What's the cost of living in Charlotte for renters?
Looking to move to Charlotte, NC? Cost-of-living estimates make this one of the cheaper cities you can live in in the U.S.
While other cities in the South like Raleigh, Knoxville, and Dallas are around the same if not similar price ranges, prices in Charlotte are dwarfed by most major metropolises. For instance, it’s 42 percent cheaper to live in Charlotte than in San Francisco. Depending on where you’re coming from, you can save a fortune on rent alone.
So what is the cost of living in Charlotte, North Carolina?
The cost of living in Charlotte, NC, is 5 percent lower than the national average.
A great local economy has made Charlotte area a very good deal. Major companies in the industries of finance, motor sports, and energy are coming in and the recent economic boom has meant fast growth for the area; however, and prices are likely to rise. Right now, it’s the 14th best city for business and careers and one of the top U.S. financial cities. Your new friends in the area will likely be working for "the big three": Bank of America, Wells Fargo, or Red Ventures.
What are the monthly expenses typically like?
Here’s a simple breakdown of the cost of living in Charlotte, NC, that locals typically pay:
- About $1,019 for Housing: Rent is largely reasonable in Charlotte, NC. Housing in general is about 15 percent lower in price than the national average.
- About $391 for Transportation: This is the main downside of living in Charlotte: Cost-of-living estimates will be dependent on fluctuating gas prices, as it is very difficult to live in the city with no car. Although there are plenty of parks and green spaces where you can get fresh air, Charlotte is hardly a walkable city at all, and the fairly good public transportation systems are rarely used. Gas in the area typically hovers around $2 per gallon, and an express monthly pass with the local transit system is $121 per month. According to the Living Wage Index, locals will need to spend $391.41 per month on transportation.
- About $252 for Food: This is another odd thing about the city: There are farms, farms everywhere, but not a lot of farmers’ markets! That’s quickly changing, though. The Living Wage Index estimates that $251.83 will be spent on food and groceries for residents each month. Note that those hoping to go out will likely be paying higher rates because of the local Prepared Food and Beverage Tax.
- About $39.99 for Internet Access: The two main Internet providers here are Time Warner Cable and AT&T, and the average price for Internet-only service is $39.99 per month.
- About $100 for Utilities: This is a rare instance where good weather translates to a good cost of living. In Charlotte, NC, you’ll pay affordable amounts for utilities, rarely going above $100 per month. Usually, the energy bills are between $50 and $75 per month, and a water bill is under $25. Note that this is the only category where Charlotte’s prices go above the national average, by about 8 percent.
That adds up to an average of $1801.99 per month for someone looking to live alone in a one-bedroom apartment.
Is it possible to find an affordable apartment?
Compared to most major cities that a rental agent would work in, it’s very easy to find affordable rent in Charlotte, North Carolina. Cost-of-living numbers and great job outlooks make this increasingly an area that appeals to professionals and young families. For more information on apartments in Charlotte, NC, contact Auston Woods.