Charlotte is the largest city in North Carolina and has a population that’s growing quickly. According to the Charlotte Regional Business Alliance, the area’s population is expected to grow by 50% by 2050. Of course, any time there’s population growth, the associated area’s cost of living tends to rise as well. Despite these increases, the housing market in Charlotte appears to have some opportunities for buyers.
Do you have questions about how cost of living can affect long-term financial plans? Speak with a financial advisor today.
Home Prices in Charlotte
According to NeighborhoodScout, the median value for a home in the Charlotte metro area is $365,286. These prices have evidently attracted a number of homebuyers, as the NeighborhoodScout reports the homeownership rate for the city is 52%.
One weaker point for Charlotte’s housing market is its overall home appreciation rates over the last couple decades. In fact, NeighborhoodScout shows that from 2000 to 2022, Charlotte homes saw a 156.67% cumulative appreciation rate. While that might seem great, consider that nearby Asheville, North Carolina, saw a 225.34% appreciation rate over that same period of time.
Rent in Charlotte
If you’re planning on renting instead of buying, know that Charlotte’s rent prices aren’t much higher than the rest of the country. According to Apartment List’s November 2022 report, the median rent for a studio apartment in Charlotte is $1,525.
For those searching for a bigger abode, Charlotte’s median rents for two and three bedroom apartments are below:
- Two bedroom:$1,993
- Three bedroom:$2,420
Utility Costs in Charlotte
Regardless of whether you’re a renter or a homeowner, you’ll likely have to cover most of your utilities. According to Numbeo.com, the average monthly utility bill in Charlotte is $145.28, which is $30.77 above the U.S. average. That’s for a basic package including electricity, heating, water and garbage for a 915-square-foot apartment. The average monthly internet bill in Charlotte is $68.
Transportation Costs in Charlotte
Charlotte’s “Center City” has a range of choices for public transit. A ride on theLYNX Blue Line Light Rail costs $2.20 each way. TheCharlotte Area Transit System (CATS) Bus Service also costs $2.20, or $3 for express buses.TheCityLYNX Gold Line is free.
Like some other cities, Charlotte has a bike-share program – theCharlotte B-cycle. A 24-hour pass costs $30, with rides over two hours incurring additional costs. Annual membership costs $100, plus 27 cents per day for unlimited two-hour rentals.
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. That’s 19 cents lower than the national average of $3.74.
Food Costs in Charlotte
According to Numbeo.com, Charlotte food prices are close to the U.S. average. 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.
Taxes in Charlotte
For the most part, the tax situation in Charlotte and North Carolina is favorable. In 2022, the state charges a 5.25% flat income tax. This is down from its former progressive income tax structure that had rates ranging from 6.00% to 7.75%. Charlotte does not have a city income tax.
Charlotte is located in Mecklenburg County, which has a 7.25% sales tax. Additionally, the average effective property tax rate in Mecklenburg County is1.05%. That comes in higher than the statewide North Carolina average of0.77%.
Miscellaneous Cost of Living Facts in Charlotte
If your budget allows for spending on more than just the necessities, Charlotte has plenty to offer. Admission to the NASCAR Hall of Fame will cost you$27 for adults, $24 for seniors 65+ and$20 for children ages 4 to 12 and military personnel with ID.
Charlotte also boasts its very own basketball team: the Charlotte Hornets. The average price of a ticket to see the Charlotte Hornets play for the 2015-2016 season was $30.60, according to Statista.com.
Art lovers can instead visit the Bechtler Museum of Modern Art for just $9. Admission to the Mint Museum costs $15, or $6 for children from 5 to 17 years old.
Money Management Tips
- The services of a financial advisor can be of great aid to anyone who’s moving to a new city, but doesn’t want to forget about their long-term goals, like retirement.Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. We also have a list of thetop financial advisor firms in Charlotte.
- If you’re planning on depositing your money with a new bank following your move, here are a few choices in the Charlotte, North Carolina area: Carolina Alliance Bank,First Community Bank,Towne Bank,TruPoint Bank andPiedmont Federal Savings Bank.
Photo credit:©iStock.com/Susanne Neumann,©iStock.com/AlexRaths, ©iStock.com/TriggerPhoto
