The cost of living in Durham is slightly higher at 101.2 than North Carolina overall at 96 and the national average of 100. The reason for this is the cost of housing, which ranks at 113 to North Carolina’s 92. Whenever you have an area that people are flocking to because of employment opportunities, you’re going to see higher costs on real estate and living in general. The median home price in Durham is $210,300 compared to $171,500 in the rest of the state.
However, lower property taxes make buying a home easier than in other major cities that are also technology and research hubs. According to US News Best Places to live, Durham ranks #13 and for Best Places to Retire, comes in at #15.
Employment opportunities abound due to Research Triangle, which is a region in North Carolina anchored by the three major research universities of North Carolina State University, Duke University, and University of North Carolina at Chapel Hill, as well as the cities of Raleigh and Durham and the town of Chapel Hill. Many high-tech companies call “The Triangle” home.
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- Unemployment rate: 3.9% (decreasing)
- Median annual salary: $52, 669 (increasing)
- Median monthly rent: $947 (increasing)
The biggest employer in the area is Duke University and its health system. Other major employers include IBM, GlaxoSmithKline, Fidelity Investments, and Blue Cross Blue Shield.
People may be coming to Durham and surrounding areas for work and educational opportunities, but many residents (both recent and long-term) are dealing with growing debt. It’s an easy situation to get into as many consumers know. You have an unexpected expense or simply don’t bring in enough to cover all the bills and you start to use your credit cards without paying off the entire balance each month. If you just pay the minimum payments, the debt will start to mount.
Then, maybe one month you’re not able to pay even that and you get behind. And that’s how the debt starts to grow. It can be stressful and worrying to have the burden of debt, and it may seem like there’s nothing you can do about it. However, there are solutions—several in fact—that may work for your specific financial situation. The important thing is to research available options and decide which one suits your needs best.
There’s a lot of confusing information and disreputable companies out there so it’s important to do your research and find the right lender before you embark on your journey to financial freedom. Visit Freedom Debt Relief or call 800-910-0065 for a free debt evaluation.
Debt Consolidation Loans
One method used by many consumers across the US is to obtain a loan to consolidate the debt. The loan can come from your bank, a home refinance, or a company specializing in this type of loan. You’ll need to have a good credit score, otherwise the interest charged may be too high, which would not make sense. But there are ways to improve your credit score fairly quickly.
When you get a consolidation loan to pay off your debts, it becomes easier to keep track of payments as you’re combining multiple due dates and cards. Since you only have to focus on one payment, it will be easier to stay organized. If you can find a debt consolidation loan that offers better payment terms and fees than your original creditors, consider applying for it. That way you’ll be able to pay your debt off sooner.
Debt in Durham
Durham comes in at 53rd position out of 211 cities for the most credit card debt. The average amount of credit card debt in Durham is $6251 per person.
People all over the country are dealing with debt. The good news is that it is possible to turn your financial situation around. Take your first step toward financial freedom today by finding out how Freedom Debt Relief can help you. Call 800-910-0065 now for a free debt consultation.