What Is The Cost Of Living In Charlotte NC?

Definition of "What is the cost of living in Charlotte NC?"

For a beautiful city like Charlotte, NC, ridden with history and the thrill of constant reinvention, the general expectations are for a slightly higher cost of living. However, the city of Charlotte manages to surprise us all with its affordable cost of living and great living quality.

Located in Southern North Carolina, pretty much on the border of South Carolina, is the city of Charlotte, one of the jewels of the south that is also known as the “Queen City” named after the wife of King George the III. It’s a city of contrast and unity. From beaches to mountains, from NASCAR to museums, Charlotte has many great things to do available to anyone who finds their way within its community.

Cost of Living

Living in Charlotte, NC has its pros and cons, but it is safe to say that the cost of living is not a con. Let’s see where the average expenses stand in the city and exactly what makes it so affordable.

Housing

The largest amount of money goes to housing expenses. It differs from renting to buying, if we look at the real estate market and Charlotte is one of the few cities where buying is more affordable than renting.

If you look at the median house values in this city you’ll see that the prices are lower than the national average by 14%. That makes the median prices for homes at around $252,500 and, for example, you can find amazing apartments in Uptown Charlotte at $242,000 with 2 bedrooms, 2 bathrooms at 930 square feet.

In regards to rentals, the median renting price is around $1,500 and you can find 2 bedroom condos for $1,300 in Uptown Charlotte.

Utilities and other expenses

When you look at the cost of utilities in Charlotte, NC you’ll see a lower cost than the national average for any additional expenses. For utilities, you can expect an average of $170/month for a 900 sq feet condo, while a gallon of gas is approximately $2.53.  With a median household income of $61,000, these expenses are affordable and a meal at a mid-range restaurant for 2 people is between $40 to $55 which is, again, affordable. 

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Questions

Popular Real Estate Glossary Terms

Listing Agreement A.K.A. Listing is basically a contract allowing a real estate agent or broker to list a home for sale and act as the home seller agent representing his/her interests ...

All expenses related to maintaining and operating a household. These expenses include the cost of rent or mortgage payments, taxes, utilities, maintenance and structural improvements. The ...

Complete estimated itemization of all costs in constructing a structure including site acquisition and preparation, material, and labor costs. A quantity survey is necessary for a ...

A closed-end mortgage is a mortgage in which the collateralized property cannot be used as security for another loan. See also open-end mortgage for a better understanding of the ...

Money raised by a syndicate promoter and placed into a fund prior to selecting the specific property in which funds will be invested. ...

A contract between a lessor and a lessee to use property for a specified time period at an agreed to rental charge. Gross lease: A total amount of rental dollars from which the landlord ...

Legal obligation to pay taxes associated with owning property or earning income. For example, a real estate owner must pay property taxes. ...

Also called trust deed. A document that conveys title to a neutral third party during the period in which the mortgage loan is outstanding as collateral for a debt. ...

Latin for through the life of another. A life estate in property is granted to an individual so long as a third person is alive. ...