Housing and Real Estate
North Carolina’s housing market is more affordable than many other U.S. states, though costs are climbing in high-growth areas. From modern city apartments to peaceful rural homes and mountain cabins, the state offers housing options for every lifestyle and budget.
Overview
- North Carolina’s population has grown rapidly in the last two decades, adding over 900,000 residents since 2010.
- This growth fuels housing demand, particularly in metro areas like Charlotte, Raleigh-Durham, and Asheville.
- The state offers a mix of urban condos, suburban family homes, mountain cabins, and coastal cottages, appealing to different lifestyles.
Housing Affordability
- North Carolina’s housing costs remain below the national average, though inflation and high demand are pushing prices upward.
- As of 2024, the median home price is around $320,000, compared to the national median of about $412,000.
- Median monthly rent for a two-bedroom apartment is $1,200–$1,400, with lower costs in rural areas.
Homeownership vs. Renting
- 65% of households own their homes, while about 35% rent.
- Young professionals and students often rent in cities like Charlotte, Durham, and Raleigh, where job growth and universities attract newcomers.
- Families and retirees tend to favor suburban or rural areas with more space and lower costs.
Regional Differences
- Charlotte & Raleigh-Durham: Higher housing costs, competitive rental markets, driven by finance, tech, and healthcare jobs.
- Eastern NC (coastal towns): Affordable housing inland, but high demand (and higher prices) in popular beach towns like Wilmington and the Outer Banks.
- Western NC (mountains): Asheville and Boone are more expensive due to tourism, retirees, and vacation homes.