Skip to Content

Make smart financial decisions with DailyFinance

Overrated: Charlotte, NC hit by finance crunch, crime

More
Text SizeAAA

Filed under: Home

Is Charlotte the worst city in America? Of course not, but the "Queen City" seems to have taken on a near mythical status, particularly on the East Coast, where it is portrayed as a place where home prices always go up, the job market is strong and youl have all the amenities of a major city, with none of the negatives. Riiight.

According to Forbes' Most Miserable Cities list, Charlotte (#9) has the worst ranking for violent crime of any of the cities surveyed. According to the Charlotte Observer, property crime is up 3.8 percent and violent crime is up 2.3 percent in the past year. Some citizens have even begun hiring private security to protect their neighborhoods. So that's what the HOA fees go to!

Don't miss the rest of our series on Overrated people, places and things!

One of the reasons crime may be on the rise is the weakening local economy. Three of the major employers (Wachovia, Bank of America and Lowe's) have been hurt by the credit crisis and housing crunch. While home prices have remained much stronger in Charlotte than other cities, that trend seems likely to change.

Like any Southern city, the summers are hot and humid, with an average temperature of 90 in July. But getting out of town is not as easy as it once was. While U.S. Airways uses Charlotte as a hub, the days of cheap flights are over. According to USA Today, a direct round trip flight from Charlotte to Fort Myers was recently as high as $809, while one-stop flights on other airlines were more than $500 less. Driving to the beach or the mountains isn't as cheap or easy as it once was, with rising gas prices, traffic and sprawl.

Finally, while the editor's at Southern Living noted Charlotte's "emerging" restaurant scene, some locals say there are too many chain eateries and the few local hot spots are overpriced or overrated.

In short, while Charlotte's housing prices may seem like a breath of fresh air to Yankees giving up on what the Northeast has to offer, this NASCAR-fueled boomtown may be headed for a wreck in the near future.

Subscribe to Walletpop

Reader Comments (Page 2 of 2)

Vote Now For the Readers' Choice Best in Food Awards
Nominations have been received and vetted for the best-of-breed in gourmet grocers, online gourmet ...
Zingerman's Bakehouse: Artisan Bread and Pastry from Ann Arbor
Zingerman's Bakehouse of Ann Arbor, Michigan, is nominated for a Luxist Award in the best bread ...

Mortgage Basics

Jason Cochran
Jason Cochran Filed under: Bargains, Extracurriculars, Transportation, Travel, Celebs & Money

On board the new Oasis of the Seas: Is it worth the money?

So here I am, writing this from off the coast of Florida as part of the first two-day preview cruise of the magnificent Oasis of the Seas. Royal Caribbean has launched the largest cruise ship in the ...
Geoff Williams
Geoff Williams Filed under: Credit cards

Citigroup holds its customers hostage

Across the nation, Citibank credit card holders are receiving what pretty much amounts to a ransom note: We're going to raise your rates, says the letter, in so many words, but if you spend more ...
Bonnie McCarthy
Bonnie McCarthy Filed under: Budgets, Kids and Money, Saving Money, Technology

Family budgets: Make movie night safe again with family-friendly review sites

Around my house, we don't make the decision to pile into the car and head over to our local Cineplex as easily as we once did. It costs a lot of money these days to see talking animals, wild things ...
Madhusmita Bora
Madhusmita Bora Filed under: Transportation

Shop the friendly skies? The airlines are hoping you'll buy while in the sky

Along with sandwiches and soda, you may one day be able to buy tickets to Lion King and Animal Kingdom while cruising 35,000 feet above ground. A New York Times story reported that the airline ...

Featured Partner

What is Your Home Worth?



Headlines from WalletPop Partners