California Consumer Limit the Use of My Sensitive Personal Information, Do Not Sell or Share My Personal Information/Opt-Out of Targeted Advertising. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. That's probably because we're measuring average costs for the larger metro area, not just the city limits. The expenses that factor into cost of living can include housing affordability, transportation expenses, food prices and entertainment costs. CHARLOTTE, N.C. -- While the federal minimum wage has been $7.25 for the last decade, cities across the country have set their own rates. According to the BLS, transportation is the second-largest expense consumers have.For some, these costs include taking public transportation. Raleigh is the most expensive, requiring an annual income of more than $60,000 for a single parent of two to make ends meet. Follow us onTwitter,Instagram,LinkedIn, andFacebook. Bradley is a graduate of Guilford College, where he majored in Theatre and German. Pricing for various packages can vary a lot even in the same location. The average commute time in Charlotte is just over 25 minutes. Demands for a living wage that is fair to workers have resulted in numerous location-based changes to minimum wage levels. The living wage is more nuanced than that. Housing Costs. Charlotte is also home to Food Lion, Sprouts, Harris Teeter, and Bargain Max. Our partners compensate us. If youre ready to get started, just enter your zipcode below! San Diego Cost of Living: What You Need to Know. Utilities are also lower than the national average by eight percent. Does refinancing a mortgage hurt your credit? Right now, Raleigh pays its workers a minimum of $13.76. The simple answer to what is a living wage is that its the amount that sustains a family. Meet NPR hosts and reporters. Charlotte's housing expenses are 11% lower than the national average and the utility prices are 8% lower than the national average. full-time (2080 hours per year). Along the way, he has reported for NPR, Marketplace, The Takeaway, and the BBC World Service. Other living-wage models produce even higher minimums. For more information on the Mecklenburg County labor force, check out our Labor Market Dashboard. There's been good news on the Charlotte wage front in the past couple of years: Some of the city's largest employers have announced significant minimum wage increases - to as much as $17 an. If the minimum wage had followed the cost of living, it would be $10.19 today. Get your true budget and find a home with ease. Other cities around . Proximity to employment is an important consideration because it can drastically impact your cost of living. A gallon of gas costs $2.53 per gallon (as of April 2021) and prices fluctuate depending on national trends. 91.1 Welcome 91.9 Fayetteville 90.5 Buxton This means a single person who rents a one-bedroom apartment in Charlotte and earns minimum wage working 60 hours per week would only have around $250 left over per month for other expenses. But, he says, people in the middle are getting squeezed. Getting to work is important. He grew up in Denver, North Carolina, where he previously worked as a reporter for the Denver Citizen, and is a UNC Charlotte graduate. Private school data was obtained from the Department of Education, and average private tuition was compiled by averaging tuition across randomly selected schools in each city. So how do we make money? Mecklenburg County recently increased the minimum to $15 an hour for county employees. Charlotte NC Real Estate - Charlotte NC Homes For Sale | Zillow There are ways to trim that down. According to the BLS, transportation is the second-largest expense consumers have.For some, these costs include taking public transportation. The time you spend commuting is time you do not have to do other things, so it is valuable. A cost that typically occurs is that your existing furniture and accessories are either too large, too small, or not appropriate for your new home. These 5 Cities Have Seen a Huge Drop in Homes for Sale, A Record-High Share of Homebuyers Are Looking to Relocate Right Now. Its digital marketplace connects thousands of businesses and more than three million workers, filling a critical role in local economies. A North Carolina native, his public radio career has taken him to Atlanta, Birmingham, Nashville and most recently WUSF in Tampa. All financial products, shopping products and services are presented without warranty. Just like with food costs, you can curb how much you spend on entertainment by altering your behavior. Charlotte 2 %. Facebook posts, AI and the upcoming election. For further information, please visit . Can you live on NC's minimum wage? Here's what we found | Charlotte Mortgage preapproval is the smartest hack to homebuying and among the most misunderstood. Here's what lenders want before they'll preapprove you for a home loan. You can use a paycheck calculator to determine what this means for your salary. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Whether thats a mortgage or rent, a large percentage of your salary will go toward your housing expenses each month. In Wake, North Carolina's most populous county, a family of four would need to make just over $81,000 a year to meet basic needs. North Carolina : Southeast Information Office : U.S. Bureau of Labor New initiative to tip kitchen staff, retain employees | wcnc.com The average energy bill is around $153 per month, while the average phone bill is $164 per month. Truist Financial plans to raise its minimum wage to $22 per hour this fall, the company announced Wednesday. Hourly professionals (Instawork Pros) using Instawork experience: Businesses that rely on Instawork Pros range from nationally-recognized hotels and restaurant groups to some of the city's favorite local hot spots and sports venues. A single parent needs to earn more than $50,000 per year to support their family. While Charlotte has a longer commute time than other parts of North Carolina, it is still shorter than the rest of the country, which has an average commute time of 26.6 minutes. Viasat, HughesNet, and Open Broadband are all expanding their services to the area. Living Wage Calculation for Charlotte-Concord-Gastonia, NC The living wage shown is the hourly rate that an individual in a household must earn to support his or herself and their family. Read more from, Some stores like Kroger offer frequent discounts or loyalty programs that can save you even more at the checkout. The Instawork platform encourages both hourly workers and businesses to rate each other on a five-star scale after each shift to help match future shifts with those who are best qualified. Google Fiber is also available in a limited capacity. The Raise the Wage Act of 2019 is making its way through Congress which would raise the minimum wage across the country to $15 an hour over the next six years. Unless youre lucky enough to work from home, you will need to factor in transportation costs when deciding where to live. Hopefully you will have a smooth commute in Charlotte, North Carolina, but be prepared for delays. Bank of America raised its minimum hourly wage to $22 in June, according to a. Evan Moore is a service journalism reporter for the Charlotte Observer. The cost of electricity can have a bigger than average impact of your overall, I am single and live in Charlotte,NC, I rent a small studio and the monthly rent is $1125 . The living wage shown is the hourly rate that an individual in a household must earn to support his or herself and their family. 