C+
14%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
50%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Myrtle Grove North Carolina National
Cost of living11494100
Goods & Services9998100
Groceries9898100
Health care112108100
Housing15085100
Transportation9392100
Utilities9894100

An Overview of Cost of Living in Myrtle Grove, NC

Understanding the cost of living in Myrtle Grove 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 Myrtle Grove cost of living index is 114, which is 14% higher 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.

Housing costs make up a big chunk of the cost of living in Myrtle Grove, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 49.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Myrtle Grove Affordable?

Is Myrtle Grove 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 Myrtle Grove, the median home price is 61% higher than what most folks pay across the country, and monthly rent prices are 23.7% higher than the usual rates. Income levels in Myrtle Grove come in at $85,814, which is 55.1% higher than the national average.

What Factors can Influence the Cost of Living in Myrtle Grove?

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 Myrtle Grove, the housing index is 49.8% higher than the national average.

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Myrtle Grove, healthcare costs are 11.5% higher 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 Myrtle Grove, the baseline sales tax rate begins at 4.75%, and income tax rates start at 4.99%.

Where is the Data From?

The Myrtle Grove 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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Cost Of Living Quick Facts

  • The cost of living in Myrtle Grove is 22% higher than the North Carolina average
  • The cost of living in Myrtle Grove is 14% higher than the national average
  • Myrtle Grove housing is 50% higher than the national average
  • North Carolina general sales tax is 7% lower than the national average
  • North Carolina state income tax is 83% higher than the national average

Most Affordable Places to Live in and Around Myrtle Grove

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Compare Myrtle Grove, NC Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$99,470$8,289$2,321$2,984
      Renters$54,067$4,506$1,261$1,622
      A good indicator of the general affordability of housing in Myrtle Grove, NC, 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 Myrtle Grove, the median monthly income is $99,470 for those who own their own homes. Under the standard rule, that income level would allow for $2,321 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $54,067, per the median income in the area. That would allow for renters to spend up to $1,261 on monthly rental expenses.

      North Carolina Sales Tax

      State General Sales Tax With Max Surtax
      North Carolina 4.75% 7.5%

      North Carolina Income Tax

      State Income Tax (Low) Income Tax (High)
      North Carolina 4.75% 4.75%

      Goods & Services

      Item Myrtle Grove National avg. Difference
      Haircut $19.00$24.2621.7%
      Beauty Salon $29.58$45.5635.1%
      Toothpaste $3.65$3.701.4%
      Shampoo $1.09$1.2815.1%
      Movie $10.27$12.1315.3%
      Bowling $11.00$18.0038.9%

      Groceries

      Item Myrtle Grove National avg. Difference
      Ground Beef $5.93$5.841.5%
      Fried Chicken $1.59$1.570.9%
      Milk $4.57$4.672.1%
      Potatoes $5.18$4.934.9%
      Pizza $10.47$12.0913.4%
      Beer $10.29$10.411.1%

      Health Care

      Item Myrtle Grove National avg. Difference
      Optometrist $141.56$125.6812.6%
      Doctor $136.38$135.780.4%
      Dentist $100.17$113.2911.6%
      Ibuprofen $10.24$10.653.9%
      Lipitor $429.52$468.608.3%

      Housing

      Item Myrtle Grove National avg. Difference
      Home Price $297,400.00$184,700.0061.0%
      Avg. Mortgage Payment $1,813.02$2,346.6922.7%
      Apartment Rent $1,174.00$949.0023.7%

      Transportation

      Item Myrtle Grove National avg. Difference
      Gasoline $3.45$3.460.5%
      Tire Balancing $63.55$59.926.1%

      Utilities

      Item Myrtle Grove National avg. Difference
      All Electricity $201.14$193.993.7%
      Phone $187.32$192.252.6%
      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.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Blue Clay Farms, NC52991.4%
      Northwest, NC7788712.8%
      Sandy Creek, NC212909.9%
      Navassa, NC2,135936.8%
      Wrightsboro, NC4,788964.4%
      Myrtle Grove, NC11,92111414.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Sedro-Woolley, WA11,91912020.2%
      Rossmoor, CA11,923219118.7%
      Healdsburg, CA11,92419595.0%
      Lake Los Angeles, CA11,92611414.3%
      Dranesville, VA11,92917171.0%
      Myrtle Grove, NC11,92111414.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.