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Old 04-02-2007, 10:04 AM
45 posts, read 159,141 times
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I was wondering if anyone might have some insight as to the cost of living in Wake County as compared to Palm Beach County, Florida. Assuming that I make a wage there that is comparable to what I presesntly earn and have a mortgage payment that is similar if not lower is it any less expensive there? I'm hoping that the ridiculous property taxes and insurance that we will no longer pay living here in Florida will make a difference. This is of course assuming that both of these would in fact be lower there. What we don't have here is city or county taxes which I believe are present in North Carolina?? Will these additional taxes eat up any cost savings that we might have otherwise gained by living there? As always thanks for the input of the board.
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Old 04-02-2007, 10:09 AM
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Go to Google and search for: cost of living calculators There are several excellent ones to use when comparing different areas. I usually advise to add a little extra percentage on the higher side by about 2 or 3% so there are no surprises.
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Old 04-02-2007, 12:07 PM
Location: Downtown Raleigh, NC
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I have a feeling you'll find the cost of living to be lower in Wake County that Palm Beach. Housing is generally lower here than in that area, unless you end up "upgrading" due to the generally lower prices.

One thing to consider is that there is state income tax here, as well as personal property tax which is charged yearly on vehicles as a percentage of the tax value.
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Old 04-02-2007, 12:09 PM
Location: North Raleigh
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I just noticed that gasoline is about $0.25/gallon or more cheaper in Raleigh than Rochester, NY. It keeps getting better and better.
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Old 04-02-2007, 12:51 PM
Location: Raleigh, NC
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My experience is a bit dated, since we relocated here from Tampa 3 years ago, but this was our scenario:

We moved before our area had a huge housing boom, so for us, housing was lateral. You'll find housing now to be much cheaper in NC. (Wake County's median home price in February was $189,100, average home price $264,355.)

Insurance - dramatically cheaper!! Our 2100 sq ft home runs $35/month. Really.

Property taxes - dramatically cheaper!! Estimate 1% of the sale price for your budgeting purposes, less if you're not within the city limits.

State income tax - Here's a link to give you the scale. This was a big question mark for us, coming from Florida, but we found that the savings in other areas more than made up for it. http://www.dornc.com/taxes/individual/rates.html

Food - at least 3 years ago, we found it to be a little higher here.

Gas - about the same. I filled up for $2.59 yesterday with the cheap stuff.

Utilities for my 2100 sq ft house:
Electric: summer high, about $170, winter low about $35
Gas: winter, highest ever about $210, usually 160-180, summer low around $20, if that
Cable: same as FL
Water: Billed bi-monthly, summer about $100/2 months, winter about $40
Phone - dropped the land line when we moved here - they wanted $50/month with no long distance. Forget that.

Then, there are the intangibles - quality of life. I wouldn't move back to Florida, even if it was cheaper. The pace is a little slower, the weather is milder, and overall, we are just happier here, for all the reasons you see in other posts. For all the budgets and number crunching, really it comes down to where you'll be happiest living your life.

Come for a visit, and welcome to NC!
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Old 04-03-2007, 08:03 AM
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Thanks for the info. I ran a couple of the online calculators as suggested in the first reply as well and they all say the same thing. On average the cost of living is 25% cheaper which is really great news. So our house goes on the market here in a couple of weeks which we plan to price at the low end of the average for our neighborhood. We already have our flight, car & hotel booked for May to come up and take a second look at the area. With any luck we will make it there before the first of the just predicted 17 storms for the season hits.
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