B+
8%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
27%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Charlotte North Carolina National
Cost of living10894100
Goods & Services10398100
Groceries10098100
Health care111108100
Housing12785100
Transportation9492100
Utilities8994100

An Overview of Cost of Living in Charlotte, NC

The cost of living in Charlotte affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Charlotte is 108, which is 8% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Charlotte aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Charlotte residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Housing costs make up a big chunk of the cost of living in Charlotte, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 26.5% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

What Do Locals Say About the Cost of Living in Charlotte?

Locals have the inside scoop on their city. So, we polled 37 residents in Charlotte to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 49% find it reasonable with decreasing prices, but 51% think it's quite pricey, with prices that continue to rise.

Is Charlotte Affordable?

Is Charlotte affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Charlotte, the median home price is 27.2% higher than the national average and monthly rent prices are 24.9% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Charlotte boasting a median household income of $65,359, 18.1% higher than the national average.

What Factors can Influence the Cost of Living in Charlotte?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Charlotte, the housing index stands at 26.5% higher than the national average.

Where is the Data From?

The Charlotte cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

New Real Estate Listings in Charlotte Area
Search Homes for Sale in Charlotte, NC

Cost Of Living Quick Facts

  • The cost of living in Charlotte is 15% higher than the North Carolina average
  • The cost of living in Charlotte is 8% higher than the national average
  • Charlotte housing is 27% higher than the national average
  • North Carolina general sales tax is 7% lower than the national average
  • North Carolina state income tax is 121% higher than the national average

Most Affordable Places to Live in and Around Charlotte

See all the best places to live around Charlotte

Compare Charlotte, NC Cost of Living

      vs
      How would you rate the cost of living in Charlotte?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Charlotte?
      Write a review to give others more information about this area.
      See all Charlotte poll results

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$87,234$7,270$2,035$2,617
      Renters$49,023$4,085$1,144$1,471
      A good way to judge both the affordability of the housing and the cost of living in Charlotte is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Charlotte has a median income of about $87,234 for people who own homes. Based on that number, a maximum of $2,035 should be spent on expenses related to housing. Renters have a slightly different median income, which is $49,023. Based on this average, renters should spend no more than $1,144 on all rental costs if they want to maintain a non-impoverished standard of living.

      North Carolina Sales Tax

      State General Sales Tax With Max Surtax
      North Carolina 4.75% 7.5%

      North Carolina Income Tax

      State Income Tax (Low) Income Tax (High)
      North Carolina 4.99% 4.99%

      Goods & Services

      Item Charlotte National avg. Difference
      Haircut $18.25$24.2624.8%
      Beauty Salon $59.75$45.5631.1%
      Toothpaste $3.81$3.702.8%
      Shampoo $1.27$1.280.7%
      Movie $13.55$12.1311.7%
      Bowling $21.67$18.0020.4%

      Groceries

      Item Charlotte National avg. Difference
      Ground Beef $6.27$5.847.3%
      Fried Chicken $1.39$1.5711.5%
      Milk $4.61$4.671.2%
      Potatoes $4.98$4.931.0%
      Pizza $10.96$12.099.3%
      Beer $10.47$10.410.5%

      Health Care

      Item Charlotte National avg. Difference
      Optometrist $143.74$125.6814.4%
      Doctor $148.29$135.789.2%
      Dentist $115.52$113.292.0%
      Ibuprofen $10.77$10.651.1%
      Lipitor $467.34$468.600.3%

      Housing

      Item Charlotte National avg. Difference
      Home Price $235,000.00$184,700.0027.2%
      Avg. Mortgage Payment $3,159.30$2,346.6934.6%
      Apartment Rent $1,185.00$949.0024.9%

      Transportation

      Item Charlotte National avg. Difference
      Gasoline $3.29$3.464.9%
      Tire Balancing $53.32$59.9211.0%

      Utilities

      Item Charlotte National avg. Difference
      All Electricity $167.89$193.9913.5%
      Phone $189.90$192.251.2%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Stanley, NC3,734955.0%
      Hemby Bridge, NC1,853982.2%
      Mount Holly, NC15,947991.2%
      India Hook, SC3,7621033.1%
      Concord, NC94,1471011.3%
      Charlotte, NC873,5701087.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      San Francisco, CA874,784237137.3%
      Indianapolis, IN869,387936.7%
      Columbus, OH889,079946.2%
      Fort Worth, TX892,2211055.2%
      Jacksonville, FL902,488982.0%
      Charlotte, NC873,5701087.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.