What Millennials Should Anticipate Paying for Rent in Charlotte, Five Other Cities in NC
Millennials looking to rent in North Carolina should brace for rising costs, as average rents in six major cities are 11.5% higher than typical housing rates, according to a recent GOBankingRates study.
The analysis, which pulled data from the U.S. Census, ApartmentList, Zillow, and other sources, found that while cities like Greensboro, Winston-Salem, and Fayetteville still offer relatively affordable one-bedroom apartments under $1,000, rent prices climb significantly in booming urban hubs like Charlotte, Raleigh, and Durham.
Even with these increases, North Carolina’s rental costs remain more affordable compared to many other states, a key factor behind the state’s explosive growth. In 2023 alone, approximately 340,000 people moved to the Tar Heel State, according to U.S. Census data—trailing only Texas, Florida, and California. North Carolina continues to lure residents with its reasonable cost of living, vibrant cities, scenic mountains and beaches, and, of course, some of the nation’s best barbecue.
Millennials, born between 1981 and 1996 (now ages 28 to 43), make up the largest segment of the U.S. population—a title they’ve held since surpassing baby boomers in 2019 due to generational aging. As they continue flocking to North Carolina, the demand for housing in both major cities and adjacent surrounding towns remains high, contributing to the rental price uptick.
For millennials seeking a balance of affordability, opportunity, and quality of life, North Carolina remains an attractive destination, despite its evolving rental market.
Here’s what millennials can expect to pay monthly for one- and two-bedroom apartments:
- Charlotte: 1BR: $1,468 | 2BR: $1,601
- Raleigh: 1BR: $1,404 | 2BR: $1,601
- Durham: 1BR: $1,338 | 2BR: $1,558
- Greensboro: 1BR: $1,114 | 2BR: $1,241
- Winston-Salem: 1BR: $1,010 | 2BR: $1,199
- Fayetteville: 1BR: $1,007 | 2BR: $1,170
The study highlights Charlotte as the most expensive city for renters, while Winston-Salem and Fayetteville remain the most budget-friendly.
Rising costs come amid a surge in demand for rental properties, particularly in cities attracting young professionals and families seeking opportunity, affordability, and a thriving lifestyle.
With housing inflation impacting millennials disproportionately, budgeting for rent remains a top priority for those settling in North Carolina’s growing metro areas.
Methodology
For this study, GOBankingRates analyzed the average rental costs for major U.S. cities and the cost of living in those cities. GBR first sourced the 100 most populated cities from the U.S. Census American Community Survey. Additional information gathered for each city included total population, total households, population ages 65 and over, and household median income. Cost-of-living indexes were sourced from Sperling’s BestPlaces. The average overall rental cost, one-bedroom rental cost, and 2-bedroom rental cost were sourced from ApartmentList. The average cost of a condo or co-op was sourced from the Zillow Home Value Index. The livability index was sourced from AreaVibes. GBR used the cost-of-living indexes and the national average expenditure costs for all residents (sourced from the Bureau of Labor Statistics Consumer Expenditure Survey). Using the average condo/co-op value, assuming a 10% downpayment, and using the national average 30-year fixed mortgage rate, the average mortgage was calculated. Using the overall rental cost and expenditure costs, the total cost of living for each city was calculated. All data is up to date as of Sept. 13, 2024.