Millennials Face Rising Rent Costs in North Carolina’s Major Cities
The average rental price for a one-bedroom apartment in Greensboro, Winston-Salem, or Fayetteville generally stays below $1,000 per month. However, millennials must brace for an average increase of 11.5% in rental costs across these cities plus three others in North Carolina.
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This statistic stems from a recent GOBankingRates study that examined average rents across prominent U.S. cities. Data was drawn from the U.S. Census American Community Survey, Sperling’s BestPlaces, ApartmentList, and the Zillow Home Value Index. The 11.5% adjustment was added to average one- and two-bedroom rents in six North Carolina cities, rounded to the nearest dollar.
Continue reading to learn what millennials pay for rent in six sought-after cities in North Carolina.
Charlotte
- Average one-bedroom rent: $1,468
- Average two-bedroom rent: $1,601
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Raleigh
- Average one-bedroom rent: $1,404
- Average two-bedroom rent: $1,601
Greensboro
- Average one-bedroom rent: $1,114
- Average two-bedroom rent: $1,241
Durham
- Average one-bedroom rent: $1,338
- Average two-bedroom rent: $1,558
Winston-Salem
- Average one-bedroom rent: $1,010
- Average two-bedroom rent: $1,199
Fayetteville
- Average one-bedroom rent: $1,007
- Average two-bedroom rent: $1,170
Methodology: GOBankingRates analyzed average rental costs and living expenses in major U.S. cities. Data was sourced from the U.S. Census American Community Survey along with information about populations, households, and median incomes. Cost-of-living figures came from Sperling’s BestPlaces, while rental costs were obtained from ApartmentList and the Zillow Home Value Index. The study calculated living expenses based on national averages and rental values as of Sept. 13, 2024.
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This article initially appeared on GOBankingRates.com: What Millennials Can Expect To Pay in Rent in Charlotte and 5 Other North Carolina Cities
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