How expensive is it to live in Durham? Rent costs an average of $1,168 for a one bedroom apartment in Durham. A single adult in Durham will spend an average of $3,351 on food per year. A family of four with two working adults and two children pay an average of $7,417 per year for food.
How much do you need to live comfortably in Durham NC?
In the Durham-Chapel Hill metropolitan area, MIT found the living wage of a single adult with no children to be $31,660, meaning that person would need a salary of more than $63,000 to live comfortably.
Is it expensive to live in Durham NC?
Is Durham NC an expensive place to live? Housing expenses in Durham are 27% less than the national average while utility costs are 13% lower than the national average. For retirees, the cost of living is 3.7% less than the national average making it an affordable place to live.
Is it cheap to live in Durham NC?
Housing in Durham rests 43% below the national average cost of housing. Durham is also the most affordable city to find real estate in comparison with the four neighboring cities in the Durham-Raleigh metropolitan area: Most expensive: Chapel Hill. Cary.
How much does it cost to live in Durham NC monthly?
Durham cost of living is 95.2
| COST OF LIVING | Durham | North Carolina |
|---|---|---|
| Health | 92.1 | 107.5 |
| Housing | 100.1 | 81 |
| Median Home Cost | $310,600 | $242,300 |
| Utilities | 100.1 | 99.2 |
Is it cheaper to live in Durham or Raleigh?
Durham is 6.9% less expensive than Raleigh. Durham housing costs are 15.5% less expensive than Raleigh housing costs. Health related expenses are 1.2% less in Durham.
Is Durham NC safe to live?
With a crime rate of 48 per one thousand residents, Durham has one of the highest crime rates in America compared to all communities of all sizes – from the smallest towns to the very largest cities. One’s chance of becoming a victim of either violent or property crime here is one in 21.
Why is Durham housing so expensive?
Social distancing and stay-at-home orders throughout the pandemic have led to a lack of available units. This supply-demand imbalance has a boatload of buyers vying for a smaller range of residences, so sellers have continued to elevate prices.
How much do you need to make to live in North Carolina?
You want to earn at least three times the price of your rent to live comfortably. Using Raleigh, North Carolina, as an example, the average resident would need to earn at least $4,540 monthly before taxes to live comfortably. This translates to an annual pre-tax wage of $54,480.
Is Durham a fun place to live?
Overall, Durham, NC is a great place to live for people who love arts, culture, and a great cost of living. It’s no wonder people are moving to Durham, the city is among the fastest-growing and most exciting cities in the country, with tons to see and do.
How much do utilities cost per month in Durham NC?
Utility & miscellaneous costs in Durham
The average cost of electricity, water and gas in a 915 sq ft. apartment or home is $162.50 per month, and cable & internet will cost you about $82 each month.
Is it better to rent or buy in NC?
Buying is better than renting from a financial standpoint, in most markets, until the interest rate for a 30-year fixed rate mortgage reaches 10.5 percent.
Which is safer Raleigh or Durham?
WalletHub said their study compared more than 182 cities across 41 indicators of safety. The data set ranges from assaults per capita, unemployment rate, road quality, and more. Among the cities, Raleigh ranked 22nd while Durham came in at 46. Check out the entire study here.
What is Durham known for?
The City of Durham is famously known as the “City of Medicine,” with healthcare as a major industry including more than 300 medical and health-related companies and medical practices. You are now one of our 2,400 valued employees working in one of the City’s 24 departments serving 245,475 city residents.
Is Durham NC poor?
Although the city is thriving economically, its poverty and child poverty rates, at 18.5% and 27% respectively, are higher than state and national numbers. The poverty rate differs widely by race/ethnicity, with non-Hispanic whites experiencing poverty at much lower rates than other groups (Figure 1).
What is the safest neighborhood in Durham NC?
Best Places to Live in Durham
- Brightleaf at the Park.
- Carolina Arbors.
- Chancellor’s Ridge.
- Downtown Durham.
- Duke Park.
- Fairfield.
- Forest Hills.
- Grandale.
What are the nice areas of Durham?
The Best Areas to Live in Durham
- 1 – Crossgate. Crossgate is a popular residential area, and one of the oldest parts of Durham.
- 2 – Allergate. Allergate is a compact area in Durham’s city centre.
- 3 – Gilesgate.
- 4 – South Bailey.
- 5 – North End.
Is it a good time to buy a house in Durham NC?
What is the housing market like in Durham today? In June 2022, Durham home prices were up 21.4% compared to last year, selling for a median price of $425K. On average, homes in Durham sell after 29 days on the market compared to 29 days last year. There were 510 homes sold in June this year, down from 583 last year.
Will home prices drop in NC?
The good news is, according to the experts, home prices are not projected to decline. Here’s why. With buyers still outweighing sellers in Raleigh Durham and nationally, home prices are forecast to continue climbing in 2022, just at a slower or more moderate pace.
Is Durham NC a buyers or sellers market?
Durham is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
What is middle class income in NC?
North Carolina households must make at least $22,507 to reach middle class, study finds. (The Center Square) – In North Carolina, households must earn a minimum of $22,507 per year to be considered middle class, with the upper earnings boundary set at $104,011, according to a new 24/7 Wall St. analysis.