Cost of Living in Charlotte, NC [2024]

Thinking about moving to Charlotte but don’t know how much you can spend? Here’s what to expect from the cost of living in Charlotte and how to plan.

If you're thinking about moving to Charlotte, you're not alone. This beautiful city is a renowned business and financial hub with a strong university culture that attracts residents from all over the country.

Perhaps best of all, moving to Charlotte is surprisingly affordable. Salaries are more substantial than the national average while cost of living is lower than most U.S. cities. Here's how expensive it is to live in Charlotte and what you're likely to spend on most basic necessities.

Cost of Living in Charlotte

What Is the Cost of Living in Charlotte?

If you're looking for an affordable major city, it's good to know that the cost of living in Charlotte is 2% lower than the average U.S. city. Our research found that residents spend, on average, around $4,438 a month to live there.

Hence, Charlotte offers a reasonable cost of living compared to similar-sized cities where a modest income can stretch far. Furthermore, this lower cost of living translates directly into rent prices, as we will see below. Moreover, the city's strong job market still makes Charlotte a desirable place to live.

best-neighborhoods-charlotte-stadium

How Much Is Rent in Charlotte?

You can judge the cost of living by how much rents cost in the city. Overall median rent in the city as of August 2024 is $1,447 a month. A one-bedroom in Charlotte will typically cost you $1,316. A two-bedroom will cost around $1,435.

Desirable areas central to all of the action like Uptown are likely to be the most expensive, with more apartment applicants vying for a good deal. Come prepared with all rental documents, ID, and paperwork to score the best deal on a Charlotte apartment.

How Much Is Housing in Charlotte?

If you're not looking to rent in Charlotte, you'll likely pay a bit more for housing. According to the census, the median value of homes in Charlotte is $312,800, with residents there spending around $1,666 per month on housing costs including their mortgages.

What Salary Do You Need to Live in Charlotte?

Ensure you have enough money to thrive in your new Charlotte neighborhood by following the 30% rule. Aim to spend 30% or less of your gross monthly income on rent. If you rent a one-bedroom apartment for $1,316, you should earn around $58,000 per year or around $4,800 every month.

Luckily, if you work in Charlotte, you're likely to make a bit more than the minimum you need for a one-bedroom. According to the U.S. Census Bureau, the median household income in Charlotte is $74,070.

How Much Is Transportation in Charlotte?

Most Charlotte locals drive cars. However, public transportation and rideshare options are available to get around the city. If you're a single adult with no children and driving your own car, you'll spend about $10,503 for transportation in Charlotte each year. If you live in a household with two adults and two children, you'll pay an additional $17,618 for transportation.

If you really want to go car-free, you could choose a walkable neighborhood. Then, leverage the buses, train, and light rail around Charlotte.

Charlotte's public transportation is run by CATS, the Charlotte Area Transit System. You can hop on a bus, train, or LYNX light rail system to get around the metro area. Fares on CATS runs $88 for an unlimited adult monthly pass. The express bus option bumps up your fare up to $121 a month for unlimited rides.

Bike lovers are also welcome around Charlotte. Charlotte B-Cycle offers monthly memberships of $50 per month for unlimited, one-hour rides. After an hour, members pay $1 per half-hour.

Uber and Lyft can help make forgoing car ownership a reality. Taxis are also available around Charlotte, although they’ll be the priciest options.

Charlotte, NC "Carolina Prime Steakhouse Breakfast Lunch & Dinner"

How Much Are Food Costs in Charlotte?

If you moved to Charlotte to sample the culinary scene, expect to spend at least $20 per meal at an inexpensive restaurant without appetizers, alcohol, and dessert. A three-course meal for two people at a mid-range restaurant will run an average of $90.

Charlotte's restaurant scene has quietly earned a reputation for itself. Its chefs frequently make the Short List of Beard award nominees in the who's who of talent. Of course, you can also eat on the cheap and cook at home instead.

According to the MIT living wage estimates, a single adult that cooks their meals (including snacks) at home will spend around $3,351 per year on food.

How Much Is Healthcare in Charlotte?

