Is North Carolina a Good Place to Live? An Overview of the Cost of Living and Housing Market

North Carolina has quietly earned its reputation as the ‘Goldilocks’ state: just right. From the sun-kissed shores of the east to the misty peaks of the west, with bustling cities like Charlotte and Raleigh in between, there’s something for everyone.

Whether you’re drawn to innovation, financial opportunities, or the slower pace of small-town life, the state offers a perfect mix of affordability, stunning landscapes, and rich culture. But is North Carolina the right place for you? Let’s break down cost of living and housing market trends to find out why so many people are saying yes.

Why Do People Love Living in North Carolina?

North Carolina has a little bit of everything. In Charlotte, big-city energy meets laid-back Southern pace, home to major banks like Bank of America and a growing craft beer scene. In the Research Triangle, Raleigh, Durham, and Chapel Hill are driven by universities and a booming tech and biotech industry, a big draw for young professionals and recent grads.

On the coast, towns like Wilmington offer beach access, historic streets, and walkable neighborhoods. Head west, and you’ll find Asheville with its artsy vibe and mountain trails, or quieter towns like Tryon and Boone that offer affordable retreats framed by misty hills. With barbecue, college-town festivals, and “two hours to the beach, two to the mountains”, it’s easy to see why so many people are making a move to the Tar Heel State.

What Is the Cost of Living in North Carolina?

The cost of living in North Carolina is generally lower than the national average, especially when it comes to housing, transportation, and everyday expenses.

1. Rent

Statewide Average Rent: $1,566 per month
(Based on an average apartment size of ~975 sq. ft.)
Raleigh Average Rent: $1,607 per month

2. Utilities

Average Utilities Cost: $176 per month
(Includes electricity, heating, cooling, water, garbage)
Phone/Internet/Communications: $189 per month

3. Transportation

Average Gasoline Price: $2.84 per gallon
(10% cheaper than the national average)

4. Taxes

Income Tax: Flat rate of 4.5%
Property Tax: ~0.70% to 0.73% of assessed home value
(One of the lower rates nationally)
Sales Tax:
- State Base:75%
- Average Total (with local add-ons): ~7%
  (Ranges from 6.75% to 7.50%, depending on locality)

👉 Ready to start your home search? Use North Carolina’s mortgage calculator on Houzeo, America’s best home buying website, to estimate monthly payments, factor in taxes and insurance, and see what you can comfortably afford.

What Are the Top Places to Call Home in North Carolina?

North Carolina’s strength lies in its diversity: of pace, place, and possibility. Below are some of the state’s key metro and city markets, each offering unique career opportunities, lifestyle characteristics, and housing dynamics.

Charlotte: Financial and Urban Growth

Charlotte has evolved into one of the Southeast’s most important financial and economic engines. It’s home to numerous corporate headquarters and regional offices in banking, finance, logistics, and energy services. This economic diversity provides career pathways for professionals in corporate, tech support, and supply chain roles.

The city’s growing cultural scene, major sports teams, diverse restaurant options, and expanding suburban communities make it attractive to a wide range of residents. Housing is competitive, with a median home value above $400,000, which is higher than the state average but still more accessible than many coastal metro areas.

Raleigh–Durham (Research Triangle): Innovation and Education Hub

The Raleigh–Durham corridor, often associated with the Research Triangle, is a magnet for technology, research, education, healthcare, and government roles. Durham’s median home sale price is around $440,000, with homes typically staying on the market for about 36 days and drawing competitive offers. In Raleigh, the average home value is also in a similar range, with a slight annual decline of about 2.5%. Demand remains strong, reflected in high levels of market activity and quick pending times.

For professionals in tech, education, research, and healthcare, it’s one of the most job-rich and growth-oriented regions in the state. The cultural scene, amenities, and family-friendly suburbs around the Triangle also reinforce its appeal for families.

Cary & Wake County: Suburbs and High-Income Corridors

markets. They offer excellent schools, well-established infrastructure, and easy access to Raleigh. With average home values at $490,000 and inventory that moves quickly, these areas appeal to buyers seeking premier suburban amenities and strong school districts. However, this cam comes with a premium price tag and limited time to act.

Greensboro and Winston-Salem: Affordability and Balanced City Life

The central Piedmont cities of Greensboro (median home price: $261,000) and Winston-Salem ($259,000) provide some of the most affordable entry points in North Carolina. Despite their lower price points, both cities provide metro-level amenities, cultural venues, and access to jobs in manufacturing, education, healthcare, and logistics.

5 Actionable Tips for Homebuyers in North Carolina

Check County Property Tax Differences Carefully: Property taxes in North Carolina are generally moderate, but they vary widely by county. For instance, Mecklenburg County (Charlotte) has an average effective rate of 0.75%, while Wake County (Raleigh) hovers closer to 0.8%.
Mind the Triangle vs. Charlotte Price Gap: Raleigh-Durham-Chapel Hill (the Triangle) and Charlotte dominate the state’s housing market. Buyers seeking more value often explore nearby suburbs like Garner, Knightdale, or Concord, which offer newer builds and easier commutes at a lower price point.
Don’t Overlook Small-City Affordability: Cities like Greensboro, Winston-Salem, and Fayetteville often feature homes well below $300,000. While job markets here may be less diverse than in Charlotte or the Triangle, these areas are great for those seeking lower costs, strong community ties, and shorter commutes.
Prepare for Hurricane and Flood Insurance Costs: Eastern North Carolina, particularly coastal towns like Wilmington or Morehead City, comes with higher risk for hurricanes and flooding. Insurance premiums can add $1,500 to $3,000 annually. Inland cities like Raleigh and Greensboro face far fewer storm-related costs, making them more budget-friendly long-term.
Tap into State and Local Buyer Programs: The North Carolina Housing Finance Agency (NCHFA) offers mortgage credit certificates, down payment assistance up to $15,000, and special programs for first-time buyers, veterans, and first responders. Local counties often layer on additional incentives, which can save thousands for those who qualify.