You might have heard that now is a great time to buy, and, in fact, it is, according to one of our other recent blogs. However, you may be wondering how to buy a home in Charlotte, NC, and how much you can I afford. In uncertain times, like today, you can avoid a lot of home-buying fatigue by checking how far your salary can stretch beforehand.
What Is Needed To Buy A Home In Charlotte
In order to assist prospective home-buyers, Finder calculated the salaries necessary to buy a home in 78 key cities across the US in 2020. This also included Charlotte, NC. Not only did they calculate the salaries necessary to buy a home, but they also calculated how much you would need to live comfortably in that area. When calculating what it would take to “live comfortably”, they took into account median house prices, average 30-year interest rate based on a 20% deposit, mortgage payments including mortgage interest, average non-mortgage debt in the city, and average non-housing expenditures.
A few general findings from the research:
- While home values have increased over the past year across the US, average interest rates have fallen in 2020.
- Overall, the salary required to own a home and afford living expenses decreased in most cities since 2018.
- Based on the research, the US median wage will only allow those earning a comparable wage to afford a home in 43 out of 78 of the cities we analyzed.
So, How Did Charlotte Compare?
The Queen City ranked 54th on the list with a median home value of $260,093 and a required salary of $58,185. The salary has actually decreased by 4.08% from 2018. As we already know, interest rates are fairly low across the country. Overall, the Queen City proves to be following national trends; while still experiencing significant population growth year-over-year.
Start Your Home Search Here
Looking to buy? Meet the required salary? Next stop: finding that perfect home. To help you get started, we recommend taking a look at a few of our current and previous listings. These homes all fall around the median home value in the Charlotte metro area.
300 Owen Boulevard
645 Mayview Drive
Are you looking into relocating to the Charlotte, NC metro area? Contact our award-winning relocation department to get started. Catharine Pappas is ready to answer any of your questions you may have about relocating to the Queen City.
