Let’s face it. Everything seems expensive these days. From home prices, rent, to gas, electricity and groceries, prices seem exorbitant. Through all of this, we keep hearing that Winston-Salem is affordable. What does the “cost of living” really mean, and how does it affect our housing market?
Investopedia defines the cost of living as “the amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time period. The cost of living is often used to compare how expensive it is to live in one city versus another”. Whether you are looking to dine out, play gold, or go on day trips, it is important to know that you can afford to do so.
With staggering inflation and rising home prices and rental rates, “cost of living” conversations have become important for relocating families. In short, what is the cost of living in Winston-Salem, and if we move will we be able to have the disposable income to do what we enjoy? From Greater Winston-Salem INC’s website regarding cost of living in Winston-Salem: “When compared to other major metros, the cost of living in Winston-Salem stand out for its affordability. Winston-Salem is ranked among the top 3 metros nationally for overall value and housing affordability, according to a November 2022 study, and has a lower cost of living than Raleigh, Charlotte and many others across the country.”
If Winston-Salem is more affordable to live in than other cities… What does that mean for residents and future residents?
- We need more housing, as new residents move to town. Who is attracted to Winston-Salem? Retirees, second home buyers with local relatives, young professionals, and relocating executives.
- As long as housing demand stays high, prices will remain high as well.
- New developments and new rental complexes are critical for Winston-Salem’s short-term and long-term growth.
- We will continue to see local, regional, and national investments in social and economic infrastructure. New restaurants, new manufacturing facilities, start-ups, and relocating corporations.
The bottom line? Success for Winston-Salem is a journey, not a destination. We must continue to keep our cost of living in check, so we can continue to attract new business and welcome new talent to our current companies. Growth will be steady, and fun to watch. Current residents are Winston-Salem’s best ambassadors, so embrace, enjoy, and engage in what the city has to offer. Oh, and share with your friends!
Berkshire Hathaway HomeServices Carolinas Realty
Tori Boysen
Broker
336-345-3499
tori.boysen@bhhscarolinas.com
www.toriboysen.com
