Charlotte is one of the top commercial and financial centers in the country. People move to the area for a stable economy and job opportunities in the financial sector, as well as the promising job market in other industries.
In addition to economic reasons, the laid-back atmosphere, natural beauty, plethora of outdoor activities and friendliness of the residents are what draw people to Charlotte.
Because of this, many people are making the move to Queen City. In fact, despite the pandemic, Charlotte was one of the fastest-growing cities in the nation in 2020.
Are you ready to call Charlotte home? If so, you’ll need to find out if living here is really within budget.
Overall, the cost of living in Charlotte is 2.6 percent cheaper than the U.S. average. That alone won’t provide you with an idea of whether this city is right for you, though. You’ll want to look at things like the average rent in Charlotte, as well as everyday costs. We’ll dive deep into how Charlotte compares with the rest of the country in the following areas:
- Housing costs in Charlotte
- Food costs in Charlotte
- Utility costs in Charlotte
- Transportation costs in Charlotte
- Healthcare costs in Charlotte
- Goods and services costs in Charlotte
- Taxes in Charlotte
- How much do you need to earn in Charlotte?
Housing costs in Charlotte
The average rent in Charlotte is $1,964 and though this price is nearly 16 percent higher than the average last year, you’ll be happy to know that the rental fees are 17 percent cheaper than the national average. For many renters, that means you can get a gorgeous apartment with more amenities and square footage for the same amount (if not less) than other cities in the country.
Some neighborhoods might even be less than the average rent in Charlotte. Take, for example, the neighborhood of Idlewild Farms. The average rent in that area is less than $920 per month, while the average rent in the Westside neighborhood is less than $720 per month.
If you’re looking for something a bit higher-end, you can find communities with exceptional amenities and newer apartments that are closer to the best restaurants, jobs and shopping Charlotte has to offer. In these neighborhoods — like Ashley Park and Brown Road — rental fees can surpass $2,600 per month.
Average rent prices in cities near Charlotte
If you’re not sure Charlotte is the right city for you or whether you want to live directly within city limits, you might consider moving to a city near Charlotte. These rental fees are typically lower than Charlotte, which means you can save some money on rent and still have easy access to Charlotte for day trips.
- Greensboro: $981
- Concord: $1,743
- Winston-Salem: $1,117
- Cary: $1,809
- Raleigh: $1,741
Home prices in Charlotte
If you’re not keen on paying the average rent in Charlotte and you have some money saved up, you might consider putting a down payment on a new home.
According to Redfin, the average home price in Charlotte is $353,000, and mortgage rates are nearly $1,000 less than the average rent in Charlotte.
Some things to think about when considering a home purchase:
- Do you have enough income to pay for home maintenance?
- Do property taxes fit into your budget (at 0.730 percent, you’ll probably pay around $2,577 a year in residential property taxes)?
- Can you afford to insure the home?
All these factors can radically increase the cost of living in Charlotte.
Food costs in Charlotte
Another important factor that can raise the cost of living in Charlotte is the cost of food, which is about 0.5 percent higher than the national average.
Being on par with the U.S. average means what you pay for a steak, chicken, milk, bread and eggs is much cheaper than other cities in the country.
Let’s compare Charlotte with the U.S. average, as well as one of the more expensive cities in the country to get a clear picture of your price savings.
Charlotte:
- Steak = $11.98
- Chicken = $1.33
- Milk = $1.84
- Bread = $3.65
- Eggs = $1.36
Miami, FL (16.6 percent higher than the national average):
- Steak = $15.86
- Chicken = $1.87
- Milk = $3.31
- Bread = $4.97
- Eggs = $1.78
U.S. Average:
- Steak = $12.40
- Chicken = $1.32
- Milk = $2.10
- Bread = $3.44
- Eggs = $1.47
While it may seem like just a few dollars difference, you know just how quickly those dollars can add up. So much so that they can make it hard to survive in a city even if it has a lower overall cost of living. Thankfully, the grocery rates in this North Carolina city help keep the cost of living in Charlotte relatively affordable.
Another factor to consider when it comes to the cost of food is dining out. If you eat at restaurants or order takeout often, you can expect your food bill to rise. According to BudgetYourTrip.com, the average cost of a restaurant meal is $15, though that price can rise or fall considerably depending on the type of restaurant you visit.
And Charlotte has some amazing options!
From the River’s Edge restaurant (with breathtaking views) to Leah & Louise (where you’ll taste food prepared by a James Beard-nominated chef), Charlotte has a variety of choices. You’ll find Southern comfort food, burgers, Korean Barbeque, African (Ethiopian and Ghanian) restaurants and so much more.
Utility costs in Charlotte
An important factor in the cost of living in Charlotte is the cost of utilities. It’s not always easy to factor in specific utility costs because they change depending on your use. But we can provide you with some average costs.
