Affordable Living
In Charlotte, N.C.

The growing Charlotte region is an affordable place to live. The median home price of $169,400 in the first quarter was about 10% below the national average, according to the National Association of Realtors. The area's overall cost of living is 3% below average while the median household income of $49,228 in 2004 was 11.8% above the U.S. average, according to the consulting firm Economy.com.

This cul-de-sac home in Charlotte offers three bedrooms and two and one-half baths for an asking price of $199,000.

The pace of home appreciation in the Charlotte area continues to moderate. The median price of a single-family home rose about 9.1% in the first quarter, up from $155,300 in the year-earlier period. But in the second quarter the average home price in the region was up 1.6% from the year-earlier period, according to the Carolina Multiple Listing Services, Inc. (CMLS). And in the second quarter, the city of Charlotte itself saw prices edge down slightly about 1.6% to $218,372 from $221,984, CMLS says.

Some brokers suggest the large number of new homes and condos may be pushing down prices. "People have choices," says Brett Furniss, president of Charlotte-based BDF Realty Inc. "It's classic supply versus demand."

But David Barnhardt, immediate past president of the Charlotte Regional Realtors Association, said he's not seeing any slowdown. He suggested some lower-priced areas might be pulling down the averages while the market for well-located higher-priced homes remains strong.

Sources: Carolina Multiple Listing Services, Bankrate.com, LoanPerformance, Property & Portfolio Research Inc.

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