Cost of Living in Murphy, NC

With a cost of living index of 62, Murphy, NC is one of the most affordable cities in the country. Living here is 38% cheaper than the national average and 23% below the North Carolina state average of 84. Murphy is a small community of 1,356 residents.

Housing costs are the biggest factor in Murphy's cost of living. The median monthly rent is $354 (73% below the US median of $1,319), and the median home value sits at $221,100 (27% below the national median of $304,900). At current prices, the median home costs roughly 6x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Murphy is $36,989, which is 51% lower than the national median of $75,149. Residents spend roughly 11% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.