2023, Charter Communications, all rights reserved. We have converted it to an hourly wage for the To learn more about the living wage in Mecklenburg County and get more details about average expenses, click here. Food: Weekly trips to the grocery store can add up, especially if food costs are high where you live. Living Wage Calculation for North Carolina What is the average cost of living in Charlotte NC? more expensive to live in New York City than in Charlotte, For most U.S. workers, real wages have barely budged in decades. minimum wages are determined based on the posted value of the minimum wage as of January An estimated 1.3 million workers in the state would benefit from a minimum wage of $12 per hour, including 750,000 women, according to the North Carolina Justice Center. "Instawork offers them that, particularly in a time when inflation has increased the cost of everyday necessities like gas and groceries.". State law forbids local governments from adopting a higher minimum. It helps to think about it as a calculation rather than a number which is why you will often see living wage, Sustaining-Wage, or Family-Sustaining-Wage. Average weekly wages for all industries by county Charlotte area, fourth quarter 2022 (U.S. = $1,385; Area = $1,342) Source: U.S. BLS, Quarterly Census of Employment and Wages. The tool provides information for individuals, and households with one or two working adults and zero to three children. press release distribution service at Newswire.com. The state of North Carolina has a flat income tax rate of 5.25%. | Source: used interchangeably. The Massachusetts Institute of Technology (MIT) developed this alternative model to calculating earnings based off the cost of basic needs, along with other essential costs including childcare, insurance, transportation, clothing, and other necessities. In Charlotte, city council is expected to debate the new budget with this wage hike Wednesday with a vote coming sometime in June. Education data was provided courtesy ofGreatschools, a nationwide ratings system that evaluates schools based on performance on state achievement tests. What is the breakdown of the cost of living? Population: Charlotte's population is about 917,500, according to 2023 estimates. Together, we are working to secure four main accommodations to benefit North Carolina residents: 1) Paid Sick and Safe Days, 2) Paid Family Medical and Parental Leave, 3) Pregnancy . MIT sets the living wage in Charlotte for a single person without kids at $14.72 per hour ($29,440 per year). Those types of jobs just aren't growing fast enough to allow families to move into the income spectrum that would actually deliver a real living wage, he said. The cost for a veterinary visit or prescription coverage will also be slightly higher than the rest of the country. It helps to think about it as a calculation rather than a number which is why you will often see living wage, Sustaining-Wage, or Family-Sustaining-Wage used interchangeably. The weather in Charlotte is ideal. When evaluating offers, please review the financial institutions Terms and Conditions. Real-time updates and all local stories you want right in the palm of your hand. The living wage for a single adult with no children in North Carolina is $17.14, and the poverty wage is $6.19, according to Massachusetts Institute of Technology's living wage. This price can vary a lot if the distance is greater and depending on how much is being moved. The Charlotte metropolitan area's population ranks 22nd in the U.S., and had a 2016 population of 2,474,314. . For the majority of scenarios, the median wages are . You could eat out less, cut back on takeout and cook more often. Crisis Assistance Ministry serves more than 50,000 people a year, many who work but just don't make enough. One tip to reduce this cost and your overall, The average cost of moving to another state is around $5,600 for a distance of 1,200 miles. What does this data show? This includes expenses from childcare, health care, transportation, etc., and varies based on location. Here is a list of our partners. His team collected data from all 100 counties in the state on childcare, housing, food, transportation (and) things like that, he said. In Alleghany, one of the state's least populated counties, that same family would have to bring in just under $53,000 per year. NC: Make Wages Reflect the Cost of Living | Women AdvaNCe Snyders-Lance to close Charlotte nut plant, lay off up to 125 in snack makers latest move, Road trip: 23 places to visit in the Carolinas during summer 2023, Decomposing body discovered when deputies open barrel found at SC lake, coroner says. Located in the Piedmont, it is the county seat of Mecklenburg County. How far your money goes depends on where you live, too. Living Wage Calculator - Search Results Pre-qualified offers are not binding. support his or herself and their family. Items on which the index is based have been carefully chosen to reflect the different categories of consumer expenditures., C2ER was founded in 1961, and continues to exist today as a nonprofit organization, comprising research staff of chambers of commerce, economic development organizations and agencies, and related organizations throughout the United States. C2ER has published its quarterly Cost of Living Index since 1968. Bank of America raised its minimum hourly wage to $22 in June, according to a news release. Families with three children or more need to earn a combined $75,000 each year to live comfortably. You can expect to pay $4.19 for a McDonalds quarter pounder with cheese and $10.24 for a 12-inch Pizza Hut pizza. Bradley George is WUNC's AM reporter. Charlotte has grocery prices that are 3% lower than the national average. It sets the amount you need to cover your basic expenses and have money left over for savings, entertainment, and other non-essential costs. The assumption is the sole provider is working full-time (2080 hours per year). Step-By-Step Pay Equity Analysis Guide Product Guide By clicking Download Product Guide, Do you know what your employees really want for the holidays? Cost of living at national. A single parent needs to earn more than $50,000 per year to support their family. While living here might cost more than the average mid-size town, it is more affordable than most major cities in the country. Charlotte, NC - Forbes Demands for a living wage that is fair to workers have resulted in numerous location-based changes to minimum wage levels.