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

The total return from holding a real estate investment for the holding period of time. The computation follows: For a mutual fund investing in a real estate, the return is in the form ...

In appraisal jargon, property currently being appraised. ...

Also called profit and loss statement. A financial statement depicting a business entity's operating performance and reports the components of net income, including sales of real estate, ...

Temporary financing meeting a developer's financial difference between a construction loan and a permanent mortgage. ...

A delay in making a principal payment on a mortgage that a bank allows a debtor for current financial difficulties. The extension of a loan at maturity at the 'going' market interest ...

Danger, hazard, risk, or peril. For example, jeopardizing a piece of property by pledging it as collateral for a loan. ...

Approach to valuing property based on its replacement cost. The cost of each major element of the property per square foot is added together and multiplied by the total space to estimate ...

A public officer given the right to authenticate a document, accept a person's oath, administer depositions, and to conduct other activities in commercial business. An official seal is used ...

List of records kept of what is owned by an individual such as the deed to a house and the title to land. ...