7 Most Expensive Cities in North Carolina
Most Expensive Cities in North Carolina
If you are considering a move to North Carolina and want to stay away or live in the mofst expensive cities, keep reading to learn more about the most expensive cities in NC.
If you are looking to move to North Carolina, one of the most important things to know right off the bat is the cost of living. North Carolina is one of 11 states with a flat income tax rate, which means everyone gets taxed the same percentage of their income.
Living wages can vary by city and county, but on average, you need an income of $53,531 to live comfortably in North Carolina. Comparing this number to the nation and surrounding states shows that North Carolina is neither too expensive nor is it too cheap. The cost of living is 4 percent lower than the national average.
However, even though the overall state is, on average, an affordable place to live, some expensive cities are higher than others. If you are looking to move to North Carolina, it is important to know what area will fit your needs and lifestyle perfectly, so knowing what you can afford while living happily is essential.
If you are intersted in moving to North Carolina, check out the gorgeous real estate here in this state while also keep reading to learn more about the most expensive places to live throughout the state.
Keep reading to learn more about the most expensive cities in North Carolina.
1. Chapel Hill
Chapel Hill is located 30 miles from Raleigh and makes up a large part of the research triangle. Home to the University of North Carolina at Chapel Hill, this area is a very populated city that has something for everyone, whether you are searching for a thriving job market, beautiful scenery, or high-ranked schools.
According to Payscale, the cost of living in Chapel Hill is 8% higher than the national average. Thanks to the upscale shops, fine dining, and atmosphere this city has, prices are higher than in surrounding areas, mainly due to the university being located there. The annual income for a person living in Chapel Hill is about $41,893, while the national average is $35,384.
If you are searching for homes for sale in the area, the housing market may be a surprise to you. The median home price sits at around $330,000, which is higher than the national average, but since this is such a large area, there are many various neighborhoods to choose from.
Chapel Hill is a trendy place to live for families, young adults, and even retirees. No matter what you are intersted in, this city has something for everyone. On the other hand, the overall housing costs are 22% higher than the national average, while other expenses in the town are also up there.
If you are moving to Chapel Hill, make sure to consider all the factors. This beautiful city is thriving and offers so much to its residents, so if you are intersted in moving, check out the gorgeous homes for sale in Chapel Hill.
2. Boone
Boone is a quaint little town located in the Blue Ridge Mountains and is one of the most popular western towns in North Carolina. The thriving tourism industry, expansive university, and growing community are just a few reasons this city is more expensive than the surrounding areas.
With high demand and little supply of homes, the housing market is very competitive in Boone, and housing is more expensive than in other areas. However, the cost of living is less than 1% higher than the national average. For the total cost of housing, food, transportation, and other necessities, a single adult will spend about $39,355 yearly, almost the same as the state and national average.
As of September 2023, the median home price in Boone was about $697,000, trending up 16% year-over-year. If you are relocating to the area, you should be aware that the housing market is competitive, and if you want to move here, start looking for homes available.
3. Asheville
Asheville is a vibrant city in the Blue Ridge Mountains, offering natural beauty and popular attractions. Home to many breweries, art, and cultural opportunities, this city is an ideal place for adventure seekers and culture lovers.
The cost of living in Asheville is about 6$ higher than the state and national average. The housing expenses are also 2% more expensive than the nationwide average. As of September 2023, the median home price was $575,00, trending up 15.2% year-over-year.
Homes are more expensive in Asheville due to tourism and the demand for housing with insufficient room. The natural increase in demand for housing made prices rise drastically and is only on the up as of right now because of the desire to be here.
Asheville and other surrounding western areas are naturally beautiful, making it a highly desirable place for people to relocate. With so much to offer its residents, the small-town feeling while enjoying the big-city life is one of the main reasons why people love this area.
With a population influx over the recent years, the housing market is starting to become very competitive. If you are searching for homes for sale in Asheville, check out the available real estate here while homes are still affordable.
4. Wilmington
Wilmington is a top choice for those searching to relocate to the southern coast. Voted as "America's Best Riverfront," this city is surrounded by beautiful beaches, thriving city life, and welcoming residents. This beach town is continually growing and attracting many new people.
Wilmington's cost of living is 4% lower than the national average but has grown significantly over the years. The city of Wilmington has been experiencing notable growth in home values. As of September 2023, the home prices here were up 9.8% and had a median selling price of $389,000.
The Wilmington housing market is very competitive for many reasons. Home prices are rising steadily since this is such a highly sought-after area. However, even though the overall cost of living here is lower than the national average, compared to other cities in NC, Wilmington is considered to be more expensive.
Since many people love this area and are relocating here, the cost of living in Wilmington is 11% higher than the North Carolina average but is overall affordable. Known as one of the best places to live in North Carolina, check out some of the beautiful homes available here if you are intersted in relocating to one of North Carolina's best coastal towns.
