Which are the most important things you consider before moving to a new city? Undeniably, you will browse for must-see places, exciting open-air and indoor recreation, pleasant climate, safety, and good education. But, most of all, you’ll be interested in how affordable its homes are and what its economy can provide you. Wilmington, North Carolina, has become synonymous with economic potential.
Wilmington is a port city in New Hanover County, southeast North Carolina, boasting top grades in virtually every category. Let’s examine how living in the city of Wilmington, NC, can live up to your expectations from every economic aspect you can think of!
First round, Wilmington’s thriving real estate market
Considering other major North Carolina cities, you’ll see that Wilmington’s housing market features reasonably-priced homes. The median property sale price was approximately $355,000 in late December 2022. Contact top-tier local real estate agents in Wilmington NC, for reliable news and information! They will inform you that the market is currently highly competitive.
In layman’s terms, this translates to fewer assets available on the market than buyers require. As a result, home prices in Wilmington will likely go higher in 2023. If you intend to buy a house or condo in Wilmington, you must know that real estate sells fast, on average 15 days. Wilmington properties receive multiple offers, so many homebuyers stand a chance only if they can pay upfront.
If you plan to move to Wilmington and purchase a home, we suggest you proceed without any further delay!
A growing Wilmington population means increasing property prices.
Relocation trends also enforce “Wilmywood’s” popularity and escalating real estate prices. Wilmington’s population in early 2023 reached 118,145 residents. If you investigate how the population has grown over the years, you’ll realize that it was constant and uninterrupted.
How will living in Wilmington affect your budget?
Right off the bat, compared to Raleigh, Charlotte, or Greensboro, life in Wilmington doesn’t come more expensive. It’s true that living in Wilmington has its fair share of ups and downs. Still, its economic perks outweigh the disadvantages. So you can build a future for your family, pursue your hobbies, or invest in a golden opportunity.
Basic expenses to expect before moving to Wilmington, NC.
Compared to the United States average, the cost of living in Wilmington is cheaper by about 3.5 percent. Yet, it’s approximately six percent higher than the North Carolina average. For example, utilities, transportation, and groceries cost less than the American average. Unfortunately, healthcare costs are higher.
Renting an apartment on a budget in Wilmington
Suppose you wish to rent a low-priced apartment in Wilmington. On average, the rent of a one-bedroom property moves between $1,300 (outside the city center) and $1,430 (downtown Wilmington.)
Simultaneously, a family-size apartment or single-family home costs almost double in the city center. Instead, we recommend renting a three-bedroom apartment in Wilmington’s most affordable neighborhoods, such as Wrightsboro, Castle Hayne, or Sea Breeze.
How does the job market perform in Wilmington, North Carolina?
For starters, the 4.3 percent local unemployment rate in Wilmington, NC, beats the national average of six percent by a landslide. According to Numbeo, the median monthly net salary in Wilmington (after taxes) was $3,855.
Reportedly, jobs increased in 2022 by about one percent. However, now comes the good news! In the next ten years, job growth in Wilmington, with approximately 37.3 percent, is expected to surpass the US average of 33.5 percent. Additionally, several national companies will establish a local headquarters in Wilmington.
Taxes and income in Wilmington, NC
A Wilmington citizen’s average annual salary in 2022 was slightly higher than the US average of 28,555. However, a resident’s median household income was lower than the American median ($42,200 to $53,500.)
Besides, Wilmington's seven percent sales tax rate was lower than the US median of 7.3 percent. Still, the local income tax rate of 5.5 percent is moderately higher than the 4.6 percent Us average.
Learn about the top industries in Wilmington!
Since Wilmington provides visitors with numerous breathtakingly gorgeous places, tourism booms. The pristine beaches, monuments, vibrant nightlife, and historic downtown drew millions of tourists annually like a natural magnet.
The Port City hosts a commercial hub.
Then, Wilmington fills a crucial port city’s shoes due to its location on the Cape Fear River, which has direct access to the Atlantic Ocean. You’ll also find the local headquarters of the North Carolina State Ports Authority's Port and several private marine terminals.
The city hosts the Greater Wilmington Chamber of Commerce, a local business facilitator in the larger Wilmington Metropolitan Area.
Wilmington is a pharmaceutical and healthcare center.
The local economy is centered around mass-producing medical, electronic, and telecommunications gadgets. Secondly, pharmaceutical companies like AAIPharma Services Corp., or Pharmaceutical Product Development, offer top employment opportunities.
And last but not least, retail trade, healthcare, social assistance, accommodation, and food services also make an outstanding contribution to Wilmington’s overall economy.
Who are the top employers in Wilmington, North Carolina?
Did you know Wilmington rules also in terms of providing top education? The University of North Carolina Wilmington, Cape Fear Community College, and New Hanover County Schools offer nationally acknowledged diplomas. Besides, they also keep their doors open to a highly-motivated new staff of professors.
From a financial point of view, Wilmington excels. For this reason, several renowned national banks have established local headquarters in the city, like First Carolina Bank and Live Oak Bank.
We must also recognize and mention the most significant manufacturing companies, such as Interroll and Alcami.
Conclusion
Suppose you need to choose a new city solely based on its economy. In that case, you couldn’t pick a better one than Wilmington, North Carolina! (And we haven’t mentioned Wilmington’s mind-blowing places to see) The town is rolling now, and according to economic predictions for the following decade, its future will shine even brighter. What makes us jump to this conclusion?
Firstly, Wilmington’s real estate market provides cost-effective housing options, way more affordable than the US average. The low local unemployment rate proves that Wilmington’s job market is thriving. Once you’ve moved to Wilmington, you’ll find many promising vacancies.
Secondly, the local average monthly income is also fair. However, you can anticipate a substantial salary increase once the predicted job market improves. Besides, Wilmington’s cost of living is lower than you’d initially expect. Monthly fees, bills, rent, and mortgages won’t take a toll on your budget.
All in all, Wilmington, North Carolina, is an up-and-coming and family-friendly city with the potential waiting for you to explore!