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  • 3rd Quarter 2018 Cost of Living

     

    City

    Com-
    posite

    Grocery

    Housing

    Utilities

    Trans-
    portation

    Health-
    care

    Misc.
    Goods &
    Services

    Wilmington, NC

    96.9 98.5 82.3 95.2 106.0 111.5 104.4

    Raleigh, NC

    91.8 92.6 84.5 93.9 87.6 103.5 96.3

    Charlotte, NC

    97.2 96.0 85.2 93.0 87.6 103.5 96.3

    Asheville, NC

    97.7 92.9 95.7 96.3 97.2 113.8 99.5

    Charleston, SC

    100.1 95.7 92.1 122.6 88.9 106.6 103.9

    Washington, D.C.

    161.0 127.1 268.4 114.3 95.0 99.3 125.8

    Norfolk, VA

    94.9 95.8 88.6 95.7 92.3 96.3 99.8

    Select Southern Cities

    The ACCRA Cost of Living Index (see table) measures the differences in the cost of consumer goods and services between cities, excluding taxes, for a middle-class standard of living. Approximately 300 urban areas in the United States participate in the study.

    The results are based on the cost of more than 60 items that are priced by area chambers of commerce, economic development groups or similar organizations in each urban area during the same 3-day time frame. Each community is given a composite index in which the average score is 100 (if index numbers are above 100, they are more expensive than the average), derived from six categories. The index does not measure inflation. Instead, it serves as a snapshot of comparative costs between cities during a certain time period. Wilmington’s latest study scores, compared to other southern cities, are shown in the table.

    Salary vs. Cost of Living: What to consider when evaluating a move

    Some people won’t consider a move to a smaller city like Wilmington, where salaries may be lower, because they don’t want to lose purchasing power. But oftentimes the opposite is true.

    Alternatively, some people are lured to another city for a bigger salary, only to find out that their disposable income, and consequently their quality of life, actually goes down, not up.

    Why? Because the cost of living has to be measured versus the difference in salary. Companies in larger cities may offer larger salaries, but those cities also typically come with a higher cost of living.

    If you are considering a move, use the cost of living calculator below to compare the cost of living between Wilmington and another city to more accurately evaluate a move.

  • Business Relocation

    With a positive growth forecast, a low-cost of living and the exceptional quality of life that a beach community offers, it’s easy to see why corporations and industries around the country are relocating and/or opening offices in the area. Wilmington is home to GE Hitachi, Verizon Wireless, Corning, pharmaceutical contract research organizations PPD and Alcami, Live Oak Bank, GE Aviation and dozens of start-up ventures with a national and international presence.

    If you are interested in exploring the overwhelming potential that awaits new business in the Wilmington region by opening a new company or relocating, learn more by visiting Choose Cape Fear.