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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.
Cost of Living in Charlotte, NC
You can expect your costs to increase incrementally based on your apartment’s square footage. Additionally, the more appliances you use and areas in your apartment that you need to heat or cool, the higher your bills may be. Also, if you’re a homebody or work from home, your bills may be higher. The median after-tax salary is $4830, which is enough to cover living expenses for 1.8 months. Ranked 191st (TOP 2%) in the list of best places to live in the world and 44th best city to live in the United States, and 1st most liveable city in North Carolina. With an estimated population of 875K, Charlotte is the 16th largest city in the United States.
The Cost of Living in Charlotte, North Carolina
But on a macro level, Charlotte is more affordable than some other major cities. Housing, food and lifestyle expenses are merely the tip of the iceberg when it comes to the true cost of living. Health care, childcare, education, transportation and utilities are additional necessities that combine to create the overall cost of living for the average individual or family. Transportation costs are often the second-largest cost for most people.
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If you’re planning on buying a car in Charlotte, gas will be one of your main costs. According to GasBuddy data from May 2019, the average price of a gallon of gas in Charlotte is $3.93. One of most important determinations you need to make before moving to a new city or town is how much it will cost to live there. “Cost of living” is the amount of money you need to sustain a certain lifestyle in a given place.
Your household income will be worth the most in the following cities:
Your income will also become stretched with childcare costs if you plan on starting or expanding your family, so factor that into your decision-making when investigating where you can afford to live comfortably. A local index is typically standardized, with a base city assigned a baseline index value (usually set at 100). For example, a North Carolina community with a CLI of 125 would signify that living there is 25% more expensive than the base location, while an index of 75 indicates it’s 25% less expensive. If you aren’t sure about living in downtown Charlotte, you can look to buy or rent property outside of the city.
If you’re looking for slow-smoked barbecue and classic Southern sweet tea, you’ve come to the right place. Foodies rejoice for Charlotte’s food trucks, great restaurants, and outstanding microbreweries. Expect to pay about $13 per meal at a casual dining spot, with dinner for two at a mid-range restaurant coming in around $64. You’ll find some of the best dining options in Fourth Ward, Uptown, South Park, trendy Dilworth, and NoDa. Whatever you do, don’t miss out on the city’s best barbecue joints.
Transportation Costs in Charlotte
Looking ahead, the North Carolina job market is projected to add more than 300,000 new jobs by the end of 2028, and most of those jobs will be created in Charlotte and Raleigh. Other necessities in the 50% “must-have needs” category include groceries, utilities, car payments and healthcare. After all, your paycheck largely determines how much you can afford to spend every month. For this reason, before buying a home, consider how secure you feel in your job. Cost of living indexes typically use numerical values when measuring and comparing affordability, often working with either the national average as a benchmark or a base score of 100 for a specific city. When comparing a new location against the base city, the resulting numerical score indicates where the cost of living will likely be higher or lower between the two locations.
We’ve broken down the top cities in several states, ranked by such factors as affordability, job prospects and safety. Though there are public transit options, extended wait times and limited routes mean many residents choose to drive to get where they need to go. In fact, Charlotte is home to two of the state’s deadliest stretches of road — Interstate 85 (between Brookshire Boulevard and Sugar Creek Road) and Interstate 77 (between Remount Road and Exit 13A). Over and over again, studies have shown how important green space is for mental health and wellness — specifically in cities, where there’s more asphalt than grass. But Charlotte has no shortage of green spots to spread out with a picnic or play a game of frisbee with friends. According to a 2022 report by Stacker, Charlotte ranks number 27 among the 50 U.S. cities with the most green space per capita.
Here’s how far a $100,000 salary actually goes in Charlotte - WSOC Charlotte
Here’s how far a $100,000 salary actually goes in Charlotte.
Posted: Wed, 12 Apr 2023 07:00:00 GMT [source]
Healthcare costs in the area are slightly higher than the national average. You can expect to pay about three percent more for a doctor’s visit ($114 on average) or to see a dentist ($98 on average). The cost for a veterinary visit or prescription coverage will also be slightly higher than the rest of the country. Utilities are also lower than the national average by eight percent. The average energy bill is around $153 per month, while the average phone bill is $164 per month.
Transportation ranked second in 2021 behind housing for the highest household cost, according to the Bureau of Transportation Statistics. Households spent an average of $10,961—or $913 per month—on transportation expenses. These expenses included public transit and motor vehicle-related costs like auto purchases, parts, fuels, rentals, leases and insurance. Local municipalities can increase this to 7.5% to fund their cities.
The CLI for a city like Charlotte is calculated by assessing the price of essential goods and services in different areas, such as housing, food, transportation, and healthcare. At the city’s various restaurants and eateries, the food costs are similar to the national average. You can expect to pay $4.19 for a McDonald’s quarter pounder with cheese and $10.24 for a 12-inch Pizza Hut pizza. There are also plenty of local restaurants and options for high-end dining in the city.
Glenn Spivey is the town clerk for Trenton and has also been a volunteer firefighter for over 65 years. He said he’s seen a difference in the cost of living over the years. While these numbers are well below the national averages, some homeowners said the cost of living still does not fit everyone’s budget. According to Niche, Jones County is home to more than 9,000 people. Niche shows the county having an average home value of $115,400 with the average rent being $680. One challenge is that many people are still using pre-pandemic prices as their benchmark, so any other economic message the president is trying to send isn't breaking through.
The city boasts a lively arts and culture scene, with numerous museums, galleries, and theaters for entertainment. Outdoor enthusiasts will appreciate the many parks and recreational areas, while sports fans have local professional teams to support, including the Carolina Panthers (NFL) and the Charlotte Hornets (NBA). The community also enjoys annual events and festivals that celebrate local traditions and showcase the area's friendly atmosphere.
Wondering is Charlotte, North Carolina, a good place to live when it comes to weather? If you relish the changing of the seasons but hate packing on layers of parkas, you’ll love the weather in Charlotte. The temperature throughout the year averages about 62 degrees Fahrenheit, and winters tend to be mild (most of the time). Prepare to soak up the sun, though — summers are known to be warm and muggy, with temperatures averaging in the upper 70s. Not surprisingly, cost of living varies widely from place to place. For instance, it’ll cost you considerably less to live in Fort Smith, Arkansas compared to Fort Lauderdale, Florida.
For example, the price of a meal at an inexpensive restaurant in Charlotte is $15, compared to a $16 national mark. A meal for two at a mid-range restaurant in Charlotte will cost you $60, which is $5 below the national average. For example, the cost of living in San Francisco is twice that of Boise, Idaho.
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