It’s no secret, living is expensive! Cost of living ranges from city to city, affecting a wide range of purchases from the cost of the food you eat to the cost of your home. For example, the average cost of a 2-liter coca-cola in New York is $2.26, while in North Carolina the average cost is $1.65. This difference exemplifies the variation of cost of living from the smallest things to your biggest asset, your home.
Based on a study by NerdWallet, Charlotte ranks as the 21st most affordable place to live among the 100 largest US cities. This survey was based on median income, average debt to income ration, average housing costs and pricing, to determine how much the average family can afford.
In the chart below you can see the difference in cost of living in Charlotte in comparison to other major cities around the country. The cost of living in Charlotte being significantly lower than that of New York, Anchorage and Miami, and otherwise very comparable to Phoenix and Dallas.
Cost of Living in Charlotte, North Carolina Compared to Other Major Cities
The study by NerdWallet also exhibited that the average household income in Charlotte is $51, 271. Both cost of living and cost of housing are below national averages. As noted in the chart below, cost of living in Charlotte is 5% lower than the national average. The most remarkable aspect of Charlotte’s cost of living is the housing cost being 15% lower than the national average. In addition to the lower cost of housing, cost of transportation is 3% lower than national averages and healthcare and groceries are right at national averages. These facts contribute to making Charlotte one of the most affordable places to the live in the country. If you are looking to relocate to Charlotte, you may find that you are able to afford much more house for your money. Who can complain about that!