Rising prices continue to squeeze Charlotte residents

CHARLOTTE, NC – “It’s rough in these streets, man,” says Charlotte resident Veronica Peña.

The Queen City has never been known as a cheap place to live, but for renters like Peña, the squeeze is becoming unbearable. A recent WalletHub study found that Charlotte is the fifth-most financially distressed city for residents in the country.

Another study by GOBankingRates found that Queen City residents would need to earn $92,000 per year to live alone comfortably.

“My hope is to live on my own,” says Peña, “But I would have to be very diligent about my budgeting and making sure that I have enough money to feed myself and also cover my bills, and it’s getting increasingly difficult.”

According to Apartments.com, the average studio apartment in Charlotte rents for just under $1500 per month. That’s almost $300 higher than it was in 2020 – which means your average renter is paying about $3500 more per year on housing than they were just five years ago.

And that means significantly less money in Peña’s savings.

We asked Peña if she ever foresaw herself owning her own home. Her answer?

“Not if I don’t marry rich.”

It’s not just housing that’s getting more expensive. Grocery store prices are soaring, too – and that means families may have to make tough decisions soon.

“We’re worried about Easter,” says Richard Greene, “[We’re] trying to figure out, ‘Are we going to even try to do the Easter egg hunt or just go to plastic eggs this year?’ So, it’s kind of sad. All of these years you’ve been able to color eggs and put eggs out, and now you’ve got to think about it.

Greene moved to Charlotte with his family 11 years ago. The rising prices aren’t only affecting his wallet, but also his daughter’s – she’s struggling to find an affordable apartment so she can move out.

“You have to lend a hand because it’s just too hard out here, and I don’t want her to struggle,” Greene laments.

Peña says there are more affordable options out there – but they also come at a different cost.

“You have to wager what is more important to you – your safety or your budget. It’s hard.”