As you’re looking at houses, apartments, townhouses, rooms, and places for rent in Charlotte, NC, what are the typical prices one should come to expect?
While there has been a recent boom and sudden increase in rent prices, the area’s averages still are generally affordable. Visitors should note that there is a great deal of difference between the neighborhoods of the city, however, and that a condo on the outskirts of the city might have a similar price as a loft uptown.
The average apartment rent in Charlotte, NC, is $1,223 per month.
One can easily find a one-bedroom apartment in the area for an average of $1,019 per month and a two bedroom for an average of $1,290 per month. Many people in the area choose to rent out a flat or duplex with roommates and cut costs. Locals in the Charlotte-Gastonia-Rock Hill area will need to spend an average of $619.19 per month on housing, according to the Living Wage Index. Those renting a house in Charlotte, NC, should know that the home values average about $159,800.
Image source: RentBits
Housing costs in Charlotte are 15 percent less than the national average.
Renting in Charlotte, NC, is relatively cheap compared to much of the country. The average housing costs of Charlotte are 51 percent less than the typical costs in Boston, 72 percent less than San Francisco, and 81 percent less than New York City. While no city can necessarily be considered to be "cheap," Charlotte is on par with many cites in the South and only marginally more expensive than other cities in North Carolina, like Raleigh (1 percent less than Charlotte).
Taking into account the overall cost of living and the other costs besides housing that you’ll have to cover, Charlotte’s price tag is still 5 percent lower than the national average, with only utilities being more expensive than that baseline. That’s great news for those looking at places for rent. In Charlotte, NC, you can get a far more reasonable deal than in many other metro areas of the country.
It really depends on the neighborhood you live in.
Within this city, however, there’s a huge array of averages and prices can spike depending on the area. First, find the best neighborhood to live in, and then consider the average rental rates of that specific area.
The most expensive neighborhoods in 2015 were the Third Ward, Brookhill, and Myers Park (with average rents of $1,500, $1,310, and $1,290, respectively). Other millennial favorites like Dilsworth ($1,280) and Plaza-Midwood ($1,110) are on the high end as well, with steep drops in price in the surrounding communities. Outside of Uptown, you can find plenty of very cheap areas like Enderly Park ($500).
Image source: Zillow Market Research
But rent is going up rapidly.
The city saw a big boom in rent prices in 2015, pushing the average apartment rent in Charlotte, NC, beyond $1,000 per month. However, in the past year, the rent prices have only increased 1.8 percent overall in the metro region. Again, it depends on the neighborhood you plan to move into: The Freedom Park area’s rent went up by 15.2 percent! The local government luckily has been somewhat active in combating rent increases by building more affordable housing for rent.
In Charlotte, NC, you’ll likely pay about 26.8 percent of your monthly income for housing. That may increase in future years, but luckily, that starting number is still well below the recommended rate of 30 percent of your income.