What is the Real Cost of Living in Seven Lakes?

What is the Real Cost of Living in Seven Lakes?
Seven Lakes, a charming community nestled in the heart of North Carolina, has become an increasingly popular destination for both retirees and young families alike. Notably, Seven Lakes was ranked the #2 Best Places to Retire in North Carolina by Niche.com. But what does making your home in this lovely enclave cost? Is the quality of life worth the price tag? Below, we break down the actual cost of living in Seven Lakes, addressing aspects from housing to utilities.

Is Seven Lakes expensive to live in?

The immediate answer to this question might surprise you. According to the Council for Community and Economic Research (C2ER), the overall cost of living in Seven Lakes is 8% below the national average. To put this into perspective, the cost of living index for Seven Lakes stands at 98.1, based on a U.S. average index of 100. An index below 100 indicates that you're getting more bang for your buck compared to the U.S. average.

Although the indices for health and housing tip above the 100 mark transportation index is significantly lower at 72.1, which balances out the scales. This indicates that getting around in Seven Lakes and its neighboring cities can be done more economically than in many other parts of the country. Groceries also cost less than in many other places, with an index of 96.3. In short, Seven Lakes offers a balanced cost profile that feels welcoming to various income brackets.

How do prices in Seven Lakes compare to other US cities?

When you stack up Seven Lakes against other U.S. cities, the cost narrative remains favorable. Given the overall cost of living index at 98.1, Seven Lakes offers affordability without sacrificing quality. In terms of specifics, the grocery index is comparable to the U.S. average, which stands at 100 for each specific index. Health costs are a bit above average, but the utility costs nearly mirror the U.S. average at 99.1.
 
In comparison to North Carolina's state indices, Seven Lakes is a bit more expensive overall. North Carolina's average indices are generally lower, including a housing index of 83.1 and a miscellaneous index of 89.2. However, Seven Lakes more than makes up for these small premiums with its amenities, community atmosphere, and quality of life.

What is a livable salary in Seven Lakes?

In this community, where the cost of living is refreshingly a touch below the national average, your dollar isn't just a piece of currency—it's a ticket to a life well-lived. The stability of the local economy is one of the best aspects of living here. There are job opportunities not just within Seven Lakes but in neighboring towns and cities. Imagine this: Your earnings not only cover the basics but also grant you the leisure of weekend getaways, local entertainment, and dining experiences that don’t always come with a side dish of financial guilt. In Seven Lakes, you're not just making a living; you're crafting a life.

What is the average rent in Seven Lakes?

Standing in contrast to the median home price that hovers around $372,400, rental rates in Seven Lakes don't force you to stretch your budget to its breaking point. Instead, they give you a bit more balance, providing you with an option that feels like a middle ground rather than a last resort. If you're weighing the pros and cons of entering the property market but aren't quite ready to make the leap, renting here provides a cushion of financial and personal flexibility.

And let's zoom in on an aspect that doesn't often get its due attention: some neighborhoods in Seven Lakes boast housing options at a median price of around $200,000. This detail isn't just a statistic; it's a clarion call for families wanting to lay down roots without feeling buried in debt, as well as young professionals seeking a home that complements their ambitious lifestyles.

So whether you're an empty nester looking to downsize, a newlywed couple searching for your first nest, or a single professional wanting proximity to opportunities, the rental market in Seven Lakes offers an appealing balance of cost and comfort. Here, ‘reasonable’ isn’t just a buzzword; it’s a reality proving that good living doesn't have to be prohibitively expensive.

What is the median home price in Seven Lakes?

As mentioned above, the median home price in Seven Lakes stands at $372,400. While this hovers above the state's median of $289,300 and the U.S. median of $338,100, let’s not forget the backdrop to these figures. It’s impossible to put a price tag on the vibrant community and high quality of life Seven Lakes offers.
 
According to bestplaces.net, the housing market isn’t just stable; it’s trending upwards. There's a palpable sense of being buyer-friendly in the long term. You’re not just investing in bricks and mortar; you're investing in a community, a lifestyle, and a future.  So when you consider buying a home here, know that you're not just purchasing square footage—you're buying into a life that can be as enriching as you make it.

About Jamie McDevitt

The owner and broker of McDevitt Town and Country Properties, Jamie brings her natural zest and enthusiasm into every professional interaction. Her excellent customer service and timeless dedication make her one of the top real estate agents in the region. If you're looking to buy or sell a home or have any questions about the Seven Lakes real estate market, contact Jamie McDevitt today.
 
*Header photo courtesy of Jamie McDevitt

Work With Jamie

Jamie will take the time to understand your goals and will work tirelessly to help you reach them. Whether you are moving to the Pinehurst, Southern Pines area to play golf, swing a tennis racket, or simply run or walk through your neighborhood, let Jamie work for you.