An Overview of Cost of Living in Kinston, NC
Knowing the cost of living in Kinston 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 Kinston stands at 87, marking it 13% lower than the national average.
Kinston housing costs are 40.7% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, Kinston residents can earmark a more manageable portion of their income to housing.
What Do Locals Say About the Cost of Living in Kinston?
The real experts on a city are its residents. That's why we reached out to 11 locals to get their views on the cost of living in Kinston. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 36% found it budget-friendly with decreasing prices, while 64% said it's simply not affordable as prices have continued to rise.
Is Kinston Affordable?
Wondering if Kinston is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Kinston, for example, the median home price is 46.8% lower than what folks pay nationally, and monthly rent is 26.3% lower than the usual rates. Plus, income levels matter too, with Kinston boasting a median household income of $32,094, which is 42% lower than the national average.
What Factors can Influence the Cost of Living in Kinston?
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Kinston comes in at 1.8% lower than the national average.
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 Kinston, the housing index is 40.7% 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 Kinston, the baseline sales tax rate begins at 4.75%, and income tax rates start at 4.99%.
Where is the Data From?
The Kinston cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.
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