An Overview of Cost of Living in Lumberton, NC
Understanding the cost of living in Lumberton 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 Lumberton cost of living index is 88, which is 12% 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.
What Do Locals Say About the Cost of Living in Lumberton?
The most insightful perspective on a city comes from its residents. We recently surveyed 5 locals to gauge their perception of the cost of living in Lumberton. The feedback revealed that 60% of respondents found the cost of living to be reasonable, with prices on the decline, while 40% regarded it as notably expensive with prices that continue to rise.
Is Lumberton Affordable?
Is Lumberton an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Lumberton, the median home price is 41.9% lower than what most folks pay across the country, and monthly rent prices are 29.9% lower than the usual rates. Income levels in Lumberton come in at $36,846, which is 33.4% lower than the national average.
What Factors can Influence the Cost of Living in Lumberton?
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Lumberton, the housing index stands at 38.3% lower than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Lumberton, the groceries index is 1.6% lower than the national average.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Lumberton, the transportation index is 6.9% lower than the national average.
Where is the Data From?
The Lumberton 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. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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