Hope Mills cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexHope MillsNorth CarolinaNational
Cost of living index9397100
IndexHope MillsNorth CarolinaNational
Goods & Services index100101100
Groceries index100100100
Health care index99104100
Housing index7687100
Transportation index99102100
Utilities index98100100
The above illustration supplies generalized information for the Hope Mills, NC cost of living index. Compared to other cities in North Carolina and cities across the country, the cost of living index in Hope Mills, NC is 93, which is 4% lower than the North Carolina average and 7% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Hope Mills, NC are equal to the average for North Carolina and equal to the rest of the country.

Did you know?

  • The cost of living in Hope Mills is 4% lower than the North Carolina average.
  • The cost of living in Hope Mills is 7% lower than the national average.
  • The cost of housing in Hope Mills is 24% lower than the national average.
  • North Carolina general sales tax is 7% lower than the national average.
  • North Carolina state income tax is 159% higher than the national average.

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Salary Calculator

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Groceries index
Health care index
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Transportation index
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The salary calculator allows you to compare how much your current salary in Hope Mills, NC would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Hope Mills, NC, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Hope Mills, NC salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$61,750$5,146$1,441$1,853
Renters$32,991$2,749$770$990
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 Hope Mills, 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. Hope Mills, NC has a median income of about $61,750 for people who own homes. Based on that number, a person should spend a maximum of $1,441 on expenses related to housing. Renters have a slightly different median income, which is $32,991. Based on this average, renters should spend no more than $770 on all of their rental costs if they want to maintain a non-impoverished standard of living.

North Carolina Sales Tax

StateGeneral Sales TaxWith Max Surtax
North Carolina4.75%7.5%

North Carolina Income Tax

StateIncome Tax (Low)Income Tax (High)
North Carolina5.75%5.75%
When assessing the complete cost of living in Hope Mills, 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

ItemHope MillsNational avg.Difference
Haircut $18.57$14.5927.3%
Beauty Salon $40.57$34.6817.0%
Toothpaste $2.44$2.471.3%
Shampoo $1.01$1.021.2%
Movie $9.86$9.870.1%
Bowling $4.44$4.391.1%

Groceries

ItemHope MillsNational avg.Difference
Ground Beef $4.69$4.484.8%
Fried Chicken $1.35$1.467.8%
Milk $2.50$2.366.1%
Potatoes $3.64$3.0618.9%
Pizza $9.27$9.240.3%
Beer $8.62$8.630.1%

Health Care

ItemHope MillsNational avg.Difference
Optometrist $98.75$99.781.0%
Doctor $95.79$105.038.8%
Dentist $98.29$88.7010.8%
Ibuprofen $9.61$9.412.1%
Lipitor $258.40$298.5013.4%

Housing

ItemHope MillsNational avg.Difference
Home Price $124,800.00$175,700.0029.0%
Avg. Mortgage Payment $797.74$1,081.0326.2%
Apartment Rent $818.00$920.0011.1%

Transportation

ItemHope MillsNational avg.Difference
Gasoline $2.22$2.096.3%
Tire Balancing $35.50$45.2921.6%

Utilities

ItemHope MillsNational avg.Difference
All Electricity$147.80$170.8013.5%
Phone $31.99$28.2613.2%
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, StatePopulationCost of Living IndexNational Avg.
Rex, NC7999-1%
Dundarrach, NC6899-1%
Shannon, NC23281-19%
Red Springs, NC3,44582-18%
St. Pauls, NC2,14782-18%
Hope Mills, NC16,02493-7%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Coos Bay, OR16,0221077%
Brenham, TX16,02988-12%
Forney, TX16,0171055%
Oroville, CA16,01511515%
Talladega, AL16,03480-20%
Hope Mills, NC16,02493-7%
Source: The Hope Mills, NC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.