Wake Forest 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.
IndexWake ForestNorth CarolinaNational
Cost of living index11097100
IndexWake ForestNorth CarolinaNational
Goods & Services index100101100
Groceries index100100100
Health care index99104100
Housing index13587100
Transportation index99102100
Utilities index98100100
Displayed above is a general overview of the Wake Forest, NC cost of living index. The overall cost of living index in Wake Forest, NC is 110, which is 14% higher than the North Carolina average and 10% 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 Wake Forest, NC are equal to the North Carolina average and equal to the national average.

Did you know?

  • The cost of living in Wake Forest is 14% higher than the North Carolina average.
  • The cost of living in Wake Forest is 10% higher than the national average.
  • The cost of housing in Wake Forest is 35% 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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Use the salary calculator to compare your current salary in Wake Forest, NC to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Wake Forest, NC, then you would need to earn more income in order to maintain the same standard of living. To use the Wake Forest, NC salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$99,842$8,320$2,329$2,996
Renters$41,716$3,476$973$1,252
One can approximate the cost of living and the housing affordability in Wake Forest, NC by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Wake Forest, NC have a median income of $99,842. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,329 per month to avoid calamity and poverty. The renters in the city have an income of about $41,716, which would make their monthly maximum allowable rental costs $973.

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 you are determining the total cost of living in Wake Forest, NC you will want to make sure you consider both the North Carolina sales tax and the North Carolina income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in North Carolina is 4.75%, with the highest surtax being 7.5%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in North Carolina have a range from 5.75% to 5.75%.

Goods & Services

ItemWake ForestNational avg.Difference
Haircut $18.57$14.5927.3%
Beauty Salon $40.57$34.6817.0%
Toothpaste $2.44$2.471.3%
Shampoo $1.01$1.021.2%
Movie $9.86$9.870.1%
Bowling $4.44$4.391.1%

Groceries

ItemWake ForestNational avg.Difference
Ground Beef $4.69$4.484.8%
Fried Chicken $1.35$1.467.8%
Milk $2.50$2.366.1%
Potatoes $3.64$3.0618.9%
Pizza $9.27$9.240.3%
Beer $8.62$8.630.1%

Health Care

ItemWake ForestNational avg.Difference
Optometrist $98.75$99.781.0%
Doctor $95.79$105.038.8%
Dentist $98.29$88.7010.8%
Ibuprofen $9.61$9.412.1%
Lipitor $258.40$298.5013.4%

Housing

ItemWake ForestNational avg.Difference
Home Price $259,000.00$175,700.0047.4%
Avg. Mortgage Payment $797.74$1,081.0326.2%
Apartment Rent $966.00$920.005.0%

Transportation

ItemWake ForestNational avg.Difference
Gasoline $2.22$2.096.3%
Tire Balancing $35.50$45.2921.6%

Utilities

ItemWake ForestNational avg.Difference
All Electricity$147.80$170.8013.5%
Phone $31.99$28.2613.2%
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.
Franklinton, NC1,82387-13%
Zebulon, NC4,59091-9%
Butner, NC7,66191-9%
Louisburg, NC3,47493-7%
Wendell, NC6,08594-6%
Wake Forest, NC33,31911010%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Jackson, MI33,31778-22%
Dalton, GA33,33688-12%
Holland, MI33,34290-10%
Elk Grove Village, IL33,28811616%
Marrero, LA33,26388-12%
Wake Forest, NC33,31911010%
Source: The Wake Forest, NC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.