August 31, 2015

Dare's second quarter Cost-of-Living Index is 108 percent

Among the 271  urban areas that participated in the second quarter 2015 Cost of Living Index, the after-tax cost for a professional/managerial standard of living ranged from more than twice the national average in New York (Manhattan), N.Y. to almost 20 percent below the national average in McAllen, Texas.   Dare County’s composite index was 108.6 -- or 8.6 percent above the national average.

The Cost of Living Index is published quarterly by C2ER – The Council for Community and Economic Research. The Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile.

It is based on more than 90,000 prices covering 60 different items for which prices are collected quarterly by chambers of commerce, economic development organizations, and university-applied economic centers in each participating urban area. Data for Dare County is collected by the Outer Banks Chamber of Commerce in Kill Devil Hills.

Topping the chart as the most expensive place to live was the Manhattan Area of New York at 219.7.  The least expensive place to live was McAllen, Texas, at 80.1 or 20 percent below the national average. 

For comparison, nearby areas received the following scores:    

DARE COUNTY'S BREAKDOWN
Grocery Items (13.96%) 
103.7
Housing (27.80%)    
106.7
Utilities (27.80$)      
119.4
Transportation (12.12%)  
97.3
Health Care (4.41%)  
106.3
Misc. Goods & Services (31.48%)
113.7
Composite Index   
108.6


        For comparison, nearby areas received the following scores:        
          
        
Asheville, N.C. 96.6
Charlotte, N.C. 96.2
Chapel Hill, N.C.
106.4
Wilmington, N.C. 96.9
Newark, N.J.
129.3
Philadelphia, Pa.
119.3
Hilton Head, S.C. 
108.4
Myrtle Beach, S.C.
93.2
Hampton Roads, Va. 99.7
Richmond, Va. 
93.7
                 
             

Quick comparison questions can be directed to the Outer Banks Chamber of Commerce at 252-441-8144. 


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