Welcome to Charlotte, North Carolina, the most populated city in North Carolina. Known as The Queen City or The QC for short, or even Crown Town, Charlotte is a jewel of the new Old South. Compared to the national average, out of 100, the cost of living in Charlotte is 98.9, making it only a bit less expensive overall than other areas of the country. In addition, Charlotte has several more affordable areas, allowing you to save money on rent that can free up some funds for your other basic living costs.
Wondering if Charlotte is in your budget? Here’s what we’ll discuss in this article to help you find out:
- Housing costs
- Transportation costs
- Utilities
- Food costs
- Taxes
- Other Expenses
- Income and job market
- Entertainment
Housing costs in Charlotte
Like many places around the U.S., rental costs have gone up significantly during 2021. The average rent for a one-bedroom apartment in Charlotte now comes in around $1,440 per month, and you can get a two-bedroom apartment for approximately $1,660 per month. Prices still vary based on square footage and amenities. Basic apartments with fewer frills will come in on the lower end of the price scale. If you’re looking for an apartment in a gated complex with a pool, gym, and other extras, expect to pay more accordingly.
You can expect to pay anywhere from $700 to $900 for a cheaper one-bedroom apartment in Charlotte and the surrounding area. Two-bedroom apartments fall closer to $900-$1,100 for cheap options, while three-bedrooms are around $1,200 per month.
There are also savings to be had depending on different neighborhoods in Charlotte. Search in the Third Ward neighborhoods, as the rates for a one-bedroom apartment have decreased by almost 36% every year. For another cost-effective neighborhood, check out University City, a solid choice if you’re looking for a great place to live, work, and play, or if you’re a University of North Carolina college student in Charlotte.
Transportation costs
Most residents choose to drive their own cars to get around the city. Gas runs about $3.007 per gallon, with premium at $3.691 and diesel at $3.273 per gallon.
Charlotte does have public transportation options, thanks to the Charlotte Area Transit System (CATS.) A LYNX Blue Line Light Rail or Bus service fare is $2.20, except for the express bus fare, which is $3. If you’re using the CityLYNX Gold Line, the fare is free. Charlotte also has a bike-sharing program, the Charlotte B-cycle. A 24-hour bike rental runs around $8. Annual membership in the bike program is approximately $100, plus 27 cents a day for unlimited two-hour rentals.
Utilities
For a 915-square-foot apartment, you can expect to pay around $144 a month for your basic utility costs, which would include your electric bill, plus costs for your apartment’s heating, cooling, water, and garbage. You can expect your costs to increase incrementally based on your apartment’s square footage. Additionally, the more appliances you use and areas in your apartment that you need to heat or cool, the higher your bills may be. Also, if you’re a homebody or work from home, your bills may be higher. Home internet service will run you about $64 a month.
Food costs
The cost of groceries is slightly below the average than in other cities at 99.2. You can expect to pay approximately $2.42 for a loaf of bread, $1.98 for a dozen eggs, and $3.01 for a gallon of milk. If you want to dine out, Charlotte’s restaurant costs are about on par with the rest of the country.
If you’re looking for slow-smoked barbecue and classic Southern sweet tea, you’ve come to the right place. Foodies rejoice for Charlotte’s food trucks, great restaurants, and outstanding microbreweries. Expect to pay about $13 per meal at a casual dining spot, with dinner for two at a mid-range restaurant coming in around $64. You’ll find some of the best dining options in Fourth Ward, Uptown, South Park, trendy Dilworth, and NoDa. Whatever you do, don’t miss out on the city’s best barbecue joints.
Taxes
Charlotte has a minimum combined sales tax rate of 7.25%. This sum factors in the tax rates for state, county, and city, and it breaks down as follows:
- North Carolina state sales tax: 4.75%
- Mecklenburg County: 2% sales tax rate
- City of Charlotte has 0% sales tax
Other expenses to consider in Charlotte
Childcare costs in Charlotte can vary based on the type of facility you choose for your kids. On average, a private, full-day preschool or Kindergarten costs over $982 per month per child. To send your child to an international primary school, it costs approximately $14,228 per year.
Income and job market in Charlotte
According to the 2019 U.S. census, the median household income in Charlotte was $62,817 per year. The job market in Mecklenburg County is seeing an improvement since July 2020 when unemployment was over 10%. Now, unemployment in the area is 4.6%.
University City is also a hub for many Fortune 500 companies, including:
- Bank of America
- Lowe’s
- Duke Energy
- Truist
- Brighthouse Financial
Entertainment
Into auto racing? Charlotte is NASCAR’s headquarters. Tickets for a race at Charlotte Motor Speedway range from $40 to over $1,000 for the best seats in the raceway. There’s also a thriving art scene with museums and galleries. The Third Ward is home to the Bank of America Stadium, where baseball fans gather every fall for games. The area is also great if you’re looking for some green spaces to explore and dog parks to get your fur buddy out of the house for an off-leash runaround or a game of fetch.
With Charlotte’s year-round temperate weather and its host of offerings for culture, dining, professional sports teams, NASCAR, and outdoor recreation, it might just be the right city for you to call home.
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