North Carolina City Named Most Expensive Place To Live In The State
By Sarah Tate
March 20, 2023
With the cost of living ever increasing and the price for goods and groceries continuing to rise, certain cities are more expensive to live in than others.
Using cost of living data from the Bureau of Economic Analysis, 24/7 Wall St. determined the most expensive city or metropolitan area to live in each state, gathering supplemental data on median household income and poverty rate from the U.S. Census Bureau's 2020 American Community Survey. According to the site:
"Housing costs play into this calculus and reflect the income levels of the population living there to a degree. Costs tend to be more expensive in wealthier communities. Of the 50 cities on this list, 42 have a higher median household income compared to their home state, and more than half have median household income of at least $68,000, above the national median."
So which area of North Carolina is the most expensive place to live in the state?
According to the report, the area of Raleigh-Cary is the most expensive spot to live in the Tar Heel State, with a median household income of $73,706 and a poverty rate of 9.2% compared to the state average of $56,642 and 14.0%, respectively. The city, however, is 4.3% less expensive than the national average.
Check out the full report at 24/7 Wall St. to see the most expensive cities to live in across the country.