Charlotte is the largest metropolitan area in the state of North Carolina, with nearly double the population of Raleigh and growing. In fact, around 150 people are moving to Charlotte every day. The median age in Charlotte is 34, as it has become a great city for young professionals.

The population and culture around Charlotte is diverse because 17% of residents were born outside of the U.S. The metro area is unique because it’s relatively close to a lot of popular destinations. For the adventurers, Charlotte is just 90 minutes from the beautiful mountains of Asheville. For the beach vacationers, the city is about a three-hour drive to Myrtle Beach. Washington, D.C., Atlanta, and Charleston, South Carolina, are also all within driving distance—approximately five hours away.

Because Charlotte is located further from the coast, it’s more protected from hurricanes and severe storms than other North Carolina cities. Temperatures vary year-round but generally stay fairly mild with a nice mix of seasons. However, Charlotte is prone to tornadoes coming through the area, as well as flooding. When buying property, it’s best to make sure it’s not in a flood zone.

What’s bringing so many young professionals to the Charlotte area? It’s pretty simple: plenty of job opportunities, above-average household incomes, a low cost of living, low taxes, and a great place for single people to meet each other (55% of Charlotte’s population is single).

How COVID-19 Has Impacted Charlotte

As the coronavirus relentlessly spreads across the nation, many American’s have been hit hard financially. Like most of the country, Charlotte’s job market and economy have been impacted by the pandemic. The biggest job losses came in June when Charlotte’s unemployment rate reached 8.2%. The national unemployment rate at the time was 11.2%. As of October, Charlotte’s unemployment rate is 7.2%, below the national average of 8.5%.

The good news is that employers in North Carolina are still hiring and jobs are slowly coming back. Whether that trend continues across the country is largely dependent on how the pandemic plays out in the coming months.

Keep reading the article “Where Investors Are Looking to Buy Out East” here:
https://www.biggerpockets.com/blog/where-real-estate-investors-are-buying-east-coast

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