Charlotte, NC is commonly known as the crown jewel of the south. The area exudes old-fashioned southern charm coupled with the bustling energy of the city, proving to be a winning combination.
In recent years, Charlotte has consistently topped national ranking lists for the best places to live, and in 2020-2021, U.S. News & World Reports list ranked Charlotte at No. 6 among its 125 best metro areas1 to live in the U.S.
To discover why you should invest here, you might want to ask yourself, why would a family want to move to and live in Charlotte, NC? To answer this, we need to explore the reasons Charlotte has been recognized on “best places to live” lists, what are the best features of the city and its surrounding suburbs, and a little about the cost of living, median wage rates, and job diversity metrics.
Let’s take a deeper look at what makes Charlotte, NC such an attractive location for residents and investors.
City Highlights of Charlotte, NC
Beautiful Charlotte is only a short distance from the mountains and the beach, allowing you to enjoy scenic landscapes during all four seasons. For outdoor lovers, Charlotte has over 60 city parks, 20 golf courses, and many miles of greenway trails.
Sports enthusiasts will not be disappointed in what Charlotte has to offer either! The city is home to several professional and semi-professional sports teams. From soccer and hockey to the NFL’s Carolina Panthers and the NBA’s Charlotte Hornets, the city has something for everyone. It’s also a NASCAR epicenter and home to the NASCAR Hall of Fame.
Whether you’re adventurous, artistic, or looking for family-friendly fun, Charlotte is the place to be. Home to the world’s tallest and fastest giga coaster and the largest man-made whitewater river, the Queen City is never short on adventure. Families enjoy amusement, theme, and water parks, plus a well-known local zoo and aquarium.
The culinary scene is vibrant in Charlotte with new establishments opening frequently. Local restaurants offer a range of options from casual comfort food to sophisticated Top Chef-worthy creations. There are also countless craft breweries and even a few winery vineyards and distilleries to visit.
In fact, if you ever personally visit Charlotte, be sure to check out 300 East. This family-run restaurant has been serving its southern-style comfort food for over 30 years. They’re best known for their Sunday brunch and standout desserts.
For a more cultural experience, Charlotte has several theatres, museums, and even a ballet company. There’s art everywhere throughout the city including painted murals on the walls and buildings, creating the perfect backdrop for photo ops and family fun.
Charlotte’s Economic Growth
Charlotte is known as a business and financial hub. It’s home to the University of North Carolina Charlotte, as well as other colleges and community colleges. The local population is well-educated with an average annual household income of $94,5162.
Charlotte is currently estimated to be the third fastest-growing major U.S. city. If its growth continues as expected, Charlotte’s population is on track to grow nearly 50% from 2010 to 20303. The population is expected to explode from 1.87 million to about 2.74 million in just twenty years.
One main reason for this impressive population growth rate is the generally lower cost of living in the South. Charlotte’s cost of living is about 5% lower than the national average4.
In May 2021, a report found Charlotte to be one of the best cities in the nation for job and wage growth. In another list, Charlotte ranked as one of the best locations to start a career after college based on both job variety and quality-of-life opportunities.
Several large corporations have chosen Charlotte for their headquarters, creating a wide range of career opportunities and levels within each. Lowe’s, Honeywell, and several others are all headquartered in Charlotte, North Carolina.
Charlotte is the second largest banking center in the US after New York City. Bank of America and Truist Financial are each headquartered in the region, and Wells Fargo employs 26,000.
Charlotte’s Attractive Housing Market
With above-average public schools, career opportunities and manageable housing prices, and living expenses, Charlotte is an attractive city for young professionals and their growing families.
For homebuyers and investors, Charlotte has a long history of being one of the best long-term real estate investments in the nation. The average price of a home is $338,5645 with home values having increased 24.2% over the past year.
Currently, in Charlotte, the demand for housing outpaces the supply, making the area a hot market for investors whether they want to renovate and flip, buy to hold and rent or invest in multi-family properties. A significant rise in home prices began in 2019 when the demand became high and the inventory in the local market was low.
Due to the shortage of viable housing, the value of homes in and around Charlotte is expected to continue to rise for the foreseeable future. As an example, the real estate appreciation rate in the 3rd quarter of 2021 for Charlotte was around 3.01%, which equates to an annual appreciation rate of 12.61%6.
According to Neighborhood Scout, in the last ten years’ home prices in the Queen City have appreciated by nearly 92.49% or 6.77% appreciation per year, making Charlotte rank in the top 10%7 in the nation for real estate appreciation.
Why You Should Invest in Charlotte
If you’ve been looking for a charming, high-energy southern city with much to offer for its residents and visitors, Charlotte will win your attention easily. Over the past decade, Charlotte has experienced unprecedented growth and is positioned for that trend to continue in years to come.
Charlotte is a popular destination for young professionals and their growing families due to its above-average public schools, career opportunities, manageable housing prices, and low living expenses. For all the same reasons people want to live there, the Charlotte real estate market is attracting investors’ attention from all over the world, yours included.
The city has a proven track record of being one of the best long-term real estate investments in the nation, making it a strong contender for your real estate investment capital. Whether you’ve been looking to create passive income through or diversify your portfolio into real estate, property ownership and the pride that comes with it is available in as little as 4 minutes through Arrived Homes. We’re here to help you make better investing and personal finance decisions, provide access to residential real estate properties outside of your local area, and make investing in and generating passive income from real estate simple. You’re invited to ask questions via the built-in chat right here on our site or sign up so you get notified when new investment opportunities are posted.