| Index | Hickory | North Carolina | National |
| Cost of living | 98 | 96 | 100 |
| Groceries | 98 | 100 | 100 |
| Health care | 102 | 99 | 100 |
| Housing | 98 | 88 | 100 |
| Transportation | 96 | 99 | 100 |
| Utilities | 98 | 99 | 100 |
| Lifestyle & Entertainment | 97 | 100 | 100 |
| Household Items | 100 | 100 | 100 |
| Education & Childcare | 96 | 100 | 100 |
Understanding the cost of living in Hickory 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 Hickory cost of living index is 98, which is 2% 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.
Everyday expenditures like food, housing, lifestyle expenses, transportation and health care in Hickory are priced in a manner consistent with other areas. This means that residents of Hickory can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Is Hickory affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Hickory, for instance, where the median home price falls 4.3% higher than the national average, and monthly rent rates are 18.3% lower than usual. Additionally, median income levels contribute to the equation, with Hickory flaunting a median household income of $71,911, 11.6% lower than the national norm.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Hickory, the housing index is 2.5% lower than the national average.
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Hickory, the baseline sales tax rate begins at 4.75%, and income tax rates start at 4.75%.
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 Hickory, the utilities index registers at 2.5% lower than the national average.
The cost of living estimates displayed for Hickory are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
| 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 | $103,444 | $8,620 | $2,414 | $3,104 |
| Renters | $49,520 | $4,127 | $1,155 | $1,486 |
| 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. |
| Brookford, NC | 485 | 83 | 17.2% |
| Rhodhiss, NC | 1,033 | 85 | 15.2% |
| Icard, NC | 2,186 | 87 | 13.2% |
| Long View, NC | 5,063 | 87 | 13.1% |
| Connelly Springs, NC | 2,346 | 87 | 12.8% |
| Hickory, NC | 42,059 | 98 | 2.1% |
| City | Population | Cost of Living Index | National Avg. |
| Hutchinson, KS | 42,073 | 86 | 14.1% |
| Shelton, CT | 42,033 | 128 | 27.7% |
| Salaberry-de-Valleyfield, QC | 42,121 | n/a | |
| Lancaster, OH | 41,994 | 91 | 9.3% |
| Wilkes-Barre, PA | 41,994 | 86 | 13.8% |
| Hickory, NC | 42,059 | 98 | 2.1% |
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