Cost of Living in Winston-Salem

What is Cost of Living?

Cost of Living is the total amount of money a person needs for various day to day expenses in a particular location. If you plan to move into the city because of a new job or other reasons, this factor is a crucial determinant to what your living conditions would be like. You'll want to accurately calculate your potential income with the actual expenses you'll have when living in that area. There are many determinants to the actual cost of living in the city which varies greatly depending on where you're moving to in the country. These can include housing costs for renters and homeowners, utilities, food and groceries, transportation expenses, healthcare, and taxes. A good tip when moving into a new city is to review the cost of living index which will help you identify if the move would be an overall net positive for you.

Check out our original blog post at https://www.winstonsalemhomes4sale.com/.

2018 Cost of Living Index in Winston-Salem

If you plan to move into Winston-Salem, you can check out the graph below for the Cost of Living Index for the city in 2018. The Twin City is North Carolina's fourth-largest city with various industries including tobacco, wine production, tourism, and furniture-making. The town offers excellent housing options and various recreational attractions including 75 parks and 12 golf courses. The standard cost of living in the country is the standard 100 while the graphs in the city and the state showcase any deviance whether prices are higher or lower in comparison. 

State Median Home Price: $175,600Housing Costs in Winston-Salem

• Winstone-Salem Median Home Price: $128,700
• One-Bedroom Average home Price: $108,000
• Two-Bedroom Average home Price: $120,000
• Three-Bedroom Average home Price: $163,000
• Four-Bedroom Average home Price: $273,000
• Studio Unit Apartment Average Rent: $984
• One-Bedroom Apartment Average Rent: $815
• Two-Bedroom Apartment Average Rent: $933
• Three-Bedroom Apartment Average Rent: $1,119

Utility Costs in Winston-Salem

Utility Costs in Winston-Salem are lower than the average of North Carolina and the country. The necessary utility costs include electricity, heating, cooling, water, and garbage collection for an 85-sqm apartment is around $137.04, according to numbeo.com. Unlimited internet in the city is $57.42 while mobile tariff for local costs is $0.10.

Grocery Costs

When eating at a restaurant inexpensive establishments charge around $13.50 per meal while a three-course meal in a mid-range place for two people will cost about $15.00. McDonald's meal is approximately $7.00, a cappuccino is $4.01, while soft drinks cost $1.68 per 0.33-liter bottle. Various food costs are also available in the same graph provided by numbeo.com.

Check out our original blog post at https://www.winstonsalemhomes4sale.com/.

State Taxes

North Carolina has an expensive income tax rate with the highest flat rate at 5.499%. The property tax is 0.84%, but local governments are in charge of setting the standard which means there will be variations between counties. You can check out this tax calculator to review particular taxes you might have to consider for yourself.

Healthcare Expenses

Healthcare costs are a lot higher compared to other expenses in the city. One of the primary reasons for the high cost of healthcare is the large regions with few tertiary facilities. Some areas are dominated by only one hospital which leads to a monopoly and lack of competition increasing the overall costs of care. Another reason is the overall health condition of the population. There are many obesity-related issues including heart conditions and diabetes. These health conditions typically require long-term medication which can be costly for the patient. 

Transportation Budget

The average gas price per gallon in North Carolina is $1.978 which is a little under than the national average. The average travel time is also shorter at 23.6 minutes compared to the country average which is 25.5 minutes. In short, gases are a little bit cheaper and travel time is less resulting in an overall lower cost to tranportation in the region.

Check out our original blog post at https://www.winstonsalemhomes4sale.com/.

If you would like to receive a FREE Competitive Market Analysis, contact me today.