An Overview of Cost of Living in Holly Springs, NC
Are you thinking about relocating, but curious about the potential cost of living in Holly Springs? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Holly Springs stands at 123, making it 23% higher 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.
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 Holly Springs 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, Holly Springs falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs are a major factor in the Holly Springs cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 81.4% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Holly Springs?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 20 locals to understand their opinions on the cost of living in Holly Springs. The results indicated that 50% found it reasonably priced with decreasing prices of goods and services, while 50% viewed it as quite expensive, with increasing prices.
Is Holly Springs Affordable?
Is Holly Springs 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 Holly Springs is 91.9% higher than the national average, while the average monthly rent prices are 56.9% higher than average. The affordability of any location can also be influenced by median income levels. Holly Springs has a median household income of $110,758, which is 100.2% higher than the national average.
What Factors can Influence the Cost of Living in Holly Springs?
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Holly Springs, the housing index stands at 81.4% higher than the national average.
Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Holly Springs, the groceries index is 1.6% lower than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Holly Springs, healthcare costs are 11.5% higher than the national average.
Where is the Data From?
The Holly Springs 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
Here are the best places to live in North Carolina
Top 10 best public schools in Holly Springs
10 Best cities in North Carolina for employment
These are the 10 most affordable cities in North Carolina