What Is The Cost Of Living In Greensboro NC?

Answer for "What is the cost of living in Greensboro NC?"

Shelley & Andy Suvar, Real Estate Agent

Real Estate Connections

Many millennials, as well as families, choose to take up residence in this large city from North Carolina that somehow manages to still feel like a small town. A major reason for this is the low cost of living. Millennials can’t afford the extravagant housing costs that other major cities have which is why so many come to Greensboro. Coming to Greensboro, however, doesn’t mean that they will have fewer opportunities in the job market. The city’s economy is flourishing with new companies moving there and great opportunities opening up.

The city of Greensboro, N.C. is a city where you can easily connect with people and that’s important for both millennials and young families. This brings on a sense of community and belonging that both age groups look for.

Housing costs

As the biggest expense wherever you might be settling, the housing cost is the first thing people look into when moving. In Greensboro, the housing costs are cheaper than the national average by 39.6%. On Zillow, you can find a median home value of $160,000. Prices have gone up, but they are still far below the national median as well as North Carolina’s median. Greensboro is dealing with a seller’s market having more buyers interested in buying a home than there are available homes to buy.

The median rent price is at $1,150, lower than the Greensboro-High Point Metro as well as the median rent in North Carolina.

Other expenses

With a median family income of $61,300 the residents of Greensboro, N.C. experience similarly priced groceries and energy costs. Food prices increased from the average in 2019 by 4.4%, as well as transportation and housing. Transportation is, however, 23.1% cheaper than the national average and healthcare is lower than the national average by 5.7%.

A family of four might have monthly costs of approximately $3,170 which includes housing expenses as well. From a median family income of $61,300 per year, and monthly spendings of $3,170, we are left with about 1,930 every month.

The cost of living in Greensboro, N.C. is 8.4% lower than the national average which attracts more people every year. The great quality of life and tight sense of community, despite being the third biggest city in North Carolina makes families as well as millennials move there and put down roots. The proximity to both the shore and the mountains makes Greensboro a great place for family outings and the school system increases its attraction for those with children.