What Is a Good Salary for a Single Person in North Carolina?

A ‘good salary’ is subjective, varying with individual expectations and priorities. It implies an income sufficient to cover essential living costs, allow for discretionary spending, and facilitate financial growth. For a single person in North Carolina, understanding a comfortable salary involves analyzing local cost of living and personal financial goals.

Understanding Cost of Living in North Carolina

The cost of living for a single person in North Carolina encompasses several expenditure categories, with housing typically representing the largest portion. Average rent for a studio apartment is approximately $1,313 per month, while a one-bedroom averages around $1,359 monthly. These figures can fluctuate based on specific amenities and location within the state.

Beyond rent, utilities add to the monthly financial outlay. Combined monthly costs for electricity, water, and gas can be around $260, potentially rising to nearly $400 with cable and internet services.

Transportation expenses form a considerable part of the budget. Full coverage car insurance in North Carolina averages $163 per month, while minimum coverage is approximately $55 per month. Gas prices vary, but the average monthly cost for gasoline nationally is around $161.50. Overall annual transportation costs for an individual in North Carolina can range from $5,477 to $15,530.

Food costs are a regular expense. A single individual typically spends $300 to $400 per month on groceries, depending on shopping habits. Healthcare expenses, including insurance premiums, are a factor. The average monthly premium for a benchmark health insurance plan in North Carolina is around $495. An individual’s average annual health insurance cost in the state is about $6,352.

Regional Variations in Cost of Living

The cost of living across North Carolina is not uniform, varying significantly between metropolitan, mid-sized, and rural areas. Major urban centers like Charlotte, Raleigh, Durham, and Asheville generally present higher expenses, particularly for housing. For instance, the average one-bedroom apartment in Charlotte is around $1,487 per month, and in Raleigh, it is about $1,390 monthly. These higher housing costs are often attributed to robust job markets and increased demand in these vibrant cities.

Prices for goods and services in urban areas are, on average, about 9% higher than in rural locations within North Carolina. Rent for housing can be as much as 37% more expensive in urban settings compared to rural parts of the state. This disparity influences the income required to maintain a similar lifestyle across different regions.

Mid-sized cities and suburban areas, including Winston-Salem, Greensboro, and Fayetteville, often offer a more moderate cost of living. A one-bedroom apartment in Greensboro, for example, has a median rent of approximately $1,001. Fayetteville offers one-bedroom apartments for around $1,082 per month. These locations can provide a balance between urban amenities and greater affordability.

Rural areas typically feature the lowest housing costs, with one-bedroom rents in towns like Lexington ranging from $850 to $1,062 per month. While housing is more affordable, individuals in rural areas might face higher transportation costs due to longer commutes to employment centers or essential services. Therefore, a salary that provides comfort in a rural setting might be insufficient for a major city, highlighting the importance of location in financial planning.

Factors Influencing a “Good” Salary

Beyond covering basic living expenses, a “good” salary for a single person in North Carolina is shaped by personal lifestyle choices. Discretionary spending on activities such as dining out, engaging in hobbies, or traveling significantly influences the income needed for a desired quality of life. An individual who frequently enjoys such activities will naturally require a higher income than someone with more minimalist preferences.

Debt obligations play a substantial role in determining a comfortable salary. Payments for student loans, credit card balances, or other personal loans reduce disposable income, necessitating a higher gross salary for financial stability. Managing these commitments effectively is important for financial well-being.

Long-term financial goals are an important consideration. These include building an emergency fund, saving for retirement, or accumulating a down payment for a home. An income that allows for consistent contributions to these goals, in addition to covering current expenses, contributes to a sense of financial security and future prosperity. Personal values, such as a desire for financial independence or a preference for certain amenities, further define an individual’s perception of an adequate income level.

Salary Benchmarks and Data Points

To offer a concrete perspective on a good salary in North Carolina, benchmarks provide context. The median income for single-person households in North Carolina is $37,160 annually. The average income per person in North Carolina is slightly higher, at $39,616.

A “living wage,” covering basic necessities, is often higher than these averages. For a single adult without children in North Carolina, the MIT Living Wage Calculator estimates a living wage of $22.54 per hour. This translates to an annual income of approximately $46,883.20 for someone working full-time (2,080 hours per year). This amount is considered the minimum needed to meet essential expenses.

For a more comfortable lifestyle that allows for discretionary spending and savings, a recent study suggests a single adult in North Carolina needs an annual salary of at least $93,766. This figure is based on a 50/30/20 budgeting rule, allocating funds to necessities, discretionary spending, and long-term financial goals. Individuals can utilize online cost-of-living calculators to personalize these benchmarks based on their specific circumstances and desired location within North Carolina.