The report was prepared by the Lumina Foundation for Education, a private organization aimed at improving access to higher education.
The study found that 29 percent of North Carolina's public and private institutions, including UNC-CH, are not affordable for dependent lower-income students.
According to a press release, the foundation considered college expenses, personal resources and financial aid provided to determine affordability.
Out of the state's 16 UNC-system campuses, only UNC-Wilmington, Fayetteville State University and UNC-Pembroke were deemed affordable for all students.
Livingstone College was the lone private institution in the state rated as affordable.
Derek Price, Lumina Foundation director of higher education research and co-author of the study, said he thinks there is a lack of awareness about the affordability of higher education for low-income students.
"What we hope to do is raise the level of discussion (regarding this issue)," Price said.
"We think our data is a step in that direction."
But Shirley Ort, UNC-CH director of scholarships and student aid, said she questions the methodology used by the foundation.