A+
9%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
25%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Smithfield North Carolina National
Cost of living9194100
Goods & Services9998100
Groceries9898100
Health care112108100
Housing7585100
Transportation9392100
Utilities9894100

An Overview of Cost of Living in Smithfield, NC

Knowing the cost of living in Smithfield 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 Smithfield stands at 91, marking it 9% lower than the national average.

The cost of living in Smithfield is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Is Smithfield Affordable?

Wondering if Smithfield is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Smithfield, for example, the median home price is 21.7% lower than what folks pay nationally, and monthly rent is 33.1% lower than the usual rates. Plus, income levels matter too, with Smithfield boasting a median household income of $34,077, which is 38.4% lower than the national average.

What Factors can Influence the Cost of Living in Smithfield?

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Smithfield, the standard sales tax rate starts at 4.75%, and the income tax rates commence at 4.99%.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Smithfield, the transportation index is 6.9% lower than the national average.

Where is the Data From?

The Smithfield cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Smithfield is 2% lower than the North Carolina average
  • The cost of living in Smithfield is 9% lower than the national average
  • Smithfield housing is 25% lower than the national average
  • North Carolina general sales tax is 7% lower than the national average
  • North Carolina state income tax is 121% higher than the national average

Most Affordable Places to Live in and Around Smithfield

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Compare Smithfield, NC Cost of Living

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      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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$56,300$4,692$1,314$1,689
      Renters$15,339$1,278$358$460
      A good way to judge both the affordability of the housing and the cost of living in Smithfield is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Smithfield has a median income of about $56,300 for people who own homes. Based on that number, a maximum of $1,314 should be spent on expenses related to housing. Renters have a slightly different median income, which is $15,339. Based on this average, renters should spend no more than $358 on all rental costs if they want to maintain a non-impoverished standard of living.

      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 4.99% 4.99%

      Goods & Services

      Item Smithfield National avg. Difference
      Haircut $19.00$24.2621.7%
      Beauty Salon $29.58$45.5635.1%
      Toothpaste $3.65$3.701.4%
      Shampoo $1.09$1.2815.1%
      Movie $10.27$12.1315.3%
      Bowling $11.00$18.0038.9%

      Groceries

      Item Smithfield National avg. Difference
      Ground Beef $5.93$5.841.5%
      Fried Chicken $1.59$1.570.9%
      Milk $4.57$4.672.1%
      Potatoes $5.18$4.934.9%
      Pizza $10.47$12.0913.4%
      Beer $10.29$10.411.1%

      Health Care

      Item Smithfield National avg. Difference
      Optometrist $141.56$125.6812.6%
      Doctor $136.38$135.780.4%
      Dentist $100.17$113.2911.6%
      Ibuprofen $10.24$10.653.9%
      Lipitor $429.52$468.608.3%

      Housing

      Item Smithfield National avg. Difference
      Home Price $144,700.00$184,700.0021.7%
      Avg. Mortgage Payment $1,813.02$2,346.6922.7%
      Apartment Rent $635.00$949.0033.1%

      Transportation

      Item Smithfield National avg. Difference
      Gasoline $3.45$3.460.5%
      Tire Balancing $63.55$59.926.1%

      Utilities

      Item Smithfield National avg. Difference
      All Electricity $201.14$193.993.7%
      Phone $187.32$192.252.6%
      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 Population Cost of Living Index National Avg.
      Princeton, NC1,3968812.2%
      Kenly, NC2,3858812.0%
      Selma, NC6,9508811.8%
      Benson, NC3,8438911.2%
      Micro, NC6889010.2%
      Smithfield, NC12,697918.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Fulton, MO12,6968614.2%
      Crowley, LA12,6898910.9%
      St. Ann, MO12,6898416.3%
      Echelon, NJ12,68711313.1%
      Fort Bliss, TX12,70911010.5%
      Smithfield, NC12,697918.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.