Overall, utility fees are 6.1 percent lower than the U.S. average. Your power bill will likely average $153.51 per month (the U.S. average is $160.94). Other monthly utility fees include:
- Internet: Range = $50 to $130+
- Cell service: Range = $25 to $1,020 (premium prices for Google Fi)
- Cable: Range = $50 to $75
- Water and sewer: Average = $68.06
Transportation costs in Charlotte
The best way to get around Charlotte is in a car. The city doesn’t have the greatest walkability or biking scores (31 and 36, respectively).
However, there are some reliable bus and light rail transit options. The Charlotte Area Transit System offers one-way fares that range from $0.90 to $4.40 depending on whether you hitch a ride on a shuttle, bus, express bus or express plus vehicle. Monthly passes range from $88 to $176, again depending on which transit option you choose.
If you choose to use your own vehicle to get around, it’s good to get an idea of some of the regular fees you’ll pay in connection with your travel to and around the city as these can raise the cost of living in Charlotte.
For instance, toll prices are between $0.90 and $1.21 in North Carolina. You might pay more if you decide to choose the “bill me by mail” option (between $1.38 and $1.86).
Other costs include fuel ($2.66 per gallon), maintenance fees (such as tire rotation and balance, which can cost around $50) and parking (day rates range from $5 to $24).
Overall, transportation costs in Charlotte are 4.7 percent lower than the national average.
Healthcare costs in Charlotte
It’s not always easy to determine an average when it comes to something like healthcare costs. Healthcare is a very unique thing, the cost of which depends on your individual needs such as:
- How many dependents do you have
- Whether you have insurance or not
- If you have a chronic health condition
- If you’re frequently ill (getting a bad case of pneumonia or bronchitis every year as an example)
Generally, healthcare costs in Charlotte are higher than the national average by 9.2 percent. It’s nice that, overall, the cost of living in Charlotte is lower than the U.S. average, but healthcare is one of the things that can drive those costs up.
As an example, a check-up with your physician might cost $133.33 in Charlotte. In other parts of the country, the cost is around $112.81. Similarly, your annual visit with a general dentist in Charlotte might cost $123.00. Patients in a different city might only pay $99.44.
Interestingly, drug prices tend to be lower in Charlotte. Over-the-counter medications are approximately 33.47 percent cheaper, while prescription medications are 2.5 percent cheaper.
Goods and services costs in Charlotte
Goods and services are investments that are “non-essential.” In other words, anything that doesn’t fall into the category of must-have, must-pay-for products/services like rent, groceries and healthcare costs.
However, we use these products every day, so they feel essential and rightly so! Knowing that you’re going to pay for these products regularly can help you determine the true cost of living in Charlotte. (Typically, these are 7.6 percent higher than the national average.)
For instance, think of some of the everyday items you use or weekly activities you engage in:
- Toothpaste ($2.64)
- Shampoo ($1.23)
- Yoga class ($22)
- Dry cleaning ($12.24)
- Newspaper subscription ($15.99)
Other activities/products/services you can get estimates for before you make your move to Charlotte include:
- Going to the movies
- Shopping for clothes
- Getting a massage
- Salon treatments
- Spa treatments (mani, pedi, facial)
- Subscriptions (Netflix, Hulu, etc.)
Taxes in Charlotte
Another factor to figure into your estimate of the cost of living in Charlotte is the taxes you pay once you become a resident of the city. Sometimes, new residents don’t always take taxes into account, which is a very unpleasant wake-up call!
State sales tax in North Carolina is 4.75 percent. Combined with city/county taxes, the total sales tax amount is 7.25 percent.
Interestingly, North Carolina has a flat income tax rate. All taxpayers in the state pay the rate of 5.25 percent regardless of their filing status or their taxable income. Residents like the flat rate because even if their job or salary changes, they pay the same rate, which makes filing their taxes relatively easy.
How much do you need to earn to live in Charlotte?
According to the U.S. Census Bureau, the average annual income for residents of Charlotte is $62,817. If you were to follow the advice of most financial experts, you’d limit your rental costs to 30 percent of your income. If you earn an average income, that means you’d spend $18,845.10 on rent per year, or $1,570.42 per month.
The average rent in Charlotte is $393.58 over that amount. That’s great news! You definitely have some wiggle room because there are plenty of neighborhoods with apartments for rent at lower costs. Or, if you make more than the average income in Charlotte, you can look at apartments that are higher or lower than the average and find the apartment that fits your needs to a T.
To find out if you make enough to comfortably live in Charlotte, check out our free rental calculator.
Understanding the cost of living in Charlotte
Charlotte is a beautiful city where newcomers are welcome. With the friendly atmosphere and affordability, residents feel fortunate to call this city their home.
Uprooting yourself from one city (or state) to another can seem daunting. We want to help! Using our listings filter, you can find apartments for rent in Charlotte that not only fit your budget but that also have the amenities you want and need.
