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
A binding arbitration is a way to solve disputes without going to court. An alternative to the more expensive and lengthy legal procedures, a binding arbitration is basically the process ...
Legal obligation stemming from a civil wrong or injury for which a court remedy is justified. A tort liability arises because of a combination of a direct violation of a person's rights, ...
Property zoning having the net effect, intended or not, of excluding the poor and minority groups from living in a particular area. Building lot size is the most frequently used ...
Long, one-story house with the roof sloping toward the ground, often having skylights and contemporary windows. ...
An interest rate that is applicable when interest in subsequent periods is earned not only on the original principal but also on the accumulated interest of prior periods. ...
When a debtor defaults on a loan for which a deed of trust is given, the trustee is required to have a sale of the real estate security for the benefit of the lender. A deed of trust is ...
Current cost to replace property with an identical property after allowing for the depreciated value of the property. ...
Income reporting to the Internal Revenue Service using form 1099 stating income earned. For example, An employing real estate broker uses form 1099 to report commissions earned by a real ...
Long, wide piece of lumber having a minimum width of 8 inches with a minimum thickness of 1 inch for hardwood and 2 to 4 inches for softwood. ...
Have a question or comment?
We're here to help.