Elon, NC is a small city located in Alamance County and is part of the Greensboro-Winston-Salem metropolitan area. The cost of living in Elon is considerably lower than the national average, with rent for a 2 bedroom apartment being roughly $1,140 compared to the US average of $1,430. Grocery cost index in Elon also stands at 96 as opposed to 100 nationally. This makes Elon an attractive option for those who are looking for an affordable place to live.
Elon has seen a growing presence of businesses ranging from industries such as aerospace engineering and finance. Local companies include GE Aviation, Cone Health, Volvo Trucks North America and Gentherm Incorporated. The city’s economy has seen growth in recent years due to its proximity to larger cities including Burlington and Greensboro. As such, Elon is becoming an increasingly popular place for people who want to live close to big-city amenities but enjoy a laid back lifestyle at an affordable cost of living.
Elon has an unemployment rate of 4.5%. The US average is 6.0%.
Elon has seen the job market increase by 1.1% over the last year. Future job growth over the next ten years is predicted to be 35.4%, which is higher than the US average of 33.5%.
Tax Rates for Elon
- The Sales Tax Rate for Elon is 6.8%. The US average is 7.3%.
- The Income Tax Rate for Elon is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Elon
- The average income of a Elon resident is $25,132 a year. The US average is $37,638 a year.
- The Median household income of a Elon resident is $68,031 a year. The US average is $69,021 a year.