A+
10%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
20%
Housing NAT. AVG.
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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 Graham North Carolina National
Cost of living9094100
Goods & Services9398100
Groceries9598100
Health care105108100
Housing8085100
Transportation9492100
Utilities8994100

An Overview of Cost of Living in Graham, NC

Knowing the cost of living in Graham allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Graham stands at 90, marking it 10% lower than the national average.

Is Graham Affordable?

Is Graham 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 Graham is 20.9% lower than the national average, while the average monthly rent prices are 19.1% lower than average. The affordability of any location can also be influenced by median income levels. Graham has a median household income of $41,499, which is 25% lower than the national average.

What Factors can Influence the Cost of Living in Graham?

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Graham, the housing index is 20.4% lower than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Graham, the groceries index is 4.8% lower than the national average.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Graham, the transportation index is 5.6% lower than the national average.

Where is the Data From?

The cost of living in Graham, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Graham is 4% lower than the North Carolina average
  • The cost of living in Graham is 10% lower than the national average
  • Graham housing is 20% lower than the national average
  • North Carolina general sales tax is 7% lower than the national average
  • North Carolina state income tax is 83% higher than the national average

Most Affordable Places to Live in and Around Graham

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Compare Graham, NC Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$56,108$4,676$1,309$1,683
      Renters$27,937$2,328$652$838
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Graham, NC, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Graham, homeowners have a median income of $56,108. Using that number, a maximum of $1,309 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $27,937, which means there is a maximum of $652 to be spent on the costs of renting a home or apartment.

      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 4.75% 4.75%

      Goods & Services

      Item Graham National avg. Difference
      Haircut $28.33$24.2616.8%
      Beauty Salon $37.66$45.5617.3%
      Toothpaste $3.67$3.700.8%
      Shampoo $1.24$1.283.4%
      Movie $12.00$12.131.1%
      Bowling $18.67$18.003.7%

      Groceries

      Item Graham National avg. Difference
      Ground Beef $6.17$5.845.7%
      Fried Chicken $1.42$1.579.9%
      Milk $4.49$4.673.8%
      Potatoes $5.00$4.931.3%
      Pizza $10.41$12.0913.9%
      Beer $10.25$10.411.6%

      Health Care

      Item Graham National avg. Difference
      Optometrist $146.78$125.6816.8%
      Doctor $174.00$135.7828.1%
      Dentist $97.67$113.2913.8%
      Ibuprofen $10.31$10.653.2%
      Lipitor $495.98$468.605.8%

      Housing

      Item Graham National avg. Difference
      Home Price $146,100.00$184,700.0020.9%
      Avg. Mortgage Payment $2,041.67$2,346.6913.0%
      Apartment Rent $768.00$949.0019.1%

      Transportation

      Item Graham National avg. Difference
      Gasoline $3.31$3.464.2%
      Tire Balancing $54.55$59.929.0%

      Utilities

      Item Graham National avg. Difference
      All Electricity $161.71$193.9916.6%
      Phone $186.82$192.252.8%
      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.
      Altamahaw, NC3697921.4%
      Haw River, NC2,4778218.2%
      Ossipee, NC5088317.0%
      Green Level, NC2,5418317.0%
      Liberty, NC2,6578515.3%
      Graham, NC15,1689010.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Bellair-Meadowbrook Terrace, FL15,168937.3%
      Brooklyn Park, MD15,1631098.7%
      Newton, IA15,1608713.2%
      Seaford, NY15,15316161.4%
      Swampscott, MA15,18416060.2%
      Graham, NC15,1689010.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.