What's the Cost of Living in Holly Springs, NC?

October 07th, 2022

Life in Raleigh | Buying
What's the Cost of Living in Holly Springs, NC?

What's the cost of living in Holly Springs, NC?

Are you considering moving to Holly Springs, North Carolina, in the future? Let's dive into the cost of living.

Holly Springs is a town in Wake County, just south of downtown Raleigh. Holly Springs is a great place to live and work as it is the third fastest-growing county in the country. It is also located near Raleigh Durham International Airport, Research Triangle Park, and well-known Universities. Shopping centers, large manufacturers, and multinational firms are just some of the reasons people choose to relocate to Holly Springs since the town can continue to grow and thrive while maintaining a small-town feel.

North Carolina flag blowing in the wind on a sunny day

History

Holly Springs started as hunting grounds used by the Tuscarora Indians who originally lived in the region. It wasn't until the 1720's that European settlers began to inhabit the area and grow the community beside freshwater springs, hence the name Holly Springs. At the beginning of settlement, you would only find a general store, a Baptist Church, a Masonic Lodge, a sawmill, and a cotton gin in the area.

Holly Springs suffered a massive decline during the Civil War, ultimately stopping the community's growth. It wasn't until the arrival of George Benton Alford that the area began to have hope again. He founded several businesses, some of which was a sawmill, a cotton gin, a mercantile store, and the Holly Springs Land and Improvement Company. Alford's arrival and contributions immensely helped the area begin to thrive and blossom, and with that, Holly Springs was officially incorporated as a town in 1877.

Cost of living in Holly Springs, NC

Looking at data from the recent US Census in 2020, the housing expenses in Holly Springs are around 2% higher than the national average, while the cost of utilities is 3% lower than the national average. Also, the price of groceries is around 13% lower than the national average.

Understanding the cost of living is crucial before deciding to move to a new area. Take a look at the data below to understand better how to budget before planning your move to Holly Springs, North Carolina.

Cost of living Item Holly Springs, NC

National Average

Annual income $42,349 per person* $35, 385 per person*
Rent $1,489* $1,096*
Mortgage Payment $1,940* $1,621*
Electricity (kWh) $0.11 $0.14
Natural gas (therm) $1.23 $1.57
Food (Gallon of milk) $1.94 $4.33
Transportation (Gallon of gas) $4.21 $3.84
Income tax rate 5.5% 13.3%

*Denotes median rather than average.

The cost of living in Holly Springs is 1% less than the national average

Income

The median annual income per person in Holly Springs, North Carolina, is $42,349, making it $6,965 more than the national average ($35,384). The median household income in Holly Springs is $110,758. While Holly Springs continues to grow every day, they still have a poverty rate of 4.2%, according to the 2020 U.S. Census. Holly Springs has an unemployment rate of approximately 3.3%; however, a job market increase of 3% has also increased. Job growth is predicted to be 53.8% in the next ten years, higher than the national average (33.5%).

Housing Cost

According to the 2020 US Census, the median cost of homes in Holly Springs is $354,500. Nowadays, you can see that the price has risen slightly, but you also need to factor in the area you choose to live in. Holly Springs has an abundance of neighborhoods to choose from that are all over the town. One of them being 12 Oaks. This is one of the best and newer neighborhoods of the town and offers fantastic amenities like golf courses, pools, and fitness centers. The cost of homes in this neighborhood typically starts in the low 600s. Another popular neighborhood in Holly Springs is Sunset Ridge. Home prices in this area average around $500,000-$700,000, but you will often find homes in the millions.

Beautiful homes in a suburban neighborhood with blue skies and freshly cut grass

Food

The cost of groceries in Holly Springs, North Carolina, is around 13% lower than the national average.

Utilities

As said before, the cost of utilities in Holly Springs is said to be 3% lower than the national average. This cost generally depends on the service provider in your area. Let's dive into the cost of essential utilities based on the primary providers in Holly Springs, North Carolina.

Water

The primary water source in the town of Holly Springs is the Cape Fear River, which is processed through the Harnett County treatment plant. For residential water services, the company charges a flat rate of $20.00 for the first 2,000 gallons and a $5.00 additional charge per 1,000 gallons. The town can acquire up to 10 million gallons of water per day through this water source.

Electricity

Duke Energy is one of the leading electricity providers around Holly Springs, North Carolina. They offer beneficial products and services, including energy use and analysis tools.

Basic facilities charge per month $14.00
Billings for the months July-October $0.1116
Billings for the months November-June $0.10659

Waste management

The Holly Springs Public Works Department provides garbage and recycling pickup, yard waste management, and street and sidewalk maintenance.

Natural gas

Dominion Energy is the natural gas service provider in Holly Springs, North Carolina. Natural gas is beneficial because it costs less to operate appliances, can increase the value of your home, and lower your energy cost.

Monthly charge $10.00
Billing for Novembermeber-April $1.26913 per therm
Billing for May-October $1.19020 per therm

Transportation

Holly Springs is just 25 minutes from the Raleigh Urban Center and 30 minutes from Research Triangle Park and the Raleigh Durham International Airport. The creation of the major highway, I-540, helped ease traffic in the area cutting down the commute time significantly. Holly Springs also offers the bus service GoTriangle to the public, transporting individuals to designated spots across the triangle region.

Taxes

Look at the taxes you can expect to pay when moving to Holly Springs, North Carolina.

Property Tax Rate $42.16 cents per $100 of property value
Income Tax Rate 5.5%
The local Sales Tax Rate 0%
County Sales Tax Rate 2%
North Carolina's Sales Tax Rate 4.75%
Combined State and Local Sales Tax Rate 7.25%

Education

Holly Springs High School was ranked #2,136 in the Wake County School District in the national rankings. The area offers small liberal arts colleges, historically black institutions, and colleges that provide higher education to rural residents and those entering the ministry. Holly Springs is also near nationally ranked universities, including Duke University, UNC Chapel Hill, and North Carolina State University.

Duke Chapel on a sunny day surrounded by lush vegetation

FAQ

Is Holly Springs, NC, an excellent place to live?

Holly Springs has recently been named the #1 safest city in North Carolina by Safewise.

Is Holly Springs located near the beach?

Holly Springs, NC, is approximately 2 hours from Carolina Beach.

Find your dream home in Holly Springs, North Carolina.

After diving into the cost of living, utilities, groceries, and more, it's easier to decide whether Holly Springs, NC is the right place for you. With a thriving job market, highly ranked schools, and a charming small-town feel, Holly Springs was ranked 10th as the best place to raise a family in North Carolina. If you are interested in buying a home, Raleigh Realty can help guide you in your search to find your dream home in Holly Springs. Contact us today! We are here to help and are ready to answer any questions you may have.

 

 

 

 

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