An Overview of Cost of Living in Wilson, NC
Understanding the cost of living in Wilson 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 Wilson cost of living index is 93, which is 7% 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.
Everyday expenditures like food, housing, goods and services, transportation and health care in Wilson are priced in a manner consistent with other areas. This means that residents of Wilson can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
What Do Locals Say About the Cost of Living in Wilson?
When it comes to knowing a city, its residents are the experts. We conducted a survey with 8 locals to understand their opinions on the cost of living in Wilson. The results indicated that 50% found it reasonably priced with decreasing prices of goods and services, while 50% viewed it as quite expensive, with increasing prices.
Is Wilson Affordable?
Is Wilson affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Wilson, the median home price is 21% lower than the national average and monthly rent prices are 21.3% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Wilson boasting a median household income of $43,126, 22% lower than the national average.
What Factors can Influence the Cost of Living in Wilson?
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 Wilson, the housing index is 21.1% lower than the national average.
Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Wilson, the utilities index registers 1.8% lower than the national average.
Where is the Data From?
The cost of living data in Wilson displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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