What's the Cost of Living in Apex, NC?

Do you ever find yourself wondering if Apex, North Carolina is an expensive place to live? Let's look into the cost of living, annual income, necessities, and more!

Apex, North Carolina, is a small town in Wake County and is known as a suburb of Raleigh. Apex has a quaint and charming feel and offers an abundance of shopping and restaurants in its pedestrian-friendly downtown area. In 2015, Apex was named the number one best place to live in America by Money Magazine. Since then, Apex has only continued to grow. From highly ranked schools to high-paying tech jobs, people from all over the county continue to relocate to Apex in search of a great neighborhood. 

While the cost of living is high, it's also beneficial to understand the history before moving to a new area.

Apex, North Carolina, was one of the first towns to develop around Raleigh. The community is located at the highest point along a 30-mile section of the Chatham Railroad; therefore, the name 'Apex' came to be. After the railroad was chartered in 1854, private landowners began settling in the area and incorporated the town in 1873. Unfortunate circumstances caused the population to drop in the early to mid-1900s, but by 1990 the population reached 5,000 and only continued to grow. With the town's rebuilding, new homes, shopping centers, and businesses brought about the motto "Peak of Good Living," and it has stuck since then.

Cost of living

The cost of living varies in every different area depending on your income, career, and expenses. However, the cost of living in Apex, North Carolina, is roughly 1% lower than the national average. Factors such as rent are relatively higher than the national average; however, the average annual income in Apex is around $12,000 higher than the national average. Looking at the data, you can see that Apex's average cost of goods and services is lower.

Income

The average annual income per person in Apex, North Carolina, is $47,451. That is roughly $12,000 higher than the average national income. The data shows that the average amount you'll spend on your mortgage payment or rent in Apex is higher than the national average. However, the cost of necessities like utilities and food is generally lower.

When you look at household income, the averages are significantly higher. The average household income in Apex, North Carolina, is $112,549, while the national average is $64,994.

The poverty rate in Apex is 3.6%, and the unemployment rate is 2.8%; however, Apex continues to grow at an annual rate of 3.50%, and the population has increased by 7.25% since the most recent US Census in 2020.

Apex, NC, is located only 18 miles from Research Triangle Park, the local job hub. RTP has over 200 companies, some being IBM, Cisco, and GlaxoSmithKline. These companies alone bring people from all over the country.

Housing Cost

When planning a move, many people like to compare the housing cost throughout the area. Let's look at the average price of homes in Apex, NC.

Apex, NC, has a wide variety of neighborhoods and areas to choose from when considering which part of town you'd like to live in. Abbington is a well-known neighborhood located in west Apex with homes ranging from the low 400s to 800s. The average home price is $699,000. One of the most prominent neighborhoods in Apex, NC, is Bella Casa, just minutes from the famous shopping center Beaver Creek. The homes in this particular neighborhood range from approximately 3.25K to 1.1M.

Food

When planning your budget for food when considering moving to a new area, remember to think about your habits. Do you spend more time eating out or prefer to eat at home? The average price of groceries in Apex, NC, is roughly 13% lower than the national average. The monthly average for food/groceries is around $500. If you prefer to eat out, the average dinner cost for two people is $60.

Utilities

Utilities are essential when moving to a new area as they differ all over the nation. They have become one of the most overlooked necessities when planning your monthly budget. Let's look at the average water, electricity, waste management, and natural gas cost in Apex, North Carolina.

Water

The town of Apex water provides water for about $56,000 residents in the area. Its water source comes from the B. Everette Jordan Lake, part of the Cape Fear River Basin. Apex uses a tier system to determine the cost of water services. Take a look at the rates below:

Electricity

While there are many electric providers to choose from, the Apex electric department is responsible for providing electricity to most of the area. The Apex electric department charges a residential $25 base charge and a $0.0924 per kWh electric charge. This company has been around for over 100 years and is community-owned. Many residents of the area prefer using Apex electric company because they are "close to home." Being community-owned allows peace of mind that someone is nearby in an emergency.

Waste Management

GFL, formally known as waste industries, is responsible for weekly garbage collection in Apex, NC.

The town of Apex also provides weekly yard waste pickup for things like leaves, limbs, weeds, etc.

Natural Gas

Dominion Energy is one of the primary natural gas providers in Apex, North Carolina. Dominion Energy's goal is to reduce methane emissions in the environment and is working towards net zero emissions by 2050. Their mission for clean and safe natural gas is one of the reasons residents choose Dominion Energy as their service provider. Let's take a look at their rates:

Transportation

The average commute time to work in Apex is 26.9 minutes. However, the toll road cuts the commute to Research Triangle Park in half.

GoApex is a transportation service recently launched in July of 2022. This transportation service is accessible to the public and runs Monday through Saturday from 6 AM to 10 PM, except on certain holidays. The town of Apex also provides regional routes that can take you all over the Triangle area.

Taxes

The tax rate is relatively the same across North Carolina. Take a further look at the different tax rates in the area.

FAQ

Is it expensive to live in Apex, NC?

Whether or not Apex is expensive depends on your career, income, etc. While the average mortgage payment or rent cost is higher than the national average, the price of goods and services is generally lower.

Is Apex, NC, an excellent place to live?

Apex was once named the #1 best place to live in America by Money Magazine.

Find Your Dream Home in Apex, NC

The charming town of Apex, North Carolina, continues to attract people from all over the nation. Apex, NC, is consistently ranked one of the best places to live, one of the safest places to live, and one of the best places to raise a family. Being extremely family-friendly, Apex is a tight-knit and inviting community that continues to grow and thrive. The information above can help you budget and prepare for your next move.

Raleigh Realty can help you find the perfect home in Apex, North Carolina. Contact us today to kick-start your home search in Apex!