Summerfield 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.
IndexSummerfieldNorth CarolinaNational
Cost of living index12095100
IndexSummerfieldNorth CarolinaNational
Goods & Services index98100100
Groceries index9999100
Health care index104105100
Housing index16687100
Transportation index9894100
Utilities index11297100
Displayed above is a general overview of the Summerfield, NC cost of living index. The overall cost of living index in Summerfield, NC is 120, which is 26% higher than the North Carolina average and 20% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Summerfield, NC are 2% lower than the North Carolina average and 2% lower than the national average.

Did you know?

  • The cost of living in Summerfield is 26% higher than the North Carolina average.
  • The cost of living in Summerfield is 20% higher than the national average.
  • The cost of housing in Summerfield is 66% higher 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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Compare Summerfield, NC Cost of living To Other Cities

Salary Calculator

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The salary calculator is used in order to provide a comparison of your current salary in Summerfield, 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 Summerfield, NC, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Summerfield, 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)
Owners$111,711$9,309$2,606$3,352
Renters$50,153$4,179$1,170$1,505
If you want to find a good determining factor for the cost of living and the general affordability of housing in Summerfield, NC, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Summerfield, NC, the median monthly income is $111,711 for those who own their own homes. Under the standard rule, that income level would allow for $2,606 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $50,153, per the median income in the area. That would allow for renters to spend up to $1,170 on monthly rental expenses.

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 Summerfield, 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

ItemSummerfieldNational avg.Difference
Haircut $19.92$15.5628.0%
Beauty Salon $33.61$36.116.9%
Toothpaste $2.48$2.470.3%
Shampoo $1.06$0.9610.2%
Movie $10.31$10.131.8%
Bowling $4.71$4.740.5%

Groceries

ItemSummerfieldNational avg.Difference
Ground Beef $3.66$3.988.2%
Fried Chicken $1.46$1.413.5%
Milk $1.94$2.065.8%
Potatoes $3.22$2.988.0%
Pizza $8.13$9.4714.2%
Beer $8.78$8.790.2%

Health Care

ItemSummerfieldNational avg.Difference
Optometrist $113.55$101.0412.4%
Doctor $127.44$107.4418.6%
Dentist $88.67$90.421.9%
Ibuprofen $8.34$9.2810.1%
Lipitor $425.33$426.500.3%

Housing

ItemSummerfieldNational avg.Difference
Home Price $335,700.00$175,700.0091.1%
Avg. Mortgage Payment $760.84$1,133.2332.9%
Apartment Rent $986.00$920.007.2%

Transportation

ItemSummerfieldNational avg.Difference
Gasoline $1.94$1.992.7%
Tire Balancing $45.33$45.760.9%

Utilities

ItemSummerfieldNational avg.Difference
All Electricity$169.68$163.813.6%
Phone $35.33$28.3924.5%
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, StatePopulationCost of Living IndexNational Avg.
Madison, NC2,24080-20%
Reidsville, NC14,24987-13%
McLeansville, NC93487-13%
Walnut Cove, NC1,59990-10%
Wentworth, NC2,78283-17%
Summerfield, NC10,47712020%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Wood River, IL10,47786-14%
Fairmont, MN10,47491-9%
Farmington, MI10,4721000%
Exeter, CA10,4681055%
Wyomissing, PA10,46711313%
Summerfield, NC10,47712020%
Source: The Summerfield, NC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.