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CHARLOTTE, NORTH CAROLINA - APRIL 21: A general view of the Charlotte skyline during the coronavirus (COVID-19) pandemic on April 21, 2020 in Charlotte, North Carolina. The city of Charlotte issued a Stay at Home Order on March 26, 2020 in order to further combat the spread of COVID-19 in the community. (Photo by Streeter Lecka/Getty Images)

Charlotte is continuing to grow at a rapid pace. In fact, f you’ve looked at the cost of rent/mortgages recently, it’s a bit terrifying.

Cost of living is something that is very important to consider when you are moving to a new town, and the cost of living in Charlotte is continuing to grow.

When it comes to budgeting, there is something called the 50/30/20 rule; 50% of your money goes to living expenses, 30% of you money goes to wants, and 20% of your money goes into savings. Obviously, this rule can be hard to follow, especially as the cost of living in Charlotte is getting higher and higher.

So what is that sweet spot? What is the amount that you would need to make to live in Charlotte comfortably based off this rule?

GoBankingRates.com just did the math for us. Using the cost of living information, and the 50/30/20 rule in Charlotte, here’s what you would need:

Home Owners: $80,070.

Renting = $82,999.

 

The problem is, the reported local median income in Charlotte is $58,202… That’s well below what is needed to easily buy or rent in the area.

Anyone else feel like asking for a raise after reading this?