Cost Of Living in Spencer, NC

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Spencer	North Carolina	National
Cost of living	88	94	100
Goods & Services	91	98	100
Groceries	97	98	100
Health care	95	108	100
Housing	71	85	100
Transportation	101	92	100
Utilities	101	94	100

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Cost Of Living Quick Facts

The cost of living in Spencer is 6% lower than the North Carolina average
The cost of living in Spencer is 12% lower than the national average
Spencer housing is 29% lower than the national average
North Carolina general sales tax is 7% lower than the national average
North Carolina state income tax is 83% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$60,667	$5,056	$1,415	$1,820
Renters	$0	$0	$0	$0

North Carolina Sales Tax

State	General Sales Tax	With Max Surtax
North Carolina	4.75%	7.5%

North Carolina Income Tax

State	Income Tax (Low)	Income Tax (High)
North Carolina	4.75%	4.75%

Goods & Services

Item	Spencer	National avg.	Difference
Haircut	$30.02	$24.26	23.7%
Beauty Salon	$39.60	$45.56	13.1%
Toothpaste	$3.75	$3.70	1.3%
Shampoo	$1.34	$1.28	4.6%
Movie	$13.67	$12.13	12.6%
Bowling	$18.63	$18.00	3.5%

Groceries

Item	Spencer	National avg.	Difference
Ground Beef	$6.12	$5.84	4.7%
Fried Chicken	$1.55	$1.57	1.5%
Milk	$4.66	$4.67	0.3%
Potatoes	$5.30	$4.93	7.3%
Pizza	$11.64	$12.09	3.7%
Beer	$10.31	$10.41	0.9%

Health Care

Item	Spencer	National avg.	Difference
Optometrist	$131.75	$125.68	4.8%
Doctor	$157.27	$135.78	15.8%
Dentist	$130.26	$113.29	15.0%
Ibuprofen	$10.78	$10.65	1.2%
Lipitor	$483.22	$468.60	3.1%

Housing

Item	Spencer	National avg.	Difference
Home Price	$112,300.00	$184,700.00	39.2%
Avg. Mortgage Payment	$2,004.78	$2,346.69	14.6%
Apartment Rent	$889.00	$949.00	6.3%

Transportation

Item	Spencer	National avg.	Difference
Gasoline	$3.19	$3.46	7.7%
Tire Balancing	$57.92	$59.92	3.3%

Utilities

Item	Spencer	National avg.	Difference
All Electricity	$160.96	$193.99	17.0%
Phone	$187.97	$192.25	2.2%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
East Spencer, NC	1,382	80	19.7%
Lexington, NC	18,970	85	14.9%
Cooleemee, NC	1,028	86	13.7%
Southmont, NC	1,165	87	13.1%
Enochville, NC	3,358	87	12.5%
Spencer, NC	3,227	88	12.1%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Rural Hall, NC	3,227	95	5.4%
North Lakeville, MA	3,226	131	31.1%
Monmouth Beach, NJ	3,226	197	97.4%
Big Lake, TX	3,226	90	10.3%
Division No. 19, Unorganized, MB	3,226	n/a
Spencer, NC	3,227	88	12.1%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Spencer, NC