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How inflation is impacting the cost of living in Greensboro | Dig In 2 It

Inflation saw its biggest increase in four decades. We dug into what that means for your day-to-day expenses.

GREENSBORO, N.C. — The latest inflation report from the U.S. Bureau of Labor Statistics found prices rose 7.5% from last year. That's the biggest jump in 40 years.

North American Moving Services made a list of the top moving destinations around the country last year. North Carolina came in at fourth.

United Van Lines studied moving behavior in 2021. It found that 10% of people who moved to North Carolina cited the cost of living as their primary reason.

With prices surging across the country, we dug into what it actually costs to live in Greensboro right now.

Housing costs

Whether you want to rent or buy property in Greensboro, you'll find higher prices than in years past.

Realtor.com said the average home in the city costs $245,000. That number is 19.8% higher than last year.

Many people put off buying a home in 2020 because of uncertainty related to the pandemic. Demand surged in 2021, which drove up prices due to limited supply.

"In the next six months, I would be surprised to see conditions in the housing market look like they do now because of credit market tightening," Todd McFall, assistant professor of economics at Wake Forest University, said. "The demand's just going to dry up because there's a fixed number of people looking for those units."

Limited home supply and high prices led to people staying in their rental units. Again, that meant there were fewer places for people to rent, and prices went up.

The average two-bedroom apartment in Greensboro costs $1,285, according to apartments.com.

Utilities

The consumer price report found utility prices saw big jumps from last year.

Electric costs went up nearly 11%. Natural gas costs are up about 24%.

A 915-square foot apartment has an average utility bill of about $215, according to apartmentlist.com. Things like gas, water and garbage will cost about $150. A basic and cable package averages about $65, according to the site.

That number fluctuates based on how much space you have and your usage habits.

Cars and gas

Buying a car right now is more expensive than usual. The BLS report found used car prices are up more than 40%. New car prices have also jumped.

A microchip shortage made it harder to make new cars and repair ones that are damaged.

Car dealers in Greensboro said they had a rough year.

"We have used vehicles at an all-time high," Mike Worthy from Nora Auto Sales said. "Newer cars, newer vehicles, with the microchip shortage, are being made with lesser options, so our newer dealership had to revert back to focusing on their used inventory and maximizing profits that way."

Gas prices continue to go up. The average gallon of gas costs $3.19, according to GasBuddy. That's about $0.90 more than last year.

Income tax

Of course, you need to also factor taxes into the equation. 

The state income tax sits at 5.25%. It is a flat rate. That means everyone pays the same rate regardless of what they make.

That number is going to drop over the next few years. The state passed a budget for the first time in years in November 2021. It includes an income tax cut over the next six years.

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