What It Costs Retirees To Rent in Charlotte and 5 Other North Carolina Cities

Plenty of perks await seniors who choose North Carolina for their retirement. The state offers a moderately tax-friendly environment, an affordable cost of living and lots of recreational activities. The cost of housing is also quite reasonable, especially if you plan to rent. 

GOBankingRates was able to find out how much it costs retirees to rent in six North Carolina cities by analyzing the average rental cost and the cost of living across the 100 most populated U.S. cities. Retirees on fixed incomes might consider renting one-bedroom apartments in Greensboro, Winston-Salem and/or Fayetteville, where the monthly rent is less than $1,000.

Take a look at how much it costs retirees to rent in these six North Carolina cities.

• % of population age 65+: 10.7%
• Rent for a one-bedroom apartment: $1,317
• Rent for a two-bedroom apartment: $1,436

• % of population age 65+: 11.4%
• Rent for a one-bedroom apartment: $1,259
• Rent for a two-bedroom apartment: $1,436

• % of population age 65+: 13.6%
• Rent for a one-bedroom apartment: $999
• Rent for a two-bedroom apartment: $1,113

• % of population age 65+: 12.7%
• Rent for a one-bedroom apartment: $1,200
• Rent for a two-bedroom apartment: $1,397

• % of population age 65+: 14.6%
• Rent for a one-bedroom apartment: $906
• Rent for a two-bedroom apartment: $1,075

• % of population age 65+: 12.6%
• Rent for a one-bedroom apartment: $903
• Rent for a two-bedroom apartment: $1,049

Methodology: For this study, GOBankingRates analyzed the average rental cost of major U.S. cities and the cost of living in those cities. First, GOBankingRates found the 100 most populated cities according to the U.S. Census American Community Survey. For each city, GOBankingRates found total population, total households, population ages 65 and over, household median income, all sourced from the Census American Community Survey; the cost-of-living indexes as sourced from Sperling’s BestPlaces; the average overall rental cost; one-bedroom rental cost and two-bedroom rental cost, all sourced from ApartmentList; the average cost of a condo or coop as sourced from Zillow Home Value Index, and the livability index as sourced from AreaVibes. Using the cost-of-living indexes and using the national average expenditure costs for all residents as sourced from Bureau of Labor Statistics Consumer Expenditure Survey. Using the average condo/coop value, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate the average mortgage can be calculated. Using the overall rental cost and expenditure costs the total cost of living for each city can be calculated. The cities were sorted to show the highest population places first showcasing the average apartment costs in major US Cities. All data was collected on and is up to date as of Sept. 13, 2024.