Buying a Home in North Carolina: What You Need to Know
If you're considering buying a home in North Carolina, understanding the true cost of homeownership is essential. Beyond your mortgage payment, North Carolina homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses North Carolina-specific data to give you accurate monthly payment estimates.
North Carolina Property Taxes
North Carolina has an effective property tax rate of 0.62%, ranking #33 out of 50 states (where #1 is the highest). On a median-priced home of $368,000, you'd pay approximately $2,282 per year in property taxes, or about $190/month.
North Carolina's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
North Carolina Homeowners Insurance
The average annual homeowners insurance premium in North Carolina is $2,951 for $300,000 in dwelling coverage, or about $246/month.
North Carolina's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
North Carolina Closing Costs
Closing costs in North Carolina average 0.56% of the home's purchase price. On a $368,000 home, that's approximately $2,061. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
North Carolina Housing Market
The median home price in North Carolina is $368,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More North Carolina Mortgage Tools
Use these additional calculators to plan your North Carolina home purchase: