Cost Of Living In Midway, NC

Midway 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.
Index	Midway	North Carolina	National
Cost of living index	96	95	100
Index	Midway	North Carolina	National
Goods & Services index	98	100	100
Groceries index	99	99	100
Health care index	104	105	100
Housing index	85	87	100
Transportation index	98	94	100
Utilities index	112	97	100

An overview of the general cost of living index for Midway, NC is displayed above for your reference. Residents in Midway, NC enjoy a cost of living index of 96. This index is equal to the North Carolina average, and 4% 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 Midway, NC, the average cost of goods and services is 2% lower than it is in North Carolina, and it is 2% lower than the national average.

Did you know?

The cost of living in Midway is equal to the North Carolina average.
The cost of living in Midway is 4% lower than the national average.
The cost of housing in Midway is 15% 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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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Using the salary calculator lets you compare the salary you earn in Midway, NC to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Midway, NC, you have to earn a higher income in order to still have the same standard of living. To operate the Midway, NC salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$54,974	$4,581	$1,283	$1,649
Renters	$34,049	$2,837	$794	$1,022

How much of your monthly income goes to housing can tell you whether or not you can afford housing in Midway, NC, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Midway, NC homeowners have a median income of $54,974. Using that number, you will come up with a maximum of $1,283 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $34,049, which means there is a maximum of $794 to be spent on the costs of renting a home or apartment.

North Carolina Sales Tax

State	General Sales Tax	With Max Surtax
North Carolina	4.75%	7.5%

North Carolina Income Tax

State	Income Tax (Low)	Income Tax (High)
North Carolina	5.75%	5.75%

For those who live in Midway, NC and want to know what the true cost of living is, they ought to look at both the North Carolina income tax rate and the North Carolina sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In North Carolina, the sales tax is 4.75%, while the most you'll pay in surtax is 7.5%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in North Carolina, the income tax rate ranges between 5.75% to 5.75%.

Goods & Services

Item	Midway	National avg.	Difference
Haircut	$19.92	$15.56	28.0%
Beauty Salon	$33.61	$36.11	6.9%
Toothpaste	$2.48	$2.47	0.3%
Shampoo	$1.06	$0.96	10.2%
Movie	$10.31	$10.13	1.8%
Bowling	$4.71	$4.74	0.5%

Groceries

Item	Midway	National avg.	Difference
Ground Beef	$3.66	$3.98	8.2%
Fried Chicken	$1.46	$1.41	3.5%
Milk	$1.94	$2.06	5.8%
Potatoes	$3.22	$2.98	8.0%
Pizza	$8.13	$9.47	14.2%
Beer	$8.78	$8.79	0.2%

Health Care

Item	Midway	National avg.	Difference
Optometrist	$113.55	$101.04	12.4%
Doctor	$127.44	$107.44	18.6%
Dentist	$88.67	$90.42	1.9%
Ibuprofen	$8.34	$9.28	10.1%
Lipitor	$425.33	$426.50	0.3%

Housing

Item	Midway	National avg.	Difference
Home Price	$160,300.00	$175,700.00	8.8%
Avg. Mortgage Payment	$760.84	$1,133.23	32.9%
Apartment Rent	$634.00	$920.00	31.1%

Transportation

Item	Midway	National avg.	Difference
Gasoline	$1.94	$1.99	2.7%
Tire Balancing	$45.33	$45.76	0.9%

Utilities

Item	Midway	National avg.	Difference
All Electricity	$169.68	$163.81	3.6%
Phone	$35.33	$28.39	24.5%

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, State	Population	Cost of Living Index	National Avg.
Lexington, NC	19,029	83	-17%
Thomasville, NC	27,042	83	-17%
Trinity, NC	6,648	86	-14%
Archdale, NC	11,322	87	-13%
Walkertown, NC	4,790	93	-7%
Midway, NC	4,717	96	-4%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Barnwell, SC	4,717	87	-13%
Farmville, NC	4,716	96	-4%
Sultan, WA	4,715	110	10%
Elmsford, NY	4,719	153	53%
Turners Falls, MA	4,719	105	5%
Midway, NC	4,717	96	-4%

Source: The Midway, NC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.

Midway, NC Cost of Living