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Consequently, comparing expenses between cities or towns offers you more clarity on your home-buying journey by helping you better target more affordable regions that also provide a similar standard of living. Healthcare ate up $5,452 of the average annual household budget in 2021—roughly $454 per month. Other costs in the healthcare category include medical services and supplies and drugs.
Additional costs to consider
In this guide, we break down the cost of living in Charlotte, from housing expenses to food and healthcare costs. We’ll provide data from the local cost of living index and comparison tools and look at how Charlotte ranks for livability compared to other U.S. cities. Housing is one of the biggest factors that determine the cost of living in Charlotte, NC. The median cost to rent a 2-bedroom apartment is $1,214 while the median home price for a 3-bed, 2-bath home is $307,320.
Where does the data come from?
The average rent for a one-bedroom apartment in Charlotte now comes in around $1,440 per month, and you can get a two-bedroom apartment for approximately $1,660 per month. Basic apartments with fewer frills will come in on the lower end of the price scale. If you’re looking for an apartment in a gated complex with a pool, gym, and other extras, expect to pay more accordingly. A cost of living index (CLI) monitors how much these basic expenses increase over time in different states, cities, or regions.
What is the median home price in Charlotte?
Escarraman said he is weighing a variety of factors in whom he supports politically. Right now, he is concerned about the increase in migration and the money the U.S. government is spending on conflicts overseas, as well as the high cost of living. Niche gives Charlotte an above-average rating when it comes to the city’s public school system, so families with kids have a good shot at finding an excellent school in Charlotte. Zumper's team of rental experts provides you with the latest rental tips, trends, and local laws to help you find great apartments and homes across the country.
Rental affordability calculator
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Housing is considered a necessity, an essential cost of living that cannot be avoided.
Charlotte and Austin outrank Seattle in study of best places to work in tech Produced by Seattle Times Marketing - The Seattle Times
Charlotte and Austin outrank Seattle in study of best places to work in tech Produced by Seattle Times Marketing.
Posted: Wed, 31 Oct 2018 07:00:00 GMT [source]
Compared to the national average, out of 100, the cost of living in Charlotte is 98.9, making it only a bit less expensive overall than other areas of the country. In addition, Charlotte has several more affordable areas, allowing you to save money on rent that can free up some funds for your other basic living costs. As you plan your move, HomeLight can connect you with a top-performing, trusted real estate agent in your current city or in the Charlotte community where you’d like to live.
Spectrum is one of the biggest internet service providers in the area, followed by AT&T. If you have your own vehicle, then you will need to factor your commute time into your transportation costs. (Longer commutes mean higher gas usage and more wear on the car.) The average commute time in Charlotte is just over 25 minutes. While Charlotte has a longer commute time than other parts of North Carolina, it is still shorter than the rest of the country, which has an average commute time of 26.6 minutes.
It’s the Most Diverse City in North Carolina.
Charlotte consistently ranks as one of the most affordable big cities in the nation. Tickets for a race at Charlotte Motor Speedway range from $40 to over $1,000 for the best seats in the raceway. The Third Ward is home to the Bank of America Stadium, where baseball fans gather every fall for games. The area is also great if you’re looking for some green spaces to explore and dog parks to get your fur buddy out of the house for an off-leash runaround or a game of fetch. Most residents choose to drive their own cars to get around the city. Gas runs about $3.007 per gallon, with premium at $3.691 and diesel at $3.273 per gallon.
This makes Charlotte an incredibly affordable city, as housing is 14% cheaper on average than the rest of the country. NerdWallet, PayScale, and Best Places all give Charlotte favorable scores for housing. Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations. Like many places around the U.S., rental costs have gone up significantly during 2021.
In 2021, American households spent an average of $8,289 on food, or 10 percent of their budget, according to the Consumer Expenditure Survey. But depending on their income, American consumers may spend anywhere from 10.9 percent to 15.8 percent of their annual income on this category. Necessary spending is the money used to cover basic or essential needs, such as housing and food. The term discretionary spending, on the other hand, is used to describe non-essential costs. These might include recreation, entertainment or other items consumers purchase when they have money leftover after necessary expenses are covered.
But like Texas, living in the Sunshine State’s most cosmopolitan cities (like Miami) will put your cost of living above the national average. Compare that to the cost of living in Texas, which is 8 percent lower than the national average, even though pricier cities like Plano have a cost of living that’s above the national average. If you’d like some help narrowing down cities to compare, check out Bankrate’s Best Places to Live series.
The bus system, known as CATS (Charlotte Area Transit System) comprises 70 different local, regional, and express routes. A local ride will cost you $2.20 each way, while express and regional tickets go for $3.00 and $4.40, respectively. For when you first touch down at Charlotte Douglas International Airport, Sprinter Bus Service can shuttle you to any of various central locations. Ride-sharing services like Uber and Lyft, taxis, and bike-sharing services like Charlotte B-cycle and LimeBike can also whisk you around the city.
This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. (WITN) - If you’re looking for a new and affordable place to live in Eastern Carolina, Jones County should be on your list. A new ranking from Niche shows Jones County has the second lowest cost of living in the state. Similarly, Florida’s cost of living is just 1 percent lower than the country as a whole, according to RentCafe.
Simply pick your marital status and family type from the drop-down. The calculator will give you a breakdown of your monthly spends on food, utilities, transportation, housing, healthcare, and other miscellaneous items to help you determine your cost of living in Charlotte. Cost of living information can be helpful to make comparisons between two or more cities and determine how much money would be required to make ends meet.
It stands as a major financial center, housing the headquarters of national and international banks. Alongside finance, the healthcare, technology, and manufacturing sectors significantly contribute to the local economy. This diversity in industries has created a stable job market and attracts professionals from various fields. AARP provides a Livability Index Search Page where it scores communities and even neighborhoods across the country for services and amenities that impact your life. You can check your current city score or others where you might like to live near Charlotte. The livability index Community Finder tool allows you to filter by location, community size, livability measures, and other features, such as state and local plans to create age-friendly communities.
According to the 2019 U.S. census, the median household income in Charlotte was $62,817 per year. The job market in Mecklenburg County is seeing an improvement since July 2020 when unemployment was over 10%. You can expect to pay anywhere from $700 to $900 for a cheaper one-bedroom apartment in Charlotte and the surrounding area. Two-bedroom apartments fall closer to $900-$1,100 for cheap options, while three-bedrooms are around $1,200 per month. It sets the amount you need to cover your basic expenses and have money left over for savings, entertainment, and other non-essential costs.
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