With Charlotte constantly growing and announcing plans like The River District, The Iron District, and a new residential complex at Camp North End, we figured it was time to talk about the cost of planting roots in the Queen City.
The median household income in Mecklenburg County is $79,000, according to the US Census Bureau. North Carolina is 39th in the country for median income at ~$67,000 per household.
The overall cost of living in Charlotte is higher than the rest of the state and the national average.
In Charlotte, the cost of healthcare, groceries, and transportation is lower compared to other parts of the state + the US. Meanwhile, the cost of housing and miscellaneous expenses in the city have higher average costs than other North Carolina cities and the country overall.
The overall cost of living in Charlotte is higher than the national average, despite health and grocery costs being notably lower.
Screenshot from bestplaces.net
Breaking down the numbers
Hypothetically speaking, if you live in a household that brings in $79,000, your max monthly budget for rent and utilities would be about ~$2,100 (36% of your monthly gross income). The average monthly rent for an apartment in Charlotte is $1,422 — nearing the top of your budget.
Interested in seeing Charlotte’s cost of living compared to cities in other states? We played around on NerdWallet’s cost of living calculator. You can input any city along with your current pre-tax household income to find out what cities you could afford to live in.
We took a look at the cost of living in Charlotte compared to Atlanta, GA. Here’s what we found:
- The cost of living is 2% higher in Atlanta.
- To maintain our standard of living, we would need to bring in $81,000 to our Atlanta household.
The median cost for a two-bedroom apartment is $1,575, which is $137 more than Charlotte.
Local housing + developments
Charlotte has entities such as the Charlotte Housing Authority + other government-funded programs to help develop more affordable units.
There are also a number of local development firms working on apartments — from RK Investors in Piper Glen to the affordable housing development from Grounds for Change along Park Road and Mallard at Sugar Creek.
