Cost of Living in Kannapolis, NC

An Overview of Cost of Living in Kannapolis, NC

Are you thinking about relocating, but curious about the potential cost of living in Kannapolis? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Kannapolis stands at 93, making it 7% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

In Kannapolis, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Kannapolis will resemble that of an average city, contributing to a manageable cost of living.

What Do Locals Say About the Cost of Living in Kannapolis?

Nobody knows their city better than the people who actually live there. So, we asked 7 local residents how they would rate the cost of living in Kannapolis and this is how they responded. 29% of people said that the cost of living was affordable, with prices decreasing, while 71% of people said that the cost of living was very expensive and prices continue to rise.

Is Kannapolis Affordable?

Is Kannapolis an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Kannapolis is 13.3% lower than the national average, while the average monthly rent prices are 7.8% lower than average. The affordability of any location can also be influenced by median income levels. Kannapolis has a median household income of $55,923, which is 1.1% higher than the national average.

What Factors can Influence the Cost of Living in Kannapolis?

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Kannapolis, the transportation index is 1.4% higher than the national average.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Kannapolis, is 11.6% lower than the national average.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Where is the Data From?

The Kannapolis cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.