Silver Lake 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.
IndexSilver LakeNorth CarolinaNational
Cost of living index10097100
IndexSilver LakeNorth CarolinaNational
Goods & Services index98101100
Groceries index101100100
Health care index111104100
Housing index9387100
Transportation index111102100
Utilities index111100100
A general overview of the cost of living index for Silver Lake, NC is displayed above. In Silver Lake, NC, the overall cost of living index is 100, which is 3% higher than the North Carolina average and equal to the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Silver Lake, NC, the city's goods and services are 3% lower than the North Carolina average and 2% lower than the U.S. average.

Did you know?

  • The cost of living in Silver Lake is 3% higher than the North Carolina average.
  • The cost of living in Silver Lake is equal to the national average.
  • The cost of housing in Silver Lake is 7% 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

This is how much you would need to earn in
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Cost of living index
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Groceries index
Health care index
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The salary calculator is used in order to provide a comparison of your current salary in Silver Lake, NC to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Silver Lake, NC, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Silver Lake, NC salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Silver Lake, NC as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Silver Lake, NC homeowners, is $54,375. This would allow for a maximum of $1,269 per month to be spent on housing costs. For renters, the median monthly income is $31,396 which would result in a maximum of $733 to be spent on rental 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%
When considering the overall cost of living expenses in Silver Lake, NC, it's important to take into account the sales tax for North Carolina, as well as the rate for income tax in North Carolina. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for North Carolina is 7.5%, and the sales tax in the state of North Carolina is 4.75%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in North Carolina starts from 5.75% and goes up to 5.75%.

Goods & Services

ItemSilver LakeNational avg.Difference
Haircut $14.33$14.591.8%
Beauty Salon $39.50$34.6813.9%
Toothpaste $2.36$2.474.6%
Shampoo $1.13$1.0210.6%
Movie $10.50$9.876.4%
Bowling $3.40$4.3922.6%


ItemSilver LakeNational avg.Difference
Ground Beef $5.49$4.4822.6%
Fried Chicken $1.57$1.467.2%
Milk $2.72$2.3615.4%
Potatoes $3.69$3.0620.5%
Pizza $8.66$9.246.3%
Beer $8.49$8.631.7%

Health Care

ItemSilver LakeNational avg.Difference
Optometrist $105.67$99.785.9%
Doctor $126.33$105.0320.3%
Dentist $96.67$88.709.0%
Ibuprofen $9.24$9.411.8%
Lipitor $321.54$298.507.7%


ItemSilver LakeNational avg.Difference
Home Price $149,600.00$175,700.0014.9%
Avg. Mortgage Payment $1,000.22$1,081.037.5%
Apartment Rent $1,032.00$920.0012.2%


ItemSilver LakeNational avg.Difference
Gasoline $2.23$2.096.4%
Tire Balancing $55.32$45.2922.2%


ItemSilver LakeNational avg.Difference
All Electricity$173.54$170.801.6%
Phone $35.01$28.2623.9%
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.
Blue Clay Farms, NC1197-3%
Bolivia, NC29289-11%
Northwest, NC88190-10%
Navassa, NC1,91993-7%
Sandy Creek, NC31994-6%
Silver Lake, NC6,024100-0%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Chickasaw, AL6,02686-14%
Alpine, TX6,02688-12%
Estes Park, CO6,02211616%
Ranchettes, WY6,02811818%
Garden Home-Whitford, OR6,01912828%
Silver Lake, NC6,024100-0%
Source: The Silver Lake, NC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.