Real estate expert explains why Americans are ditching New York, Dallas, Chicago to live in Charlotte, N.C.

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According to multiple studies and real estate development experts, the city of Charlotte, North Carolina, was one of the most popular destinations for Americans to move to in 2023, and for good reason.

Real estate expert and former Charlotte resident Jarrod Randolph spoke to Fox News Digital this week about what makes the North Carolina city a top destination in the country to resettle in.

Randolph, who’s part of Vestre Partners, a real estate development and investment firm, said Charlotte is one of the fastest growing cities in the country because it’s beautiful, diverse, and cheaper than most other major metro areas in the U.S.

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Real estate expert explains why Americans are ditching New York, Dallas, Chicago to live in Charlotte, N.C.

According to several major studies and a real estate investment expert, Charlotte, North Carolina is one of the fastest growing metro areas in the country. (Thinkstock via Getty Images)

“We really like Charlotte in particular, because it has a strong financial industry, diverse economy. It’s a mild climate. You have an up-and-coming food scene and great arts and culture and sports teams. And your average cost of living … is like 11% less in Charlotte than it is in other cities,” Randolph said about his firm.

Providing an example of Charlotte’s affordability, Randolph said, “The average one-bedroom apartment in New York City is, I think, about $4,700. The average one-bedroom apartment in Charlotte is just under $1,700 – $1675.”

Randolph also noted the average commute time in the city is “25 minutes to work” which, he added, is “a little bit shorter than the average in the U.S.” and shorter than other popular U.S. cities like Nashville, Tenn., which has commute times of “40 minutes.”

When asked about new resident satisfaction in the city, Randolph said they’re “quite satisfied.” He added, “they’re satisfied because you’ve got a newer housing stock. And the average home value down there is like $382,000.” 

“So, it’s a great, great community-based area,” he said, noting it’s “especially a great place to raise kids.”

When asked if the city is safer than other major U.S. cities where crime rates have increased, Randolph replied, “You have a very good police force – well-funded and respected police force. The city in general is a relatively safe city.” 

He added that Vestre Partner data for the city put it among the top ten safest cities in the United States in recent years.

“You’re living in a beautiful city that is affordable. The cost of living on average is lower, and you’ve got a great climate throughout the year because it’s a pretty temperate, mild climate in Charlotte,” he said. 

AMID CALIFORNIA EXODUS, STATE POPULATION PROJECTED TO BE SAME IN 2060 AS TODAY, DATA SHOWS

Aerial View of Charlotte, North Carolina on clear day showing highways and skyline and Bank of America Stadium. (isions of America/Joseph Sohm/UCG/Universal Images Group via Getty Images)

United Van Lines published its 47th Annual National Movers Study at the beginning of the year detailing which cities and states in America saw the most inbound movers over the last year. 

The group found that, out of the top 50 largest metro areas by population in the country, Charlotte was the city with the “highest net in-migration.”

Providence, Rhode Island; Indianapolis, Indiana; Orlando, Florida; and North Carolina’s capital city, Raleigh, rounded out the top five list of the 50 largest metro areas with the highest net-in migration over the year.

United Van Lines detailed some trends it noticed that have contributed to people resettling in these areas, stating, “movers tend to move to metro areas that are less expensive and have less competition from other home buyers. This trend has intensified in the past couple of years as housing affordability declined.”

The study added that the “median household income needed to pay rent has risen from 26.7% in November 2019 to 29.9% in November 2023,” and that the “share of income needed for a monthly mortgage payment on a typical home purchase has risen even more dramatically, from 22.7% to 38.6% over the same time frame.”

These increases have been much of the impetus for many Americans to relocate, the study said. The company found that on average in 2023, “United Van Lines movers relocated to a metro where a home would save them, on average, about $7,500 compared to where they came from.

Additionally, the study also provided details on the top cities people were relocating to Charlotte from. They were New York, Chicago, Dallas, and Houston.

Another study published by vehicle rental company U-Haul found that Charlotte was one of the top cities its customers moved to last year as well. The city placed seventh on its list of the top 25 growing cities in the U.S.

Ahead of it on the list were Palm Bay, Florida; Ocala, Florida; Charleston, South Carolina; Sarasota, Florida; Austin, Texas; and College Station, Texas.

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