Wilmington cost of living tops in state
Posted in Article published Feb 28, 2007
But median family income lags well below Raleigh figure
Sea and sun don’t come cheap. Wilmington ranks as the most expensive North Carolina city to live in, according to survey results released this week by the Greater Wilmington Chamber of Commerce.
Wilmington topped 13 cities and counties in the state, including Raleigh, Charlotte and Winston-Salem, in the quarterly survey compiled by the American Chamber of Commerce Research Association.
The results are based on the price of items as diverse as T-bone steaks, rents, mortgage payments, tennis balls and a gallon of gasoline. Wilmington’s costliest sector, not surprisingly, is housing.
The survey shows that housing in Wilmington costs nearly 10 percent more than the national average while housing in Raleigh is 7.1 percent below the national average.
“You’ve got to pay a little bit more to live at the beach,” said Scott Czechlewski, director of communications for the Greater Wilmington Chamber of Commerce, which collects the local data for the survey. “We’re lucky to live at a place that a lot of people only get to visit once or twice a year.”
The cost of living here is also higher than in Atlanta and Charleston, S.C., but lower than in Richmond, Va.
It is the first time Czechlewski remembers Wilmington ranking first in the state, though he said the absence of places like Kill Devil Hills and Chapel Hill in this survey helped clear the way.
The American Chamber of Commerce’s nationwide survey is an important economic tool, said William W. Hall Jr., an economist at the University of North Carolina Wilmington, though he cautioned it is just a snapshot of a moment in time.
Indeed, results fluctuate. At the halfway point of last year, Wilmington housing ranked at 95 percent of the national average. The change in position may reflect drops in other housing markets as much as it represents increases here, Czechlewski said.
The housing price comparison samples the cost of newly built, four-bedroom, two-bath houses on lots that are approximately 8,000 square feet and in professional neighborhoods.
The expense of living in Wilmington stands in contrast to the wages paid in the area. In 2006, the median family income in the greater Wilmington area was $53,900, nearly $18,000 less than in the Raleigh metropolitan area, according to figures from the federal Department of Housing and Urban Development.
The pinch is keenly felt on the low end of the income scale, said Emilie Swearingen, a planner with the city’s community development division.
“Affordable housing is a major, major issue,” she said. “I am not surprised by the chamber’s figures.”
Scott Satterfield, head of Wilmington Industrial Development, said an expensive reputation wouldn’t necessarily be a bad thing for the nonprofit group’s recruitment of businesses. It shows the likelihood of a return on investment on property. And the quality of life includes factors such as good schools, clean beaches and top medical facilities.
“It’s important to show the big picture,” he said.
And by comparison to some places, Wilmington is a steal. Housing in Manhattan, as an extreme example, is nearly 400 percent of the national average.
The next survey will come out in about four months.
Sam Scott: 343-2370
sam.scott@starnewsonline.com
