Wallace 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.
IndexWallaceNorth CarolinaNational
Cost of living index9297100
IndexWallaceNorth CarolinaNational
Goods & Services index98101100
Groceries index101100100
Health care index111104100
Housing index6787100
Transportation index111102100
Utilities index111100100
An overview of the general cost of living index for Wallace, NC is displayed above for your reference. Residents in Wallace, NC enjoy a cost of living index of 92. This index is 5% lower than the North Carolina average, and 8% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Wallace, NC, the average cost of goods and services is 3% lower than it is in North Carolina, and it is 2% lower than the national average.

Did you know?

  • The cost of living in Wallace is 5% lower than the North Carolina average.
  • The cost of living in Wallace is 8% lower than the national average.
  • The cost of housing in Wallace is 33% 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.

Find Real Estate Listings In Wallace

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Wallace

Compare Wallace, NC Cost of living To Other Cities

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
The salary calculator allows you to compare how much your current salary in Wallace, NC would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Wallace, NC, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Wallace, NC salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$49,511$4,126$1,155$1,485
Renters$18,088$1,507$422$543
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Wallace, NC, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Wallace, NC has a median income of about $49,511 for people who own homes. Based on that number, a person should spend a maximum of $1,155 on expenses related to housing. Renters have a slightly different median income, which is $18,088. Based on this average, renters should spend no more than $422 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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%
The North Carolina sales tax and North Carolina income tax rates should definitely be considered when determining the overall cost of living in Wallace, NC. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The North Carolina sales tax is 4.75% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The North Carolina income tax rates range from 5.75% to 5.75%.

Goods & Services

ItemWallaceNational 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%

Groceries

ItemWallaceNational 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

ItemWallaceNational 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%

Housing

ItemWallaceNational avg.Difference
Home Price $121,600.00$175,700.0030.8%
Avg. Mortgage Payment $1,000.22$1,081.037.5%
Apartment Rent $578.00$920.0037.2%

Transportation

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

Utilities

ItemWallaceNational 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.
Delway, NC851033%
Magnolia, NC1,30186-14%
Watha, NC27587-13%
Greenevers, NC81388-12%
Atkinson, NC31988-12%
Wallace, NC3,95392-8%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Chilton, WI3,95394-6%
Carrollton, KY3,95487-13%
Glenwood Landing, NY3,95517777%
Valley Grande, AL3,95187-13%
Riva, MD3,95514545%
Wallace, NC3,95392-8%
Source: The Wallace, NC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.