A new study has me thinking a little differently this morning. A new study shows that you would need to earn more than $60k per year to afford rent in Charlotte.
Smart Asset conducted a study on the 25 biggest cities in the country. In each city, they compiled a list of average rent prices for a 1 and a 2-bedroom apartment and technically how much you would need to earn in order to afford rent. Inflation is rising faster than we can blink and so is gentrification. We have seen Charlotte gentrified in ways that a lot of us may or may not agree. We’ve seen communities, a lot of them black communities, almost forced out and out-of-state developers are coming in and now we are seeing the effects of it.
A lot of residents, I’ve heard, are being offered big, yet unfair amounts, to move from where they have called home for decades. This is one of the reasons, in my opinion, the light rail was extended outside of the city to give those living further outside access to the city. Gentrification has resulted in extremely high rent prices.
According to Smart Asset, the average rent price in Charlotte is $1,435. With this average rent price, you would need to earn $61,479 to afford a 1-bedroom apartment. If you need a 2-bedroom, according to this same study, you would need to earn $70,582.
I decided to look up the median income for the City of Charlotte. According to the US Census, the median income is $65,359. The per capita income is $39,834. The per capita income, according to the US Census is “the mean income computed for every man, woman, and child in a particular group including those living in group quarters”. In my mind, rent is almost unaffordable for a lot of people. We need more businesses to come to the city and create additional jobs so our citizens can earn more money. Would you agree?