A new report from Porch.com looked at U.S. cities and states with below-average living costs that currently have the largest young populations. A few types of cities and states have become special favorites with younger age groups, despite the aging population of the United States and stagnating or declining youth populations.
The presence of a large young population can counteract some of the downside consequences of an aging population, such as higher healthcare costs and lower tax revenues. Researchers used data on the cost of living, rent for a one-bedroom apartment, and earnings to rank metropolitan areas with below-average living costs according to the percentage of the population under 30 years old.
The analysis found that the cost of living in the Charlotte metro area is about 5.6% below the national average. While it is among the more affordable places to live in the country, the latest Census data shows that just 39.2% of the Charlotte population is under 30 years old. Out of all large U.S. metros with below-average living costs, Charlotte has the 16th smallest young population.
Here is a summary of the data for the Charlotte-Concord-Gastonia, NC-SC metro area:
- Share of the population under 30: 39.2%
- Total population under 30: 1,030,708
- Cost of living (compared to average): -5.6%
- Median 1-bedroom rental: $1,090
- Median earnings for full-time workers under 30: $35,000
For reference, here are the statistics for the entire United States:
- Share of the population under 30: 38.7%
- Total population under 30: 125,016,007
- Cost of living (compared to average): N/A
- Median 1-bedroom rental: $1,096
- Median earnings for full-time workers under 30: $34,000