In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
An overview of the general cost of living index for Midway, NC is displayed above for your reference. Residents in Midway, NC enjoy a cost of living index of 98. This index is 3% higher than the North Carolina average, and 2% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Midway, NC, the average cost of goods and services is equal to it is in North Carolina, and it is 2% lower than the national average.
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Did you know?
The cost of living in Midway is 3% higher than the North Carolina average.
The cost of living in Midway is 2% lower than the national average.
The cost of housing in Midway is 14% lower than the national average.
North Carolina general sales tax is 7% lower than the national average.
North Carolina state income tax is 159% higher than the national average.
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
Using the salary calculator lets you compare the salary you earn in Midway, NC to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Midway, NC, you have to earn a higher income in order to still have the same standard of living. To operate the Midway, NC salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.
Median Income & Debt-To-Income Ratio
Max Budget (28% DTI)
Max Budget (36% DTI)
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Midway, NC, as well as what the average cost of living is. 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 payment and not more than 36 percent of income on all expenses and debts. In Midway, NC homeowners have a median income of $62,862. Using that number, you will come up with a maximum of $1,467 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $37,301, which means there is a maximum of $870 to be spent on the costs of renting a home or apartment.
North Carolina Sales Tax
General Sales Tax
With Max Surtax
North Carolina Income Tax
Income Tax (Low)
Income Tax (High)
For those who live in Midway, NC and want to know what the true cost of living is, they ought to look at both the North Carolina income tax rate and the North Carolina sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In North Carolina, the sales tax is 4.75%, while the most you'll pay in surtax is 7.5%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in North Carolina, the income tax rate ranges between 5.75% to 5.75%.
Goods & Services
Avg. Mortgage Payment
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.