What's the Cost of Living in Holly Springs, NC?

What's the Cost of Living in Holly Springs, NC?

Is Holly Springs, NC, an expensive place to live? Let's explore how much it costs to call Holly Springs home. 

Holly Springs, North Carolina, has emerged as one of the most desirable communities in the Research Triangle area. It offers an attractive blend of suburban charm, excellent amenities, and reasonable living costs.

Located south of downtown Raleigh, Holly Springs is a great place to live and work in Wake County. Considered one of the best places to live in North Carolina, this thriving Raleigh suburb is located near Raleigh-Durham International Airport and well-known universities. 

This rapidly growing town of approximately 46,271 residents sits perfectly positioned between Raleigh and the Research Triangle Park, making it a prime location for professionals, families, and retirees seeking the best of both worlds.

The town has experienced remarkable growth over the past two decades, transforming from a quiet rural community into one of North Carolina's most sought-after places.

This growth has brought economic opportunity, cultural diversity, and urban conveniences while maintaining affordable living costs that make homeownership achievable for a broad range of income levels.

For those considering moving to the Triangle area, Holly Springs presents a compelling alternative to Raleigh or Durham's higher costs and urban density while providing easy access to the region's major employers, cultural attractions, and educational institutions.

If you're considering making Holly Springs your new home, understanding the actual cost of living is essential for making an informed decision about your move.

This comprehensive guide breaks down every aspect of what it costs to live in this thriving community, helping you determine if Holly Springs aligns with your budget and lifestyle goals when searching for a home. 

Here is what you need to know about the cost of living in Holly Springs. 

1. Overall Cost of Living in Holly Springs 

The cost of living in Holly Springs is 3% higher than the national average. However, compared to other Triangle-area communities, Holly Springs offers significant savings and is a more affordable place to live than Cary and Chapel Hill.  

With a cost of living similar to Apex and Morrisville, what makes Holly Springs particularly attractive is that residents enjoy premium amenities and services typically found in more expensive markets while maintaining relatively affordable living costs.

Here are some typical expenses and cost of living averages in Holly Springs, NC: 

*Data sourced from Payscale. 

2. Income and Economic Landscape 

Holly Springs residents enjoy strong earning potential, which helps offset housing costs and contributes to the area's affordability. According to 2023 data, Holly Springs's median household income is $132,435, which is higher than the national median of $80,610.

Other Household Income Statistics: 

• Average annual household income: $153,272
• Per capita income: $51,487
• Poverty rate: Just 4.4%

The strong income levels reflect Holly Springs' position in the Research Triangle, where residents often work in high-paying industries including technology, healthcare, research, and finance. 

As a hub for biotech companies, Holly Springs attracts many young professionals to the area due to its proximity to Research Triangle Park and plans to expand infrastructure. 

The job market outlook is exceptionally favorable. Projected job growth of 53.8% over the next decade will significantly outpace the national average of 33.5%. Major companies that call Holly Springs home include Fujifilm, Genentech, and Amgen. 

3. Housing Costs 

Housing represents the most significant expense for most Holly Springs residents, and the market has seen considerable activity in recent years. The town's housing market reflects its growing popularity while offering better value than many Triangle communities.

Housing costs in Holly Springs are 2% higher than the national average. The median sale price is $712,352, and the average price per square foot is $245. 

Holly Springs has many neighborhoods to choose from, and home prices vary depending on the specific area and recent market conditions. Popular neighborhoods like Twelve Oaks and Sunset Ridge command premium prices due to their amenities, golf courses, and community features.

The housing market in Holly Springs has shown resilience, with steady appreciation and strong demand driven by the area's excellent schools, proximity to major employers, and high quality of life.

Home values have appreciated approximately 8-12% annually over the past three years. This appreciation rate is sustainable and reflects genuine demand in the area. 

Holly Springs continues to see active new home construction with several major builders active in the market. New developments typically offer modern floor plans, energy-efficient features, and contemporary finishes. 

4. Food and Grocery Costs 

Grocery and dining costs in Holly Springs align closely with regional averages, offering good value for families. Depending on the grocery store and items purchased, a weekly grocery bill for a family of four averages between $150 and $200. 

Holly Springs offers a growing selection of restaurants, from local favorites to popular chains, ensuring options for every budget and preference. A mid-range restaurant can cost between $15 and $25 per person, while a fine dining establishment can cost $50 plus per person. 

5. Utility Costs 

One of Holly Springs' cost-of-living advantages is utility expenses that run approximately 10% lower than the national average. The town's modern infrastructure, competitive service providers, and North Carolina's moderate climate contribute to manageable utility costs year-round.

Total monthly utilities for a typical household range from $340 to $560, depending on home size, usage patterns, and service choices. The moderate climate helps keep heating and cooling costs reasonable throughout the year.

Newer homes in Holly Springs often feature energy-efficient systems that can reduce utility costs by 20-40% compared to older homes. These include high-efficiency HVAC systems, improved insulation, Energy Star appliances, and smart home technology that optimizes energy usage.

