You need to spend this much money to live comfortably in NC, new report says
AI-generated summary reviewed by our newsroom.
- North Carolina ranks 28th in affordability with an annual cost of $75,580.
- Housing is North Carolina’s lowest cost; healthcare ranks as the highest expense.
- North Carolina’s population hit 11 million in 2024, outpacing national growth.
The cost of living can vary drastically depending on where you live, and a new report reveals how North Carolina compares to other parts of the country.
GoBankingRates, a personal finance site, released a study breaking down the cost-of-living index in each state based on housing, utilities, groceries, healthcare, transportation and other expenses.
How much does it cost to live in NC?
Using data from the Missouri Economic Research and Information Center, and the Bureau of Labor Statistics, the average annual cost of living in North Carolina is $75,580, ranked as the 28th cheapest state:
- Average annual cost of living: $75,580
- U.S. rank (1 is cheapest): 28
- Lowest cost-of-living index: Housing, 93.3
- Highest cost-of-living index: Health, 104.7
Across state lines, South Carolina was deemed a bit more affordable as the 26th cheapest state, the study says:
- Average annual cost of living: $74,112
- U.S. rank (1 is cheapest): 26
- Lowest cost-of-living index: Housing, 86.7
- Highest cost-of-living index: Utilities, 102.3
Here are the states that were determined by GoBankingRates as the most expensive and cheapest to live in, and how North Carolina compares:
States with lowest cost of living
1. West Virginia ($64,992)
2. Oklahoma ($66,229)
3. Kansas ($67,234)
4. Mississippi ($67,929)
5. Alabama ($68,006), Michigan ($69,861), Delaware ($77,898)
States with highest cost of living
46. New York ($95,286)
47. Alaska ($95,673)
48. California ($111,901)
49. Massachusetts ($112,752)
50. Hawaii ($144,436)
Population growth in NC
In the last few years, North Carolina has also become one of the fastest-growing states. In 2024, the state hit a population milestone of 11 million residents for the first time, The News & Observer previously reported, with a 1.5% rate of growth that even outpaced the national growth rate.
Recent estimates from the U.S. Census Bureau released this spring revealed Wake as the most populous county in the state followed by Mecklenburg, The N&O reported.
This story was originally published August 5, 2025 at 11:42 AM with the headline "You need to spend this much money to live comfortably in NC, new report says."