Farmville cost of living index

An overview of the general cost of living index for Farmville, NC is displayed above for your reference. Residents in Farmville, NC enjoy a cost of living index of 95. This index is equal to the North Carolina average, and 5% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Farmville, NC, the average cost of goods and services is 3% higher than it is in North Carolina, and it is 1% higher than the national average.

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Salary Calculator

Use the salary calculator to compare your current salary in Farmville, NC to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Farmville, NC, then you would need to earn more income in order to maintain the same standard of living. To use the Farmville, NC salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Farmville, NC, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Farmville, NC has a median income of about $64,250 for people who own homes. Based on that number, a person should spend a maximum of $1,499 on expenses related to housing. Renters have a slightly different median income, which is $21,894. Based on this average, renters should spend no more than $511 on all of their rental costs if they want to maintain a non-impoverished standard of living.

North Carolina Sales Tax

North Carolina Income Tax

When assessing the complete cost of living in Farmville, NC, the North Carolina income tax and the North Carolina sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The North Carolina maximum surtax is 7.5%, and the North Carolina sales tax is 4.75%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 5.75% to 5.75% in North Carolina.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Farmville, NC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.