Income needed to buy a house in North Carolina
A median-priced home in North Carolina costs $333,000. With 20% down you'd need about $87,708 a year, $13,750 more than the state's median household income of $73,958. North Carolina ranks #22 of 51 for the lowest income needed.
Income needed: $87,708 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 6.95% (Freddie Mac, week of 2026-09-17).
You'd need a household income of about $87,708 a year to buy a $333,000 home in North Carolina with $66,600 down.
Based on lenders' 28/36 rule: housing costs under 28% of gross income, all debt under 36%.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $1,763 |
| Property tax | $170 |
| Homeowners insurance | $113 |
| Total | $2,047 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $16,650 | $2,509 | $107,527 |
| 10% | $33,300 | $2,392 | $102,506 |
| 20% | $66,600 | $2,047 | $87,708 |
Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in North Carolina: what's different
- Transfer tax
- 0.2% excise (seller)
- On the median home
- $670
- Homestead break
- 65+ or disabled only
- First-time buyer help
- North Carolina Housing Finance Agency
- Transfer and recording taxes. The seller pays an excise tax of $1 per $500 of the price (0.2%) before the deed is recorded. On the median North Carolina home ($333,000), that's about $670 in excise tax.
- Property tax breaks for your home. There's no general homestead exemption. Owners 65 and older or totally and permanently disabled, with 2025 income of $38,800 or less, can exclude the greater of $25,000 or 50% of the home's appraised value from 2026 taxes.
- First-time buyer help. The North Carolina Housing Finance Agency offers the NC Home Advantage Mortgage through participating lenders. Check its site for income and price limits.
- Insurance. In the 18 coastal counties, homeowners and wind-and-hail coverage that private insurers won't write is available from the North Carolina Insurance Underwriting Association, known as the Coastal Property Insurance Pool.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in the North Carolina metro areas we cover
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Charlotte, NC | $104,819 | $400,400 | $85,938 |
| Raleigh, NC | $121,554 | $465,800 | $102,144 |
| Greensboro, NC | $73,358 | $271,000 | $66,072 |
| Winston-Salem, NC | $72,140 | $270,700 | $65,903 |
| Durham, NC | $116,333 | $441,300 | $83,542 |
| Wilmington, NC | $102,526 | $397,300 | $78,890 |
| Asheville, NC | $107,956 | $420,800 | $76,275 |
| Fayetteville, NC | $63,038 | $227,400 | $61,379 |
| Jacksonville, NC | $70,301 | $262,000 | $73,004 |
With 20% down, the median home takes about $63,038 a year in the Fayetteville, NC area and $121,554 in the Raleigh area, compared with $87,708 for the statewide median.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. Income needed: 20% down at 6.95%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in North Carolina about average among states
- Home prices: the median value of $333,000 is 8% below the U.S. median of $360,600.
- Property tax: about 0.61% of value a year ($170 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,353 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $182 a month on this loan.
10 states need at least 20% less income to buy their median home. States with a similar income requirement:
Frequently asked questions
How much do you need to make to buy a house in North Carolina?
About $87,708 a year for the median home of $333,000 with 20% down at 6.95%. With 10% down it's about $102,506.
What is the property tax rate in North Carolina?
The median North Carolina homeowner pays $2,044 a year, about 0.61% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in North Carolina?
Median rent is $1,338 a month, while owning the median home costs about $2,047 a month with 20% down, before maintenance. Renting affordably takes about $53,520 a year under the 30% rule.