For those of us who live in the Charlotte metro area, we're accustomed to paying a little more for the privilege of calling the Queen City region home. Mooresville, however, is one of the cheapest places to live in the Charlotte metro region, according to a new study by the Economic Policy Institute.
The institute recently released its 2018 family budget calculator that estimates how costly it is to live in each of America's 3,142 counties and 611 metro areas.
The Charlotte metropolitan area ranks as one of the most expensive places to live in the Tar Heel state, according to the institute. Perhaps unsurprisingly, living in Charlotte is more pricey than Asheville and the Raleigh metro areas.
When it comes to living in Iredell County, however, the findings are different.
The institute estimates that a family of two adults and two children in Iredell Couny would need to earn a combined $83,862 per year — or $6,988 a month — to live comfortably.
Here's how that money gets spent:
- Housing: $828 per month
- Food: $749 per month
- Child Care: $1,116 per month
- Transportation: $1,224 per month
- Health Care: $1,427 per month
- Other Necessities: $636 per month
- Taxes: $1,009 per month
Economic Policy Institute estimates that a family of two adults and two children in Charlotte would need to earn a combined $89,330 per year — or $7,444 a month — to live comfortably.
The family budget calculator accounts for geographic differences in cost of living, but does not include many expenses associated with a middle-class lifestyle, including student loan payments or saving for college or retirement.
"Our Family Budget Calculator goes beyond traditional measures like the poverty line to paint a detailed picture of what families need to get by," EPI Senior Economist Elise Gould stated. "The latest update provides even greater detail on how costs vary throughout the country. It is above all else a tool for policymakers to advocate for ways to raise wages and make their communities more affordable."