A College Town In North Carolina That's 8.7% Less Expensive Than The National Average Is Ideal For Retirement

In 2025, college towns seem to be winning where affordability is concerned. From a college towns that's perfect for retirees in Texas, to a charming upstate New York college town, finding the perfect balance of things to do on a budget might come down to college locations. On that note, another college town, this time in North Carolina just might be a good fit for you. 

Raleigh has everything you could want in a city. For culture lovers, you can take in performances at the A.J. Fletcher Opera Theater or music festivals like the Dreamville Music Festival at Dorothea Dix Park. If you're a foodie, Raleigh is considered a barbeque and comfort food haven. From a plate of fried chicken and waffles at Dame's Chicken and Waffles, to a plate of chopped barbeque at Clyde Cooper's – with Cooper's even offering full meals for under $10. For the outdoorsy types, the town's moniker as the 'city in a park' comes with over 10,000 square feet of greenspace in and around the city making Raleigh perfect for cycling, hiking, boating, and exploration. 

It's also home to North Carolina State University, which comes with over 200 startups and over $1.7 billion in startup capital — of which Jeff Bezos contributed $30 million in 2024. The University brings $6.5 billion into North Carolina's economy every year, and employs over 9,000 staff and faculty. All of this leads to a town that's less expensive than the national average, with an equally enviable cost of living. 

According to the Bureau of Labor Statistics, the average monthly consumer expenditures in the U.S. is $6,440. That's the equivalent of $77,280 per year. That average, however, is for your typical household, which could include a spouse or children. Taking into account the cost of living for a single person in the U.S., the monthly average household expenditure is closer to $4,641 or $55,629 annually. Meanwhile, according to GoBankingRates, the cost of living in North Carolina in 2025 is $75,580, or $6,298 per month. While that's technically lower than the national average expenditure for a household, it represents a difference of just $142.

With that said, things gets more interesting as an individual living in Raleigh. According to GoBankingRates, the average cost of living for a single person in 2025 is $4,267 a month or $51,200 annually. When compared to the national average consumer expenditures for a single person in the U.S.  — the difference is a significant 8.7%. So while Raleigh isn't necessarily one of the cheapest places to retire in the U.S., it is almost 10% cheaper than both the national and state average.

According to the Federal Reserve Bank of St. Louis, the average cost of a home in the U.S. in Q4 2024 was $419,200. Per Zillow, the average home in North Carolina is valued at $328,101, or $91,099 below this national average, as of March 2025. However, in Raleigh, the average home price is $435,263, or $16,063 above the average. So while the cost of living in Raleigh is cheaper than the rest of the state, the cost of a new home is not. RentCafe places the average rent in the U.S., as of February 2025, at $1,751 per month, while Apartments.com lists the average rent in Raleigh at $1,385 per month. With this in mind, housing could be a significant factor to consider.

Another consideration is senior care. According to SeniorLiving.org, the median cost of independent living in the U.S. per month is currently $3,065. However, according to A Place for Mom, the median cost in Raleigh for this care is around $4,396 per month — making it much more expensive than the national median. So while Raleigh is 8.7% below the national average when it comes to cost of living, the jury could still be out on if it's the right retirement location for you. Factors like the size of your household and even your retirement savings can and will impact your ability to move. If you want something more affordable, you're better off considering one the many U.S. cities where retirees can live on Social Security alone.