An Overview of Cost of Living in Goldsboro, NC
Are you thinking about relocating, but curious about the potential cost of living in Goldsboro? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Goldsboro stands at 92, making it 8% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
In Goldsboro, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Goldsboro will resemble that of an average city, contributing to a manageable cost of living.
What Do Locals Say About the Cost of Living in Goldsboro?
Nobody knows their city better than the people who actually live there. So, we asked 12 local residents how they would rate the cost of living in Goldsboro and this is how they responded. 25% of people said that the cost of living was affordable, with prices decreasing, while 75% of people said that the cost of living was very expensive and prices continue to rise.
Is Goldsboro Affordable?
Is Goldsboro affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Goldsboro, the median home price is 27.3% lower than the national average and monthly rent prices are 15.8% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Goldsboro boasting a median household income of $37,556, 32.1% lower than the national average.
What Factors can Influence the Cost of Living in Goldsboro?
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Goldsboro, the transportation index stands at 6.9% lower than the national average.
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.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Goldsboro, the standard sales tax rate starts at 4.75%, and the income tax rates commence at 4.99%.
Where is the Data From?
The cost of living data in Goldsboro 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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