This inviting atmosphere of Charlotte, where the business life is fast and the home life is easy, continues to attract newcomers. Residential areas have grown from the southern, southeastern and eastern sections of Mecklenburg County to encompass lakes Wylie and Norman and the connecting Catawba River. Many Charlotteans are now enjoying the peaceful views and casual lifestyles of these lake communities. Equally, growth is apparent in the north and northeastern sections of Mecklenburg, as the University of North Carolina and the University Research Park attract newcomers to their many resources.

In addition, new neighborhoods are being developed among the rolling hills and lush trees outside of the city. A convenient transportation infrastructure, which includes I-77, W.T. Harris Boulevard and I-85, make an easy commute from city work to country living.

The Appealing Market

Charlotte has been ranked as one of the hottest and most affordable housing markets by U.S. News & World Report. The average price of a new home for a middle management, four person family in the 3rd quarter of 2000 was $187,974 according to ACCRA, a national organization of applied community researchers.  The Carolina Multiple Listing Service reports the average sales price for an existing home in 2000 was $176,958.

Also as of February 2001, Carolina Multiple Listing Service listed 11,807 homes.  An average of 1,778 homes were closed each month in 2000 with a sufficient number of new homes being listed to maintain a diverse market.

During 2000, 21,340 homes were sold through the multiple listing service for more than $3.8 billion. This affordable market boasts a monthly mortgage payment equaling only 16% of the average household income.

Housing Affordability Index

Cities compared have $20 billion or more in wholesale sales.

Note: Index is average cost of a single-family, 2200 sq. ft. home with 4 bedrooms, 2.5 bathrooms and a two-car garage

The Optimum Mortgage

Because of Charlotte's position as the nation's second largest financial centers, home loans are readily available through a variety of sources. FHA, VA, conventional fixed rate and adjustable rate loans are currently at the lowest financing rates of the last 25 years. Maximum FHA loans are $142,500 and maximum VA loans are $203,000, but higher loan limits are available in special situations.

Charlotte has 278 different mortgage lenders located here. Five are included in the nation's top 10, and 8 of the nation's 15 top residential mortgage lenders have facilities in Charlotte -two are headquartered here. These two mortgage lenders, Bank of America Mortgage and First Union Mortgage, serviced more than $350 billion of  loans in 2000.

The Many Choices

Newcomers practically have unlimited choices of homes and lifestyles in Charlotte. There are a wide variety of costs, styles, locations and amenities. From historic neighborhoods with graceful homes to modern apartments and condominiums convenient to jobs and shopping, the city offers the perfect place to call home.

In addition, this area's innovative building techniques lead to energy conservation, new building materials and more efficient construction methods. Charlotte also encourages the preservation of good housing and strong neighborhoods through a strict, well-enforced housing code. Substandard housing is being reduced in older areas of the city and revitalization efforts are ongoing. Charlotte takes great pride in its neighborhoods.

Recreational Living

Whether you are looking for that rustic lake cabin or the luxurious lake home, you will have your pick in Mecklenburg. The Catawba River, Lake Wylie and Lake Norman provide exciting housing opportunities where you can get away to it all in a short commute from the workplace. Boating, fishing, water sports, golf and tennis can become part of your home life with Lake Wylie 20 minutes to the south and Lake Norman 30 minutes to the north of the center city. Planned residential communities are liberally situated throughout the area. There is even a PGA-sanctioned golf development, Piper Glen.

Condominiums and Apartments

For those who prefer the ease of multi-family locations, there are a number of options. Multi-story and townhouse condos can be found in the center city near its impressive office buildings, museums and restaurants; in neighborhoods convenient to shopping, schools and entertainment; and in the suburbs near lakes, universities and other amenities. Costs range from $30,000 to $500,000 with the average closing price of $142,800 in January 2001.

Apartments offer the same variety of location, price and amenities. Luxury complexes have swimming pools, tennis, clubhouses, social events and other features. Rentals range from $400 for one bedroom up to $2,400 for a luxury three-bedroom apartment (average cost was $624).  With more than 120,000 apartments and condominium units in Mecklenburg County, you will likely find your perfect match.

Historic and Established Neighborhoods

Charlotte's older neighborhoods exhibit a sense of the city's past, the city's spirit. Many have been kept in pristine condition or have been renovated to fit the needs of the 90s.  For example, concerted efforts to preserve and protect Charlotte's oldest neighborhoods can be seen close to, or in, the center city. Dilworth, a neighborhood of traditional homes, tree-shaded streets and churches centered around Latta Park, has been reborn. Residents, working with local government, are renovating and restoring the old stately homes and a piece of Charlotte's past.

One of the original neighborhoods in Uptown Charlotte began its rebirth in 1975 when the need for center city housing became apparent. At that time, Fourth Ward's houses were abandoned or in need of repair. With the creation of a Victorian atmosphere and the addition of brick sidewalks, granite curbs and pedestrian scale streetlights, Fourth Ward is now a vital and lively neighborhood with an eclectic mixture of restored homes, condominiums, apartments and non-profit housing for the elderly.

Single Family Housing by Area

Source: Multiple Listing Service, Charlotte Regional Realtor Association, February 2001

New neighborhoods

The pleasant climate, abundant business opportunities and high quality of life in Charlotte continue to attract newcomers. In response, a large number of new neighborhoods, offering modern amenities and ease of living have been developed. The Charlotte area has many new home communities in a variety of styles, price ranges and living environments. These communities offer a pleasant overall design and programmed activities where newcomers quickly become an integral and familiar member of the neighborhood.

The Numerous Perks

Convenience to shopping, a strong school system, impressive city services, such as abundant soft water through the Charlotte-Mecklenburg Utilities Department, and moderate household operating costs are just a few of the benefits of Charlotte neighborhoods. Utility costs are extremely competitive with other parts of the nation: Duke Power Company has a national reputation for efficient operation and low rates; Piedmont Natural Gas is equally recognized for its competitive rates. And the moderate climate helps by keeping heating and air conditioning costs low.

Popular brick construction is found more extensively in Charlotte than in most cities because North Carolina is a leading producer of brick. It is also the leading producer of textiles and furniture, creating convenient interior design opportunities.

Average lot size for new homes depends on location and land cost. The typical lot is 100' X 150', although some upscale developments offer half-acre, or larger, lots. Just outside of the city, there is an abundance of large acre lots and farmland.