Depending on their life stage, personal circumstances, lifestyle, and needs, people consider different factors when choosing where to live. For many people, affordability is one of the most crucial factors to consider, and this relates to both the price of properties and the general cost of living in an area. If you intend to live in North Carolina and the affordability of a location is one of your main criteria, then here are the 10 cheapest places to live in North Carolina.
Both property prices and the cost of renting are low in Albemarle, which is a town in Stanly County. However, it is the overall cost of living that makes the biggest difference to affordability, as the overall cost of living is 11 percent below the national average. Despite the low living costs, Albemarle has a lot going for it, not least that it is home to three outstanding wineries. Also, there are many amazing outdoor spaces to enjoy, including nearby Morrow Mountain State Park and Uwharrie National Forest. On the downside, there is not a lot of diversity in the job market.
Trinity is a suburb of Greensboro in North Carolina in Randolph County. The median household income is high, while the unemployment rates and property prices are low. Therefore, the income to home price ratio is good. Renting in this suburb is also affordable. Furthermore, it is a good location for families due to the many family-oriented activities and the highly-rated public schools.
Nashville in North Carolina is a very different place to Nashville in Tennessee. Not only is Nashville one of the most affordable places to live in North Carolina, but it is also one of the safest places to live in the state. If these two benefits are not enough to persuade you that Nashville is a good option, then consider that there is a strong job market in the surrounding area, and there are lots of outdoor activities to enjoy. On the downside, the schools in the area are not great.
Regardless of whether you are renting or buying a property, Winterville is an affordable place to live. Although the house prices are higher than in many other North Carolina towns and cities, it is counteracted by the higher median household income in this area. The higher earning potential is thanks to the high-paying job opportunities across various sectors. Other factors that are in this location’s favor include the diversity of the community, the range of leisure activities to enjoy, and the public schools, which are above-average. Winterville is a city in Pitt County with 9,645 residents.
Newton is a town in Catawba County with a population of 13,059. One of the town’s best features is its affordability, as the income to home value ratio is excellent. However, renting is not as cheap as in other areas, so Newton is more affordable for those who intend to buy their own homes. Another reason that Newton is an affordable place in which to live is that there are lots of nice outdoor spaces and parks to enjoy, which gives residents ways to spend their leisure time without spending any money.
Although the cost of buying a property is reasonable, renting is especially affordable in Archdale. Located in Guildford/Randolph County, Archdale is a suburb of Greensboro that is home to 11,510 residents. In the past, the economy of the city revolved around agriculture, but there is now a greater emphasis on industries including healthcare, technology, and manufacturing. Therefore, the rate of unemployment is low, and the earning potential is good. Affordability is not the only reason for people to consider living in Archdale, as there are excellent schools, plenty of activities for families, and strong transport links.
King is a suburb of Winston-Salem in Stokes County with a population of 6,961 people, says Niche. Some of the major employers in King include Wake Forest University, Wake Forest Baptist Medical Center, and Novant Health. Therefore, there are many employment opportunities in the healthcare and education sectors. It is an affordable place to live, as the earning potential is good while the property prices and cost of rental are low.
Hamlet’s economy is strong, as it is a railroad hub that offers many employment opportunities in warehousing and manufacturing. Therefore, the unemployment rate in this city is low, and earning opportunities are decent. Renting and buying a property are both affordable options in this city, as is the general cost of living. In addition to the area’s affordability, there are also some other positive features of this town, including above-average schools and community diversity.
Marion is home to 7,834 people, and many people earn a reasonable living. The median household income of those who live in this town is $38,280, and there are job opportunities in industries including education, healthcare, and retail. For those who are renting, this is the best location to choose, as it has the best income-to-rent ratio in the state. Buying property in this town is also affordable, as it has the fourth-best home price to income ratio in North Carolina.
According to Home Snacks, the cheapest place to live in North Carolina is Sawmills. Located in Caldwell County, Sawmills is known as the biggest little town in the foothills, and it has a population of 5,165 people. It has the best income to property price ratio, which makes it the most affordable place to live for people who are buying a home. The median home value in Sawmills is around $108,300, while the median household income is high at $52,591. However, the income to rental price is not as good as the cost of renting is higher than some other location on this list.