The financial experts at On Q Financial recently released their results from a variety of studies they completed on the state of North Carolina. In the analysis done to determine the Most Affordable Town in NC, they looked at several areas that we will visit in this post. In the final listing, Cary sits on top of the list.
How is Cary 2019’s Most Affordable Town in NC?
To begin with, one may ask, “How has Cary become the Most Affordable Town in NC?” When one considers the average home cost and certain other intangibles, this would seem a very valid question. Consequently, though, the main reason that Cary places where it does are several areas that offset and more than equal out living costs.
The first major area that put Cary atop the list as the Most Affordable Town in NC is employment. In the post covering these rankings at onqfinancial.com, they describe the effect that employment opportunity in Cary had on its high ranking.
“Having a low unemployment rate is just as important as a city’s affordability.” The article continues, “Speaking of low unemployment rates, the city of Cary has an unemployment rate of 5.6 percent, which is the lowest of all the cities that are on this list.” In conclusion on the topic of employment, it reads as follows. “Furthermore, those who are employed are privy to a remarkably high annual salary. In fact, the median household income in Cary is $90,250”
Higher Median Income Makes for Better Cost of Living
Plainly speaking, the cost of living is slightly higher in Cary, NC that some other North Carolina municipalities. However, when it is said that
is “offset,” it is because the median household income or average salary in Cary is astronomically higher than both the state and national average.
This being said, the cost of living in Cary is actually LOWER than any other town or city in NC analyzed. This is another reason why Cary is the Most Affordable Town in NC.
According to U.S Census Bureau’s most currently released statistics, the median household income for Cary is 44 percent higher than the average for the state of North Carolina. Likewise, it is 35 percent higher than the national median household income.
Median Household Income (According to US Census Bureau Statistics)
What Are the Other Factors Making Cary the Most Affordable Town in NC?
- Cary, North Carolina – $90,250
- Entire United States- $59, 039
- State of North Carolina- $ 50, 320
According to the research team at On Q Financial, there are three other categories in this rankings process. These are attractions and quality of life.
Basically, attractions refer to entertainment or amenities. Anyone familiar with the Town of Cary can attest they have some of the most incredible amenities of any town in the entire country, much less North Carolina.
In explaining the “attractions and quality of life” areas that helped place Cary atop the Most Affordable Town in NC listing, we can refer to the words of an actual resident.
Cary: Quality of Life and ‘Increasing Cool’
This resident submitted a review of Cary at the renowned real estate and “moving” website, bestplaces.net. They titled the review aptly enough “All-Around Quality of Life with Increasing ‘Cool.'”
In this review, it explains exactly what On Q Financial meant by quality of life and attractions. The “5-Star” review says, “Cary is up-and-coming “cool.” It continues, “The downtown is revitalized and growing. The town takes urban planning very seriously.”
She goes on in her review to conclude, “The Raleigh and Cary greenways are unparalleled. The number of parks is head spinning. Arts and culture are cultivated. Cary is really a gem.”
The 2019 Top 10 List for Most Affordable Town in NC
- Chapel Hill
- Wake Forest
To read more about this listing or about Cay being the Most Affordable Town in NC, visit onqfinancial.com