How to save $200K on your first home in Charlotte
A new study has found that if you don’t buy a home in the first three years of owning a home, you can save up to $200,000.
In the study by Lehigh University, published Tuesday in the Journal of Housing Economics, the average homeowner in the Charlotte area will save $12,000 if they buy a new home during the first six months of owning their home.
The median price is $185,000, and the median cost per square foot of new homes in the city is $2,400.
In Charlotte, the median home price in 2021 is $9,847.
The city’s median price per square mile is $3,500.
The study found that homeowners who buy their first home between July 1 and June 30 of 2021 will save up $8,000 a year.
The average cost per year in the study is $24,936.
The study also found that in Charlotte, homeowners who live in the central city can save $2.4 million by renting out a property instead of buying.
This means that if they rent out a small one-bedroom apartment, they will save an average of $4,000 per year.
“A one- bedroom apartment is not a cheap place to live in Charlotte,” said Michael Meehan, a senior economist at Lehigh.
“The median rent for Charlotte is $1,200 a month.
This is a very large rent for a one-bed apartment.”
Meehan said the average rental for a four-bedroom condo in Charlotte is about $1.8 million a year and that homeowners are likely to see some rent increases as they build more homes.
The median price of new home in 2019 is $4.4M.
The average price per home is $8.3M.