Salary & Cost of Living in Wake Forest, NC
Wake Forest, NC: $43,173 median salary, cost of living index 87.9, $7.25/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$43,173
$21/hr
Cost of Living
87.9
US avg = 100
Minimum Wage
$7.25
per hour
Unemployment
4.1%
rate
Wake Forest, NC Overview
Population
50,970
Median Salary
$43,173
Average Salary
$48,354
Avg Commute
17 min
Median Home Price
$303,000
Median Rent
$1,237/mo
Job Growth
+1.7%
Sales Tax
4.75%
Wake Forest is located in North Carolina with a population of 50,970. The median household salary is $43,173 per year ($21/hour), which is $16,211 below the national median of $59,384. The average commute time is 17 minutes, and the city has a job growth rate of +1.7%.
Wake Forest Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Wake Forest, NC, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$34,785
$2,898.77/month · $1,337.89/biweekly · Effective Rate: 19.4%
Gross Pay
$43,173
Federal Tax
-$3,142
State Tax
-$1,943
Local Tax
$0
FICA
-$3,303
Net Pay
$34,785
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $3,597.75 | $43,173.00 |
| Federal Income Tax | -$261.86 | -$3,142.26 |
| North Carolina State Tax (4.5%) | -$161.90 | -$1,942.78 |
| Social Security (6.2%) | -$223.06 | -$2,676.73 |
| Medicare (1.45%) | -$52.17 | -$626.01 |
| Net Take-Home Pay | $2,898.77 | $34,785.22 |
Salary Comparison: Wake Forest vs Other Cities
See how Wake Forest's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Wake Forest, NC | $43,173 | 87.9 | $49,116 |
| National Average | $59,384 | 100 | $59,384 |
| Aventura, FL | $43,156 | 99.7 | $43,286 |
| Marion, OH | $43,150 | 84.8 | $50,884 |
| Fairborn, OH | $43,147 | 88.5 | $48,754 |
| Marrero, LA | $43,145 | 89.5 | $48,207 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Wake Forest
Wake Forest's cost of living index is 87.9 (national average = 100). Living in Wake Forest is 12.099999999999994% less expensive than the national average.
Median Home Price
$303,000
Median Monthly Rent
$1,237
Annual Rent Cost
$14,844
Your Salary's Purchasing Power
Your $34,785 annual take-home pay in Wake Forest has the purchasing power of approximately $39,574 in an average-cost US area. Your $43,173 salary stretches further here than in most US cities.
Top Industries in Wake Forest
Wake Forest's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $43,173.
Salary Tips for Wake Forest Workers
- Your salary goes further here. Wake Forest has a cost of living 12.099999999999994% below the national average. A salary of $43,173 here has the purchasing power of about $49,116 in an average-cost area.
- Research top industries. Wake Forest's top industries include Banking, Technology, Biotech. Targeting roles in these sectors can help you earn above the $43,173 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
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Frequently Asked Questions
What is the median salary in Wake Forest, NC?
The median salary in Wake Forest, NC is $43,173 per year, or $21 per hour. The average salary is $48,354. This is $16,211 below the national median of $59,384.
What is the cost of living in Wake Forest, NC?
Wake Forest's cost of living index is 87.9 (national average = 100), meaning it is 12.099999999999994% less expensive compared to the national average. The median home price is $303,000 and the median monthly rent is $1,237.
What are the best industries in Wake Forest?
The top industries in Wake Forest, NC include Banking, Technology, Biotech. The city has a job growth rate of 1.7% and an unemployment rate of 4.1%. Workers in these industries often earn above the city's median salary of $43,173.
How does Wake Forest's salary compare to other cities?
Wake Forest's median salary of $43,173 is 27.3% below the national median of $59,384. However, when adjusted for cost of living (index: 87.9), the real purchasing power is approximately $49,116.
What is the minimum wage in Wake Forest, NC?
The minimum wage in Wake Forest, NC is $7.25 per hour. This equals approximately $15,080 per year for a full-time worker (40 hours/week). This matches the federal minimum wage of $7.25/hour.