An Overview of Cost of Living in Burlington, NC
Understanding the cost of living in Burlington can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Burlington cost of living index is 89, which is 11% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
What Do Locals Say About the Cost of Living in Burlington?
The most insightful perspective on a city comes from its residents. We recently surveyed 15 locals to gauge their perception of the cost of living in Burlington. The feedback revealed that 27% of respondents found the cost of living to be reasonable, with prices on the decline, while 73% regarded it as notably expensive with prices that continue to rise.
Is Burlington Affordable?
Is Burlington an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Burlington is 25.8% lower than the national average, while the average monthly rent prices are 13.3% lower than average. The affordability of any location can also be influenced by median income levels. Burlington has a median household income of $45,587, which is 17.6% lower than the national average.
What Factors can Influence the Cost of Living in Burlington?
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Burlington, the healthcare costs are 5% higher than the national average.
Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Burlington, the groceries index registers 4.8% lower than the national average.
Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.
Where is the Data From?
The Burlington 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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