| Index | Wake Forest | North Carolina | National |
| Cost of living | 116 | 96 | 100 |
| Groceries | 98 | 100 | 100 |
| Health care | 99 | 99 | 100 |
| Housing | 158 | 88 | 100 |
| Transportation | 99 | 99 | 100 |
| Utilities | 97 | 99 | 100 |
| Lifestyle & Entertainment | 101 | 100 | 100 |
| Household Items | 101 | 100 | 100 |
| Education & Childcare | 98 | 100 | 100 |
Getting a feel for the cost of living in Wake Forest is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Wake Forest is 116, which is 16% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Housing costs are a major factor in the Wake Forest cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 57.8% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
The most insightful perspective on a city comes from its residents. We recently surveyed 25 locals to gauge their perception of the cost of living in Wake Forest. The feedback revealed that 68% of respondents found the cost of living to be reasonable, with prices on the decline, while 32% regarded it as notably expensive with prices that continue to rise.
Is Wake Forest an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Wake Forest is 72.3% higher than the national average, while the average monthly rent prices are 24% higher than average. The affordability of any location can also be influenced by median income levels. Wake Forest has a median household income of $150,377, which is 84.9% higher than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Wake Forest, the utilities index is 3.4% lower than the national average.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Wake Forest, is 57.8% higher than the national average.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
The cost of living estimates displayed for Wake Forest 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.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $171,528 | $14,294 | $4,002 | $5,146 |
| Renters | $84,565 | $7,047 | $1,973 | $2,537 |
| 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. |
| Franklinton, NC | 2,422 | 89 | 11.1% |
| Zebulon, NC | 5,916 | 93 | 6.8% |
| Butner, NC | 8,082 | 99 | 0.7% |
| Louisburg, NC | 3,778 | 98 | 2.1% |
| Creedmoor, NC | 4,714 | 100 | 0.3% |
| Wake Forest, NC | 45,648 | 116 | 16.5% |
| City | Population | Cost of Living Index | National Avg. |
| Brea, CA | 45,637 | 178 | 78.4% |
| Ashburn, VA | 45,717 | 149 | 49.3% |
| Burke, VA | 45,553 | 158 | 58.3% |
| Barnstable Town, MA | 45,771 | 139 | 38.7% |
| Cleveland Heights, OH | 45,821 | 92 | 8.1% |
| Wake Forest, NC | 45,648 | 116 | 16.5% |
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