5. Cashiers
Cashiers is a beautiful mountain won known for its charming views and atmosphere. Sadly, this beautiful town has a high price tag, with a median home price of about $1M due to the area's popularity. This town is a popular destination for vacations and retirees, making it an expensive place.
However, even though this area is expensive, there are beautiful luxurious homes for sale throughout the mountains, providing a high quality of living and something for everyone.
The average household income for Cashiers is about $110,158, much higher than the national average. Due to high land values, this area makes it difficult for middle-income people to live here.
The cost of living in Cashiers is 18% higher than the state average and 11% higher than the national average. The housing costs are primarily the main reason living here is more expensive. Housing expenses are 39% higher than the national average due to the area and popularity of the town.
However, the residents of Cashiers are welcoming and friendly, which creates an inviting atmosphere for new residents and all tourists. If you are searching for a unique and beautiful area nested in the Blue Ridge Mountains, then Cashiers may be the place to look at homes for sale.
With positive job growth, average temperatures throughout the year, excellent schools, and unique things to do, Cashiers is a town for everyone and anyone.
6. Nags Head
Nags Head is a coastal town in Dare County mainly known for its beautiful beaches and rich history. However, due to the area, the median home price is about $887,000, which makes it one of the most expensive cities to live in the state.
Due to its location off the coast, this is a popular destination for tourists, and there are many things to do. The luxury homes and oceanfront houses make Nags Head an upscale place to live and make it an attractive location for coastal lovers.
The total cost of living for a single adult living in Nags Head is about $61,600 and $124,920 for a family, which are higher than the state and national average. Overall, the cost of living here is about 8.4% higher than the national average.
Nags Head may be an expensive place to be, but it is also a fantastic place to live. This beautiful town has a unique atmosphere, many things to do, and stunning landscapes. Home appreciation is up 13.7% over the past year, so it is a great time to search and buy a home here.
Whether you are searching for a place to settle down or even a vacation house, this destination may be expensive, but with all it has to offer, it is a great place to buy a home
7. Charlotte
Charlotte ranked among the top 25 most expensive cities in North Carolina. However, according to Payscale, the cost of living in Charlotte is still 2% lower than the national average. Remember, though, that with the solid economic growth, Charlotte has seen an increase in housing and overall expenses, which concerns the residents and new residents.
Moving to Charlotte is a popular thing for people to do. People who are searching to move to North Carolina either choose Charlotte or Raleigh because of the pros they both have.
However, this city's thriving job market makes it easy for residents to afford the area. If you are searching for new job opportunities or affordable land, then Charlotte is the place, but is growing drastically. There is much room to build new homes, which makes it more affordable and desirable, but keep in mind they are more expensive than other locations, especially compared to places in the Northeast.
Thankfully, Charlotte is among the best places in the United States for jobs. With an unemployment rate of 4.9% and a median salary more significant than the national average, this city is a popular choice for those looking for higher-paying jobs, which helps with the higher living costs.
If you want to relocate to Charlotte, be sure to understand the area and neighborhoods you are searching for. Each community has something different to offer its residents, and the prices will range drastically. Keep in mind that no matter where you choose to move to this city, you will still experience the high quality of life it offers its residents.
FAQS
Where is the most excellent place to live in North Carolina?
North Carolina has many beautiful places to live. The top sites people love to live in are Raleigh, Charlotte, and Chapel Hill for many reasons.
Is North Carolina an expensive place to live in?
According to the Bureau of Economic Analysis, the average cost of living in North Carolina is about $38,295 a year, considered affordable compared to other states.
What is a good salary in NC?
The salaries for individuals in the 25th percentile average about $38,917, while those in the 75th percentile earn around $66,262.
Most Expensive Cities in NC - The Bottom Line
North Carolina is a state that has so much to offer. This state has many unique qualities and high rankings, from the coast to the mountains. Each city throughout the state has something to offer: natural beauty, southern hospitality, or fun things to do.
However, even though the overall state is, on average, an affordable place to live, some expensive cities are higher than others. If you are looking to move to North Carolina, knowing what area will fit your needs and lifestyle ideally is essential, so knowing what you can afford while living happily is necessary.
If you are considering a move to North Carolina, please do not hesitate to contact us or visit our website. Our team at Raleigh Realty is here to connect you with a local agent to help you with the homebuying process.
Ryan Fitzgerald
Hi there! Nice to 'meet' you and thanks for visiting our Raleigh Real Estate Blog! My name is Ryan Fitzgerald, and I'm a REALTOR® in Raleigh-Durham, NC, the owner of Raleigh Realty. I work alongside some of the best Realtors in Raleigh. You can find more of my real estate content on Forbes, Wall Street Journal, U.S. News and more. Realtor Magazine named me a top 30 under 30 Realtor in the country (it was a long time ago haha). Any way, that's enough about me. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Raleigh Realty. Looking forward to connecting!
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