The Cost of Living in Charlotte- “Objectively Affordable”
Why have so many people been moving from the north-east down to Charlotte, NC? Is it because they get tired of the long winters? Well thats part of it but another major reason for moving to Charlotte is the low cost of living index. Looking at the Chamber of Commerces website the average new house in Charlotte cost $243,773 in 2007, had 2,400 sq ft of living space and was on a 8,000 sq ft lot. But how does Charlotte compare to other large cities? Using CNNs cost of living calculator Ive compared several cities to Charlottes cost of living. There are many reasons folks move here- the favorable cost of living is a big one.
Cost of living in Charlotte as compared to Boston
A person living in Charlotte, NC making $60,000 per year would have to be earning $89,328 per year to sustain the same quality of life. Groceries cost approximately 23% more in Boston. Healthcare costs are about 18% more and utilities cost almost 56% more than in Charlotte. If youre still not convinced it would be less expensive to live in Charlotte lets look at the housing costs. It costs 118% more to live in a similar sized house in Boston than in Charlotte! Charlotte is certainly less expensive to live in than Boston.
Cost of living in Charlotte as compared to Philadelphia
A person living in Charlotte, NC making $60,000 per year would have to be earning approximately $82,065 per year to sustain the same quality of life. Groceries would cost almost 30% more as compared to Charlotte. Transportation would cost about 10% more and utilities would cost 44% more than in Charlotte. To live in a similar sized house would cost you 90% more than in Charlotte.
Cost of living in Charlotte as compared to New York City
A person living in Charlotte, NC making $60,000 per year would have to be earning almost $135,784 per year to sustain the same quality of life. Groceries cost about 50% more in New York and health-care costs approximately 17% more. Housing in New York City costs 395% more than in Charlotte!
Cost of living in Charlotte as compared to Washington D.C.
A person living in Charlotte, NC making $60,000 per year would have to be earning about $92.554 per year to sustain the same quality of life. Groceries cost 13% more than in Charlotte. Transportation costs 11% more and utilities cost 47% more on average. Housing costs are approximately 184% more expensive in the Washington D.C. area than in Charlotte.
Thinking about moving to sunny Florida instead of the Queen city? Think twice, besides the higher danger of skin cancer Florida is a more expensive place to live.
Cost of living in Charlotte as compared to Miami
A person living in Charlotte, NC making $60,000 per year would have to be earning about $75,253 to sustain the same quality of life. Transportation costs about 12% more and utilities cost about 22% more than in Charlotte. Housing costs almost 81% more than in Charlotte, NC.
Taxes are not as easy to compare, but a $500,000 home here might have 4000 sf, if its tax value is 400K, your highest tax bill would be $5,200, your lowest? About $2900 in Union, Iredell, Gaston or Cabarrus County.
If you are from Florida, get ready for our property insurance rates… are you sitting down? About $600 for the $500K home above. Car insurance too gets a break here.
As you can see, Charlotte, NC is substantially less expensive than most of the cities on the east coast. “Objectively Affordable” So says New York based Radar Logic, a Wall Street firm specializing in housing costs. With each of the comparisons the most expensive difference was the housing costs. Search the MLS below and see how much house you can get for the money…
If you are interested in moving to Charlotte please give me, Terry, a call at 704-351-1519 or look for the perfect home for you in Charlotte Search the Charlotte MLS.
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