It’s unsettling but perhaps not surprising that Charlotte, North Carolina, has become a place where a comfortable life requires a six-figure salary, according to a recent study from SmartAsset.
The study’s authors used a 50/30/20 model for their calculations, in which no more than 50% of a household’s income is allocated for essentials such as housing, transportation, and groceries, 30% for “fun” things such as hobbies and entertainment, and 20% for savings, investments, and paying off debt.
Using this model and data from the MIT Living Wage Calculator, SmartAsset found that a single adult in Charlotte would need an annual income of $101,338 or an hourly wage of $48.72 to live comfortably here. A family with two adults and two children would need $235,123 per year to escape the pressure of living paycheck to paycheck. When you consider that the average salary in Charlotte is $68,597 according to a recent ZipRecruiter study, it is no wonder that so many of our neighbors find themselves in need of help to make ends meet.
Many of those families find their way to Crisis Assistance Ministry, where every day we see hardworking people struggling to maintain life’s most basic necessities, like rent and utilities. For those we serve, the average household income is $24,504 per year or $2,042 per month. With the average rent in the Queen City now topping $1900 per month, according to Zillow, the reality is stark and undeniable: Charlotteans are being priced out of their own city.
As rent and grocery prices continue to rise while wages stay the same, the disparity between those who can afford to live comfortably and those who cannot will only continue to grow, not only here in the Charlotte region but across the nation. Thanks to the generosity of our community, Crisis Assistance Ministry stands in the breach, providing help, hope, and understanding to those who are struggling with limited financial resources in the midst of this prosperous city.