An Overview of Cost of Living in Apex, NC
Are you thinking about relocating, but curious about the potential cost of living in Apex? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Apex stands at 122, making it 22% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you're in pursuit of an economical living environment, Apex may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Apex falls within this bracket.
When it comes to the cost of living in Apex, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 76.8% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
What Do Locals Say About the Cost of Living in Apex?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 21 locals to understand their opinions on the cost of living in Apex. The results indicated that 48% found it reasonably priced with decreasing prices of goods and services, while 52% viewed it as quite expensive, with increasing prices.
Is Apex Affordable?
Is Apex affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Apex, the median home price is 88.7% higher than the national average and monthly rent prices are 49.1% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Apex boasting a median household income of $112,549, 103.4% higher than the national average.
What Factors can Influence the Cost of Living in Apex?
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Apex starts at 4.75% and the income tax rates start at 4.99%.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Apex, healthcare costs are 11.5% higher than the national average.
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Apex, the utilities index stands at 1.8% lower than the national average.
Where is the Data From?
The Apex 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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