Lexington 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.
IndexLexingtonNorth CarolinaNational
Cost of living index8497100
IndexLexingtonNorth CarolinaNational
Goods & Services index91101100
Groceries index102100100
Health care index111104100
Housing index6087100
Transportation index91102100
Utilities index90100100
An overview of the general cost of living index for Lexington, NC is displayed above for your reference. Residents in Lexington, NC enjoy a cost of living index of 84. This index is 13% lower than the North Carolina average, and 16% 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 Lexington, NC, the average cost of goods and services is 10% lower than it is in North Carolina, and it is 9% lower than the national average.

Did you know?

  • The cost of living in Lexington is 13% lower than the North Carolina average.
  • The cost of living in Lexington is 16% lower than the national average.
  • The cost of housing in Lexington is 40% 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.

Find Real Estate Listings In Lexington

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Lexington

Compare Lexington, NC Cost of living To Other Cities

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
Use the salary calculator to compare your current salary in Lexington, 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 Lexington, NC, then you would need to earn more income in order to maintain the same standard of living. To use the Lexington, 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

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$40,594$3,383$947$1,218
Renters$22,912$1,909$535$687
The affordability of the housing market in Lexington, NC as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Lexington, NC homeowners, the median income is $40,594. This indicates that a monthly maximum of $947 should be spent by homeowners on all housing related costs. Renters have a median income of $22,912. This indicates that renters should have a maximum of $535 used for their rent related monthly costs.

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%
The North Carolina sales tax and North Carolina income tax rates should definitely be considered when determining the overall cost of living in Lexington, NC. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The North Carolina sales tax is 4.75% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The North Carolina income tax rates range from 5.75% to 5.75%.

Goods & Services

ItemLexingtonNational avg.Difference
Haircut $11.00$14.5924.6%
Beauty Salon $28.57$34.6817.6%
Toothpaste $1.99$2.4719.5%
Shampoo $1.19$1.0216.4%
Movie $5.50$9.8744.3%
Bowling $2.25$4.3948.8%

Groceries

ItemLexingtonNational avg.Difference
Ground Beef $4.56$4.481.9%
Fried Chicken $1.51$1.463.1%
Milk $2.07$2.3612.2%
Potatoes $3.10$3.061.3%
Pizza $10.99$9.2418.9%
Beer $7.74$8.6310.3%

Health Care

ItemLexingtonNational avg.Difference
Optometrist $126.67$99.7827.0%
Doctor $145.83$105.0338.8%
Dentist $100.50$88.7013.3%
Ibuprofen $10.34$9.419.9%
Lipitor $218.72$298.5026.7%

Housing

ItemLexingtonNational avg.Difference
Home Price $98,900.00$175,700.0043.7%
Avg. Mortgage Payment $965.39$1,081.0310.7%
Apartment Rent $633.00$920.0031.2%

Transportation

ItemLexingtonNational avg.Difference
Gasoline $2.16$2.093.4%
Tire Balancing $25.00$45.2944.8%

Utilities

ItemLexingtonNational avg.Difference
All Electricity$175.54$170.802.8%
Phone $20.50$28.2627.4%
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.
East Spencer, NC1,52083-17%
Denton, NC1,68284-16%
Spencer, NC3,26784-16%
Thomasville, NC27,04284-16%
Salisbury, NC33,52487-13%
Lexington, NC19,02984-16%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Niles, OH19,02877-23%
Brook Park, OH19,02795-5%
Angleton, TX19,03484-16%
Brookfield, IL19,02211212%
Albany, CA19,02017575%
Lexington, NC19,02984-16%
Source: The Lexington, NC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.