Raleigh, NC is a great place to live because of its affordable housing and cost of living. The average 2 Bedroom Rent in this area (27616 Raleigh, NC) is $1,390 which is slightly lower than the national average of $1,430. Additionally, the local Grocery Cost Index in 27616 Raleigh is 98 versus 100 in the US. This means that grocery prices are slightly lower than the national average.
The city also features many local companies that provide employment opportunities for residents. Notable among these include: Red Hat Inc., a multinational software company; NC State University; WakeMed Health & Hospitals; Sir Walter Raleigh Hotel & Conference Center; and Progress Energy. All these companies have established themselves as major employers in the area and contribute to the city's local economy.
Raleigh (zip 27616) has an unemployment rate of 4.3%. The US average is 6.0%.
Raleigh (zip 27616) has seen the job market increase by 3.0% over the last year. Future job growth over the next ten years is predicted to be 44.2%, which is higher than the US average of 33.5%.
Tax Rates for Raleigh (zip 27616)
- The Sales Tax Rate for Raleigh (zip 27616) is 7.3%. The US average is 7.3%.
- The Income Tax Rate for Raleigh (zip 27616) 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 Raleigh (zip 27616)
- The average income of a Raleigh (zip 27616) resident is $24,549 a year. The US average is $28,555 a year.
- The Median household income of a Raleigh (zip 27616) resident is $69,324 a year. The US average is $69,021 a year.