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.
Popular Real Estate Questions
Popular Real Estate Glossary Terms
Property owned and held jointly and equally shared by each spouse. It is purchased during their marriage, regardless of the wage-earning situation of either spouse. A spouse may not make a ...
The term comparables is used to better determine the value an asset has when compared to others, similar to it. Real estate comparables are used in assessments to determine a house’s ...
The cost of property, such as a home owned for tax purposes. For example, a home was purchased for $150,000. capital improvements to it cost $15,000. The house was later sold for $230,000. ...
Tenancy that may be terminated by one party- the tenant or the landlord- at any time. The agreement may be in writing or oral. For example, Jack has an oral agreement to use Christine's ...
Highest amount a property is worth equal to the amount that would have to be paid to buy equivalent property in the market place. ...
Loan with a significant down payment with the balance being paid in equal periodic payments over a short time period. There is no interest charge. An example is when a seller of real ...
Descriptive of a property boundary that follows the course of a river or estuary. For example, a land description may say its boundary follows "the meander of the river" meaning the ...
Certificate issued by the government showing evidence that the veteran is qualified and the amount of guarantee available to maintain a VA loan. It is one of the documents necessary to ...
Buyer agrees to accept the responsibility for the existing mortgage. The seller is not relieved of the obligation unless the lender agrees to release it. Many lenders charge points and ...
Have a question or comment?
We're here to help.