Greensboro cost of living index

The above illustration supplies generalized information for the Greensboro, NC cost of living index. Compared to other cities in North Carolina and cities across the country, the cost of living index in Greensboro, NC is 90, which is 4% lower than the North Carolina average and 10% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Greensboro, NC are 3% lower than the average for North Carolina and 5% lower than the rest of the country.

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Salary Calculator

The salary calculator is used in order to provide a comparison of your current salary in Greensboro, NC to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Greensboro, NC, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Greensboro, NC salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

If you want to find a good determining factor for the cost of living and the general affordability of housing in Greensboro, NC, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Greensboro, NC, the median monthly income is $62,212 for those who own their own homes. Under the standard rule, that income level would allow for $1,452 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $30,178, per the median income in the area. That would allow for renters to spend up to $704 on monthly rental expenses.

North Carolina Sales Tax

North Carolina Income Tax

The North Carolina sales tax and North Carolina income tax rates should definitely be considered when determining the overall cost of living in Greensboro, NC. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The North Carolina sales tax is 4.75% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The North Carolina income tax rates range from 5.75% to 5.75%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Greensboro, NC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.