Most residents find their total utility costs very manageable, especially compared to other Triangle communities or northern climates with higher heating costs. 

According to the Department of Energy, reducing thermostat use for up to eight hours a day can save as much as 10% a year on heating and cooling costs. By investing in energy-efficient upgrades, you could save up to $400 and live more comfortably. 

Money-Saving Tips for Holly Springs Residents:

Energy Efficiency:

• Programmable thermostats can save 10-15% on heating/cooling
• LED lighting reduces electricity usage by 60-80%
• Proper insulation and weatherproofing are significant in older homes
• Energy Star appliances provide long-term savings

Water Conservation:

• Low-flow fixtures reduce water bills by 20-30%
• Drought-resistant landscaping reduces outdoor water usage
• Pool covers reduce evaporation and chemical costs

Service Optimization:

• Bundle services when beneficial
• Review and negotiate rates annually
• Consider solar installation for long-term electricity savings

6. Transportation Costs

Transportation expenses in Holly Springs are approximately 8% lower than the national average, thanks to reasonable gas prices, manageable commute distances, and good road infrastructure. 

Holly Springs is 25 minutes from downtown Raleigh and 30 minutes from Research Triangle Park and the Raleigh-Durham International Airport. The creation of I-540 has helped ease traffic in the area, significantly reducing commute times.

Due to Holly Springs's suburban nature, most residents rely on personal vehicles, but the city also offers the public bus service GoTriangle, which transports individuals to designated spots across the Triangle region. 

Compared to other areas, transportation expenses are manageable for most residents. The town's planned growth includes transportation infrastructure improvements that should maintain reasonable commute times and costs even as the region grows.

Many residents find that the slightly longer commute to other areas in the Triangle is offset by lower housing costs and better quality of life, making the overall value favorable compared to living closer to employment centers but paying premium housing prices.

7. Additional Living Expenses 

Some additional expenses that Holly Springs residents should plan for include: 

Healthcare: Holly Springs residents can access excellent healthcare through nearby Duke Health and WakeMed systems. Healthcare costs align with regional averages, with most residents maintaining employer-sponsored insurance.

Education: The town is served by Wake County Public Schools, consistently ranked among the top school systems in North Carolina. Private school options are also available, with tuition ranging from $8,000 to over $20,000 annually.

Recreation and Entertainment: 

• Town recreation programs: $50 - $150 per activity
• Golf course memberships: $100 - $300 monthly
• Movie tickets: $12 - $15
• Gym memberships: $30 - $80 monthly

8. Smart Budgeting Strategies for Holly Springs Residents 

Creating a realistic budget for life in Holly Springs requires understanding the hidden expenses that can impact your monthly finances. Here are some strategies to follow to help save money: 

Housing:

• Factor in HOA fees when comparing neighborhoods
• Budget for higher utility costs in larger homes
• Plan for property tax increases as home values appreciate

Transportation:

• Carpool for commutes 
• Use public transit for occasional trips to save on parking
• Consider hybrid vehicles for long commutes

Food and Dining:

• Take advantage of farmers' markets for fresh, affordable produce
• Use grocery store loyalty programs and coupons
• Cook at home more often to offset dining out expenses
• Consider meal planning to reduce food waste

Utility Savings:

• Invest in programmable thermostats and energy-efficient appliances
• Consider solar panels for long-term electricity savings
• Optimize internet and cable packages to avoid paying for unused services

Entertainment and Recreation:

• Utilize free community events and festivals
• Take advantage of Holly Springs' extensive park system
• Consider annual passes for frequently visited attractions
• Look for family-friendly activities that don't require significant spending

Methodology 

Data was sourced from Payscale and the U.S. Census Bureau to determine the cost of living in Holly Springs, NC. 

FAQs

Is Holly Springs a good place to live in North Carolina?

Holly Springs is one of the best places to live in North Carolina for its affordable cost of living, beautiful housing, low crime rate, and tight-knit community. 

Is Holly Springs located near the beach?

Unfortunately, Holly Springs is not located near the beach, but it is about a two-hour drive from the coast, perfect for a weekend trip. Wrightsville Beach is the closest beach to Holly Springs. 

What is the crime rate in Holly Springs, NC? 

Holly Springs is a safe place to live in North Carolina, with a crime rate of 11.67 per 1,000 residents. Considered safer than 39% of other cities in the United States, violent and property crimes here are on the lower end. 

The Cost of Living in Holly Springs - Final Thoughts 

Holly Springs, NC, represents one of the Triangle area's best values for families and professionals seeking a high quality of life. While housing costs have increased with the town's popularity, substantial incomes, below-average utility and transportation costs, and exceptional amenities create a sought-after destination. 

The town's projected growth, excellent schools, and strategic location make it affordable to live today and a wise investment for the future. Whether you're a young professional, a growing family, or an established household, Holly Springs offers the amenities and lifestyle you want at a reasonable cost.

Are you ready to explore Holly Springs and its many real estate opportunities? Contact Raleigh Realty today to discover the perfect home in the thriving community of Holly Springs.