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Image of Charlotte North Carolina's skyline during sunset, and the text "Is Charlotte Expensive? Breaking Down Charlotte's Cost of Living."

Is Charlotte Affordable? Breaking Down Charlotte's Cost of Living

Author: Jamie Milam

Date: November 22, 2024

Here's a fun fact about Charlotte, North Carolina: in 2023-2024, it was the #1 most moved-to big city in the country! For every 100 moves out of the city, there were 168 moves in.

And as an Oklahoma transplant turned local, I get it—I love Charlotte, too. The city has a lot of character and culture, a temperate climate, a strong economy, a fantastic food and drink scene, great commuting options, major sports teams... the list goes on. There's a reason it was ranked #5 of 150 major cities recently!

But one key driver of the increase in moves to Charlotte is the affordable cost of living. When compared to other major cities across the country, many people can find a high standard of living at a lower cost, meaning you can enjoy everything the city has to offer.

Whether you're curious about moving to Charlotte or have already decided, let's break it all down together. Here's your in-depth look at Charlotte's cost of living and what to expect living here.

Charlotte Cost of Living: Real Estate and Housing

As Realtor® in Charlotte, I've helped many individuals, couples, and families find their dream home in the city. And I know how much real estate impacts the affordability of a location. Housing is a key driver of Charlotte's cost of living, so let's break it down here.

Text that says "Between its excellent location, strong economy, and lower-than-average housing costs, Charlotte is an ideal place to call home for many people. Combine a higher earning potential and a lower cost of living and there's a lot to love about this city!"

For housing, Charlotte has some more affordable options. At the time of writing, you can expect the following averages:

Renting: According to Apartments.com, the average rent for a two-bedroom in the greater Charlotte area is $1,757/month (average square feet is 1,078). A two-bedroom house is similar, while three-bedroom houses are around $2,053/month, and four-bedroom at $2,583. On the whole, these averages in Charlotte are currently 7% lower than the national average.
Buying: The average home price for a four-bedroom house in the surrounding Charlotte metro area is $401,936 (as of September 2024).

Though inflation has increased prices, and the real estate market has appreciated, both of these categories sit below prices in other major cities. Charlotte also has lower-than-average property taxes.

As a whole, North Carolina's effective tax rate is around 0.6%, which is on the lower end when compared to the rest of the US (effective tax rates are the highest in Illinois at 1.88%).

That means owning a home in Charlotte is cheaper than other parts of the state and country when it comes to effective tax rates. Combine this with more spending power from lower daily costs, and you can really start to enjoy what the city has to offer!

Charlotte Cost of Living: Everyday Purchases

On top of housing costs, you have your daily essentials—food, clothing, utilities, transportation—and non-essential, fun purchases, too. While this is not an exhaustive list, here are the average prices for daily essentials in Charlotte:

Gallon of whole milk: $3.89
Loaf of bread: $3.79
Grande caramel macchiato from Starbucks (my fav!): $5.95
Public transportation: $2.20 one-way trip, or $88.00 for a monthly pass (local bus and rail)
Gallon of gas: $3.09 (at the time of writing... and compared to $3.36 national average!)
Gallon of milk: $3.19
Movie ticket: $13.00
Cocktail at a nice restaurant: $14.00-18.00
Ticket for pro sports game: $50.00 for Charlotte FC
Health insurance: $664.00/month (ranges by company).
Childcare: $790.00/month for infant care, $676.00/month for four-year-olds (for full-time care).

Again, this is a selection of various expenses in and around Charlotte area. In general, they are on par with other major large cities in the country and, often, you'll be able to find various price points for anything you want to buy.

Charlotte Cost of Living: Earning Potential

Another key component to the conversation around the cost of living in Charlotte is your earning potential. Many people choose to move to the area for its strong economy and job opportunities. If you can make a good living, your dollars stretch further and offer a high quality of life.

Here are some stats on Charlotte's economy, job market, and income potential:

The metro Charlotte area ranked in the top five job markets for new college graduates; the city also ranked fifth in high-tech job growth, which is more than double the annual growth rate of tech jobs.
Average hourly wages across various professional occupations was $30.98/hour in the Charlotte area.
The unemployment rate was 3.3% in September 2024, lower than the national average of 4.1%.
North Carolina is projected to add more than 300,000 new jobs before 2028, many of which will be concentrated in Charlotte; the fastest-growing sectors are computer and mathematical, healthcare support, and personal care and service.

This data helps demonstrate the solid work opportunities and job market in Charlotte, contributing to a higher earning potential which improves the cost of living.

Charlotte Cost of Living: Earning Potential

The last category that impacts Charlotte's cost of living is its central location. Charlotte-Douglas is an international airport, which is helpful for direct flight options when traveling around the country or internationally. Charlotte is also well-positioned between the mountains and the beach, both a three-hour drive away, making long weekend getaways more convenient and cost-effective.

If you enjoy traveling or getting out of the city for a short time, Charlotte is a great option. Its central location and travel infrastructure mean you can save money while still exploring new areas.

Between its excellent location, strong economy, and lower-than-average housing costs, Charlotte is an ideal place to call home for many people. Combine a higher earning potential and a lower cost of living and there's a lot to love about this city! If you're considering moving to the area and want to purchase a home, let's talk—I'd love to be neighbors!

To Charlotte!

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About Me

I'm Jamie Milam, a determined AF woman who's embraced life after divorce by finding peace through self-awareness, intentional decision-making, and thrilling new travel adventures.

As a Realtor® in Charlotte, NC (and your connection to top agents nationwide), I’m passionate about guiding you through your homeownership and design goals—while also helping you create space for the things you love. My mission is to empower you to create a life of alignment too - at home, abroad, and within.

Whether it’s through real estate tips, home design inspiration, or solo travel experiences for divorced, independent women, I hope this space encourages you to discover deeper self-awareness and build a life that aligns with your passions and needs.

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Jamie Milam is a Realtor® in the Charlotte, NC area, licensed in both NC & SC, and has the ability to refer you to a number of agent partners across the nation, regardless of where you may live. She is an enthusiast for the power of awareness and believes it can be used in all facets of life to support aligned living.

**Disclosure** This post may contain affiliate links and they are at no additional cost to you, though I may earn a small commission. Don't worry, I only recommend products or services that I have tried or believe would be of great value to you! All opinions expressed are those of my own!