What is the Real Cost of Living in Highlands?

 

Tucked away in Macon County, Highlands, NC, is a serene rural area that beckons adventure-seekers and those yearning for a peaceful retreat. This charming town, located near the border between North Carolina, Georgia, and South Carolina, sits close to several mountain ranges and river gorges, boasting some of the highest waterfalls in the southeastern United States. It's no wonder that the abundant outdoor activities beckon residents and visitors alike.

With vast stretches of its surrounding territory being part of the Nantahala National Forest, this pristine refuge has an illustrious history. Its downtown area brims with local retailers and quaint family-owned businesses, giving it a friendly, hometown feel.

If you’re considering a move to this incredible area, read on to explore the cost of living in Highlands and determine if it’s the perfect match.

To understand the cost of living in Highlands, NC, evaluating the housing cost is an essential component of your research.

In Highlands, the housing scene is notably more expensive than across the state and nation. The median home value in Highlands is a striking $975,000, which considerably surpasses the statewide median home value of $300,000 and the nationwide median price of $400,000. However, the elevated costs of homes are somewhat counterbalanced by the town's rental market. The average rent in Highlands is about $921, closely aligning with the national median rent, offering a more balanced housing situation for potential renters.

This comparative perspective emphasizes that while Highlands might be pricier in certain aspects, especially housing, it competes favorably in terms of rental prices and other facets of living costs.

In Highlands, understanding the cost of living means delving beyond just housing, food, and transportation, as taxes significantly influence the overall financial landscape for residents. According to NC Mountain Life, residents in Highlands face an automobile tax of 3% of the vehicle's purchase price. For an average-priced car of $48,000, the taxes will be $1,440.

A sales tax rate of 6.75% applies to most goods, with exceptions like prescription drugs and gasoline. Homeowners should be especially mindful of Macon County's Personal Property Tax rate, which is 26.4%, translating to an expense of $240 for every $100,000 in home valuation.

On a brighter note, North Carolina doesn't levy a state property tax, providing some relief to property owners. However, North Carolina operates on a graduated income tax rate. For clarity on individual tax obligations, residents often find it beneficial to consult with an accountant.

Given these tax considerations and other standard expenses, the median household income necessary for a comfortable lifestyle in Highlands is around $55,769. The comprehensive cost of living, which encompasses housing, food, childcare, transportation, health, taxes, and other factors for a single adult, tallies up to $38,389. Remarkably, this aligns with the state and national average, reinforcing that several facets of the cost of living in Highlands align with broader national and regional trends.

The allure of Macon County and its pristine environment does come with a price. As mentioned, the Highlands real estate market commands high prices due to its impressive level of allure. In Highlands, where amenities and luxurious homes combine, you can find truly enchanting residences. From mountainside estates to charming English-style cottages straight out of a fairytale, these properties promise wonder and gorgeous vistas.

The median home price in Highlands is $975,000, with many properties commanding much higher prices in the millions of dollars. This housing cost might seem steep, especially compared to the national and state averages. However, the unique blend of natural beauty, outdoor activities, and a close-knit community atmosphere justifies the premium price point for many buyers.

Of course, utilities are also an integral component of your living expenses, and understanding their costs is essential for anyone considering a move to Highlands. For instance, residents can expect to pay around $40 for mobile phone services. Internet connectivity, another modern-day essential, averages about $55 per month. In addition, for a 915-square-foot home, the combined electricity, heating, cooling, water, and garbage services cost approximately $350 per month.

Electricity rates in the region are tiered based on consumption. For the first 3,000 kWh, the rate is 0.1144, while the subsequent 6,000 kWh is priced at 0.0808. Then, any consumption exceeding 9,000 kWh gets charged at a rate of 0.0803.

Water usage in Highlands follows its own pricing structure as well. Residents are billed at $7.50 per 1,000 gallons, with an additional meter fee to factor in. This meter fee varies depending on the size and quantity of meters, ranging from $36 to as much as $192. Finally, handling waste comes at its own price, with residential garbage rates at $20 per month.

Taking these various utility costs into consideration, combined with other living expenses of note, can offer a comprehensive view of what it truly costs to live in Highlands. While the overall cost of living in Highlands exceeds the state average by around 30%, the area has so much to offer. With stunning, spacious homes and a close-knit, small-town charm, Highlands is an incredibly sought-after community.

For those considering making Highlands their new home, local expertise can be invaluable in all your real estate ventures. Trusted agent Spencer Kirkpatrick, a native of Asheville, NC, burst into the Highlands real estate scene when he was named Rookie of the Year in 2021. With his deep-rooted knowledge of the region and its housing market, Spencer has quickly become a go-to resource for buyers and sellers seeking excellence and successful outcomes. If you want to buy or sell a home or have questions about the Highlands real estate market, contact Spencer Kirkpatrick today to get started.