Healthcare is another significant expense to consider when factoring in the cost of living in Charlotte. The Bureau of Labor Statistics and the Agency for Healthcare Research and Quality pulled data with MIT to estimate health expenditure. A single full-time working adult in Charlotte costs up to $3,178 per year. For a family of two adults and a child, that'll increase up to $10,265 per year.

How Much Are Utilities in Charlotte?

Charlotte's essential utility bill, which includes fuel, water, gas, and electricity is a bit higher than the national average. For a 915 square foot apartment, you'll pay on average $281.85 a year for basic utilities (compared to the national average of $253.14).

CityAvg Electricity CostAvg Gas CostAvg Water CostAvg Fuel CostAvg Total Cost
Charlotte, NC125.2479.2756.9420.41281.85
Greensboro, NC135.0140.4078.843.43257.69
Raleigh, NC121.1339.0868.352.85231.40
Winston-Salem, NC143.8630.8525.217.64207.56

If you include internet (60 Mbps or More, Unlimited Data, Cable/ADSL), that'll increase the total monthly cost of utilities by around $73.72 on average, totaling $247.92 a month.

Charlotte's pleasant weather is another perk of living in the Queen City. However, there are some days when temperatures will drop below freezing. Summers also aren't as blistering hot compared to the majority of the south. Winter months typically see a high of mid-50s and a low of mid-30s. During summer, you'll experience temps in the 90s or high 60s.

Stone Bridge and Lake at Freedom Park in Charlotte, NC

Fitness and Entertainment in Charlotte

Charlotte's greenway trails and pleasant weather make getting outdoors and working out easy. Skiing and snow sports in the mountains are only 25 miles away.

A fitness club will cost around $42.69 a month. Community gyms often prove cheaper, and there are apartment complexes with on-site fitness centers included in your rent.

You'll need to factor in your nightlife budget when living in Charlotte, as going out on the town every night quickly adds up. That’s especially the case if you add cover charges or drink minimums.

To give you an idea of what to expect, a new release at the cinema runs $14, not including snacks and add-ons.

Other Expenses to Consider in Charlotte

Beyond rent, you need to factor in taxes. Fortunately, you'll find Charlotte's taxes are pretty reasonable. The state of North Carolina has a flat income tax rate of 5.25%. All taxpayers in the state pay the same rate. North Carolina also boasts low property taxes and sales taxes near the national average.

North Carolina also has a few tax-exempt purchases, like prescription medications and certain groceries. Property taxes are low and sales taxes are average. In addition, there's no tax on Social Security retirement benefits.

The expenses you incur when moving to Charlotte will also make an impact on your budget. Do you need to move from out of state to Charlotte? You'll need a cross-country moving company with possible packing services and storage as you get settled. Or you can look for a furnished apartment in Charlotte at a premium.

Getting all of your furniture and decor set up in your apartment also gets costly. There are ways to decorate on a budget.

best-neighborhoods-charlotte-university-north

Looking for an Apartment in Charlotte?

Charlotte beckons professionals, students, and sunshine seekers to its city. If Charlotte doesn't seem like the right North Carolina city for you, read about other best places to live in NC! If Charlotte seems too pricey, learn about the cheapest places to live in NC.

Begin your journey to the South by finding your dream neighborhood with Apartment List today, or simply start browsing Charlotte apartments.

FAQs: Cost of Living in Charlotte 2023

What is the population of Charlotte?

According to the U.S. Census Bureau, the population of Charlotte is 879,709. It is the second-most populated city in the Southeast region of the country.

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Dr. Katherine Blake
CONTENT EDITOR
Dr. Katherine Blake is a content editor with Apartment List, where she helps ensure our renter and rental management content is fresh and informed by the latest data. Read More
Susan Finch
AUTHOR
Susan is an accomplished freelance writer whose passion for rental real estate, travel, and digital marketing has been the driving force behind her nearly 15-year career. Throughout her professional journey, Susan has become a seasoned veteran in creating compelling and informative content focused on the tenant/landlord relationship. Read More
Tristian Brown
SENIOR CONTENT ASSOCIATE
Tristian Brown is a Senior Content Marketing Associate at Apartment List, where he manages high-quality content that helps modern renters find the perfect home. He brings an immense wealth of knowledge to the team, having earned a Bachelor of Arts in Marketing and European Management from the University of San Diego and EM Strasbourg Business School. Read More

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