried Chicken $1.36$1.5713.2%
      Milk $4.64$4.670.7%
      Potatoes $4.99$4.931.1%
      Pizza $10.73$12.0911.3%
      Beer $10.46$10.410.4%

      Health Care

      Item Carrboro National avg. Difference
      Optometrist $126.46$125.680.6%
      Doctor $146.71$135.788.1%
      Dentist $136.77$113.2920.7%
      Ibuprofen $10.94$10.652.7%
      Lipitor $385.26$468.6017.8%

      Housing

      Item Carrboro National avg. Difference
      Home Price $386,900.00$184,700.00109.5%
      Avg. Mortgage Payment $2,475.99$2,346.695.5%
      Apartment Rent $1,152.00$949.0021.4%

      Transportation

      Item Carrboro National avg. Difference
      Gasoline $3.32$3.464.1%
      Tire Balancing $42.85$59.9228.5%

      Utilities

      Item Carrboro National avg. Difference
      All Electricity $161.71$193.9916.6%
      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.
      Green Level, NC2,5418317.0%
      Saxapahaw, NC1,3408713.4%
      Efland, NC804918.6%
      Swepsonville, NC2,254972.9%
      Mebane, NC15,564982.3%
      Carrboro, NC21,25412222.3%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Pickerington, OH21,2571054.6%
      Bonney Lake, WA21,24713737.2%
      Beaumont, AB21,267n/a 
      Birmingham, MI21,27214847.5%
      Oxford, AL21,282919.3%
      Carrboro, NC21,25412222.3%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.