An Overview of Cost of Living in Rocky Mount, NC
Knowing the cost of living in Rocky Mount allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Rocky Mount stands at 89, marking it 11% lower than the national average.
What Do Locals Say About the Cost of Living in Rocky Mount?
Locals have the inside scoop on their city. So, we polled 22 residents in Rocky Mount to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 27% find it reasonable with decreasing prices, but 73% think it's quite pricey, with prices that continue to rise.
Is Rocky Mount Affordable?
Is Rocky Mount an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Rocky Mount, the median home price is 40.6% lower than what most folks pay across the country, and monthly rent prices are 17.6% lower than the usual rates. Income levels in Rocky Mount come in at $42,691, which is 22.8% lower than the national average.
What Factors can Influence the Cost of Living in Rocky Mount?
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Rocky Mount, the transportation index is 6.9% lower than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Rocky Mount starts at 4.75% and the income tax rates start at 4.99%.
Where is the Data From?
The cost of living in Rocky Mount, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.
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