| Index | Elon | North Carolina | National |
| Cost of living | 116 | 96 | 100 |
| Groceries | 97 | 100 | 100 |
| Health care | 101 | 99 | 100 |
| Housing | 157 | 88 | 100 |
| Transportation | 96 | 99 | 100 |
| Utilities | 101 | 99 | 100 |
| Lifestyle & Entertainment | 97 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 98 | 100 | 100 |
Getting a feel for the cost of living in Elon is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Elon is 116, which is 16% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Housing costs significantly influence the Elon cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 57.1%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Elon 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 Elon is 63.2% higher than the national average, while the average monthly rent prices are 42.7% higher than average. The affordability of any location can also be influenced by median income levels. Elon has a median household income of $103,435, which is 27.2% higher than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Elon, the utilities index registers at 0.8% higher than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, 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. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Elon, healthcare costs are 1% higher than the national average.
The Elon cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $142,218 | $11,852 | $3,318 | $4,267 |
| Renters | $49,994 | $4,166 | $1,166 | $1,500 |
| State | General Sales Tax | With Max Surtax |
| North Carolina | 4.75% | 7.5% |
| State | Income Tax (Low) | Income Tax (High) |
| North Carolina | 4.75% | 4.75% |
| City | Population | Cost of Living Index | National Avg. |
| Altamahaw, NC | 383 | 82 | 18.1% |
| Haw River, NC | 2,554 | 85 | 14.8% |
| Ossipee, NC | 524 | 86 | 13.8% |
| Green Level, NC | 2,613 | 86 | 13.6% |
| Saxapahaw, NC | 1,390 | 90 | 10.0% |
| Elon, NC | 12,276 | 116 | 15.9% |
| City | Population | Cost of Living Index | National Avg. |
| Crestwood, MO | 12,278 | 104 | 4.3% |
| Eufaula, AL | 12,279 | 87 | 13.0% |
| Hasbrouck Heights, NJ | 12,269 | 141 | 40.7% |
| Gold Canyon, AZ | 12,284 | 116 | 15.9% |
| Healdsburg, CA | 12,288 | 191 | 90.8% |
| Elon, NC | 12,276 | 116 | 15.9% |
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