Cost Of Living in Bessemer City, NC

A+

10%

Overall NAT. AVG.

3%

Goods & Services NAT. AVG.

33%

Housing NAT. AVG.

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	Bessemer City	North Carolina	National
Cost of living	90	94	100
Goods & Services	103	98	100
Groceries	100	98	100
Health care	111	108	100
Housing	67	85	100
Transportation	94	92	100
Utilities	89	94	100

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Cost Of Living Quick Facts

The cost of living in Bessemer City is 4% lower than the North Carolina average
The cost of living in Bessemer City is 10% lower than the national average
Bessemer City housing 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 121% higher than the national average

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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	$57,045	$4,754	$1,331	$1,712
Renters	$27,471	$2,289	$641	$824

A good way to judge both the affordability of the housing and the cost of living in Bessemer City 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. Bessemer City has a median income of about $57,045 for people who own homes. Based on that number, a maximum of $1,331 should be spent on expenses related to housing. Renters have a slightly different median income, which is $27,471. Based on this average, renters should spend no more than $641 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	Bessemer City	National avg.	Difference
Haircut	$18.25	$24.26	24.8%
Beauty Salon	$59.75	$45.56	31.1%
Toothpaste	$3.81	$3.70	2.8%
Shampoo	$1.27	$1.28	0.7%
Movie	$13.55	$12.13	11.7%
Bowling	$21.67	$18.00	20.4%

Groceries

Item	Bessemer City	National avg.	Difference
Ground Beef	$6.27	$5.84	7.3%
Fried Chicken	$1.39	$1.57	11.5%
Milk	$4.61	$4.67	1.2%
Potatoes	$4.98	$4.93	1.0%
Pizza	$10.96	$12.09	9.3%
Beer	$10.47	$10.41	0.5%

Health Care

Item	Bessemer City	National avg.	Difference
Optometrist	$143.74	$125.68	14.4%
Doctor	$148.29	$135.78	9.2%
Dentist	$115.52	$113.29	2.0%
Ibuprofen	$10.77	$10.65	1.1%
Lipitor	$467.34	$468.60	0.3%

Housing

Item	Bessemer City	National avg.	Difference
Home Price	$110,200.00	$184,700.00	40.3%
Avg. Mortgage Payment	$3,159.30	$2,346.69	34.6%
Apartment Rent	$813.00	$949.00	14.3%

Transportation

Item	Bessemer City	National avg.	Difference
Gasoline	$3.29	$3.46	4.9%
Tire Balancing	$53.32	$59.92	11.0%

Utilities

Item	Bessemer City	National avg.	Difference
All Electricity	$167.89	$193.99	13.5%
Phone	$189.90	$192.25	1.2%

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	Population	Cost of Living Index	National Avg.
Spencer Mountain, NC	0	99	0.6%
Dellview, NC	25	99	0.6%
Light Oak, NC	873	79	21.3%
Patterson Springs, NC	1,012	82	18.0%
Blacksburg, SC	2,101	83	17.1%
Bessemer City, NC	5,536	90	10.2%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Byron, MN	5,536	105	4.7%
Weldon Spring, MO	5,536	131	30.7%
Franklin Center, NJ	5,536	146	46.3%
Swartz Creek, MI	5,535	92	8.3%
Pelham Manor, NY	5,535	204	104.4%
Bessemer City, NC	5,536	90	10.2%