CHARLOTTE, N.C. (FOX 46 CHARLOTTE) - Do you think the cost of living in the Queen City has slowly been rising? According to a recent study by ApartmentList.com, you're not entirely crazy for feeling this way.
The new study analyzed median rents in 100 of the largest U.S. cities and the minimum income required to afford them. The results were based on calculating the minimum gross income required to rent an average priced apartment in each city without surpassing the recommended 30 percent threshold.
The study then compared that income to the actual median household income for that same location. Despite rent being considered pricey by some in certain areas of the Queen City, Charlotte fell almost directly in the middle of the results at No. 54, just slightly more expensive than Dallas, Texas and slightly less expensive than Glendale, Arizona.
Charlotte stats that the study discovered:
- The median household income in Charlotte stands at $60,064. To rent a median-priced two bedroom in Charlotte, you would need an annual income of $44,960 to avoid becoming cost-burdened
- Hourly wage to rent a median-priced two bedroom in Charlotte stands at $22 an hour
- The actual minimum wage in the Queen City is $7.25 an hour
For more information on this study, please click here.