The price of rent continues to climb in North Carolina with the average person paying 28% more than they did in 2020, a new report found.
The report, published by QuoteWizard, a website that helps consumers find insurance rates, shows that the average cost of rent in North Carolina has gone up dramatically in North Carolina since the beginning of the COVID-19 pandemic.
The average one-bedroom apartment in North Carolina now costs $1,092, up 4% from one year ago. The good news is rental prices are starting to cool down some, but even with slight decreases in some places, the average price of a one-bedroom rental nationwide has risen 20% since 2020.
Affordable housing is scarce, especially in Charlotte, where low-income workers and middle-class families are struggling to afford places to live. Charlotte rent prices have been on the rise for some time, with folks reporting major increases at properties across the Queen City. One woman said her rent typically would go up anywhere from $30-$70 a month, but her building was looking to raise her rent by nearly $600.
A Zillow study earlier this year found it would take over four people earning minimum wage to afford an apartment in Charlotte. That study found a typical one-bedroom apartment in the Queen City will set you back about $1,300 a month, over $200 more than the North Carolina average. The average two-bedroom rental comes in at $1,552.
To put those monthly figures in perspective, someone would need to earn more than $61,000 to comfortably afford a one-bedroom rental in Charlotte. Renters looking at two-bedroom apartments would have to make over $70,000 per year.
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