Fuquay-Varina, North Carolina Cost Of Living

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Overall 0%

Goods & Services 5%

Housing 12%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; 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	Fuquay-Varina	North Carolina	National
Cost of living	100	94	100
Goods & Services	95	99	100
Groceries	87	98	100
Health care	94	110	100
Housing	112	85	100
Transportation	96	91	100
Utilities	97	95	100

Key findings

The cost of living in Fuquay-Varina is 6% higher than the North Carolina average
The cost of living in Fuquay-Varina is equal to the national average
Fuquay-Varina housing is 12% higher than the national average
North Carolina general sales tax is 7% lower than the national average
North Carolina state income tax is 113% 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	$82,304	$6,859	$1,920	$2,469
Renters	$42,304	$3,525	$987	$1,269

To approximate the cost of living and the housing affordability in Fuquay-Varina, NC, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Fuquay-Varina have a median income of $82,304. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,920 per month to avoid calamity and poverty. The renters in the city have an income of about $42,304, which would make their monthly maximum allowable rental costs $987.

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	5.25%	5.25%

Goods & Services

Item	Fuquay-Varina	National avg.	Difference
Haircut	$22.17	$20.27	9.4%
Beauty Salon	$48.10	$40.39	19.1%
Toothpaste	$1.78	$2.36	24.4%
Shampoo	$0.99	$1.08	8.0%
Movie	$10.30	$10.99	6.3%
Bowling	$16.95	$15.49	9.4%

Groceries

Item	Fuquay-Varina	National avg.	Difference
Ground Beef	$3.69	$4.30	14.2%
Fried Chicken	$1.05	$1.40	25.2%
Milk	$1.74	$2.20	21.2%
Potatoes	$3.57	$3.22	10.8%
Pizza	$10.67	$10.74	0.6%
Beer	$10.49	$9.60	9.3%

Health Care

Item	Fuquay-Varina	National avg.	Difference
Optometrist	$99.25	$109.73	9.5%
Doctor	$116.11	$118.34	1.9%
Dentist	$90.70	$100.94	10.1%
Ibuprofen	$9.28	$9.93	6.5%
Lipitor	$472.19	$469.53	0.6%

Housing

Item	Fuquay-Varina	National avg.	Difference
Home Price	$208,100.00	$184,700.00	12.7%
Avg. Mortgage Payment	$1,009.98	$1,229.62	17.9%
Apartment Rent	$1,050.00	$949.00	10.6%

Transportation

Item	Fuquay-Varina	National avg.	Difference
Gasoline	$2.60	$2.71	4.1%
Tire Balancing	$50.32	$51.86	3.0%

Utilities

Item	Fuquay-Varina	National avg.	Difference
All Electricity	$164.85	$170.84	3.5%
Phone	$183.30	$187.18	2.1%

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.
Coats, NC	2,344	83	16.7%
Mamers, NC	1,140	83	16.6%
Benson, NC	3,542	84	16.3%
Lillington, NC	3,436	87	13.3%
Angier, NC	5,079	90	9.8%
Fuquay-Varina, NC	22,722	100	0.5%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
West Rancho Dominguez, CA	22,724	124	23.6%
East Patchogue, NY	22,724	133	33.5%
Taylors, SC	22,719	93	7.1%
Eagle, ID	22,711	117	16.6%
Newberg, OR	22,749	113	13.2%
Fuquay-Varina, NC	22,722	100	0.5%

Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.