Cost Of Living In Charlotte Increases 14.5%
A new report from Filterbuy looked at the U.S. metropolitan areas with the largest increases in the cost of living over the last decade. From 2010 to 2020, the housing and food and beverage sectors saw the greatest increases in cost, with increases of 25.7% and 21.2%, respectively, while transportation had a much lower 4.1% increase. Energy saw a decrease of 6.8% over the same period. But in recent months, transportation and energy have seen some of the fastest increases. Of course, increases vary widely by location. Researchers ranked metros according to the percentage change in the cost of living between 2010 and 2020. The analysis found that the cost of living in the Charlotte metro area increased 14.5% in the cost of living between 2010 and 2020.
Throughout the second half of 2021, economic observers have expressed concerns that the U.S. economy is in the midst of an inflationary period. Ongoing supply challenges due to the COVID-19 pandemic have driven up costs in many key consumer spending categories. Aggressive federal stimulus measures have pumped more money into the economy throughout the pandemic. Workers’ wages are rising, particularly at the lower end of the wage scale, as many businesses continue to struggle to attract and retain labor.
Current levels of inflation have raised alarm in part because the pace of price increases is much greater than it has been in recent years. The Federal Reserve typically sets monetary policy in the U.S. to target an annual inflation rate of 2%, and for most of the decade since the last recession, inflation has remained below that level. But beginning in June 2021, the rate of year-over-year price increases has topped 5% each month, and the rate of month-to-month increases has shown little sign of slowing down.
The analysis found that residents of the Charlotte metro area experienced an increase of 14.5% in the cost of living between 2010 and 2020. Here is a summary of the data for the Charlotte-Concord-Gastonia, NC-SC metro area:
- Percentage change in cost of living (2010–2020): +14.5%
- Overall cost of living (compared to average): -5.4%
- Cost of goods (compared to average): -4.3%
- Cost of housing (compared to average): -11.3%
- Cost of utilities (compared to average): +1.7%
For reference, here are the statistics for the entire United States:
- Percentage change in cost of living (2010–2020): +16.2%
- Overall cost of living (compared to average): N/A
- Cost of goods (compared to average): N/A
- Cost of housing (compared to average): N/A
- Cost of utilities (compared to average): N/A
For more information, a detailed methodology, and complete results, you can find the original report on Filterbuy’s website: https://filterbuy.com/resources/cost-of-living-in-us/
Gallery: Skyline Shots of Charlotte
