Rising inflation over the past two years has been a significant factor influencing the cost of living across the U.S. As the effects of this inflation begin to settle and as Americans keep relocating to various parts of the country, the financial burden of living in different regions might still fluctuate based on demand and local economic dynamics.
A comprehensive study by SmartAsset provides more insight into these changes, by comparing economic data from the first quarter of 2023 and the first quarter of 2022 across 237 areas, focusing on more than 200 metro regions.
Interestingly, their findings revealed that the cost of living in the Charlotte is actually 1% lower than the national average, as of 2023.
Let’s take a more in-depth look at the cost of living in Charlotte, and the factors that contribute to this trend:
- Housing Costs: In Charlotte, the average home price is around $383,460, down -1.2% over the past year, and slightly below the national average of $348,853. Renting is also relatively affordable, with the average rent for a one-bedroom apartment at approximately $1,632 per month.
- Utility Costs: Utility expenses in Charlotte are also lower, with residents paying an average of $180 per month for basic utilities like electricity, water, and garbage for an apartment.
- Transportation Costs: While public transportation options are available, owning a car is often more convenient in Charlotte. The average cost of gas in Charlotte is about $3.28 per gallon, roughly in line with the national average.
- Healthcare Costs: Healthcare in Charlotte is fairly reasonable, with typical doctor visits costing around $110, slightly lower than other major cities in the U.S.
- Groceries and Dining: Grocery prices in Charlotte are around 3% lower than the national average. Eating out is also affordable, with a meal at a mid-range restaurant priced at about $50 for two people.
- Education Costs: Education expenses vary, with private school tuition ranging from $8,000 to $15,000 per year. Public schools are funded through local taxes.
- Taxes: North Carolina’s state income tax ranges from 5.25% to 5.75%. Property taxes in Charlotte are relatively low, typically around 0.8% of the property’s assessed value.
Charlotte’s lower-than-average cost of living, coupled with its appealing lifestyle, diverse economy, and burgeoning job market, makes it an attractive destination for both individuals and families. While future economic conditions may lead to changes, current data portrays Charlotte as a more budget-friendly option compared to many other U.S. metro areas.
