Kostas was born on April 8th, 1916 in Viniani, Evrytanias to Dimitrios and Athena (Smaragdis) Balafas. He came to the United States as a 19 year old and worked in a restaurant that his father─who had been in America since the early 1900's─owned in Greenville, NC. Soon after he opened his first restaurant in Kinston, NC. On January 16, 1944, he married Nafsika Petalas (1925-1995). They would go on to have two daughters, Athena (married to George C. Canavos) and Helen (married to John W. Collis) and grandchildren Alexis and Costa Canavos. Kostas and his family moved to Winston Salem, NC in 1958. He was a successful restaurateur and eventually retired in Clemmons, NC.

He was a prominent member of Evrytanian Association, having served the organization as its president on several occasions. He also played a key role in establishing the Adelphotis Vinianiton in Charlotte, NC. He was instrumental in raising $150,000 by reaching out to people in North Carolina, South Carolina and Virginia for starting a home for the aged in Karpenisi. He also served with distinction in the Orthodox Church in Winston Salem. During his lifetime, Kostas never forgot the less fortunate people in Viniani and helped them anonymously throughout his life. As of 2026, he is survived by two daughters, a son-in-law, two grandchildren, six great-grandchildren and one great, great-grandchild.