Published Feb. 23, 2024
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Nathan Alderman
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If you're looking to buy a home in North Carolina, it pays to look for the best mortgage rates available. Shopping around with mortgage lenders will give you an idea of rates you might qualify for. Keep in mind that the higher your credit score, the more likely you are to lock in a competitive rate.
5 affordable places to live in North Carolina
North Carolina offers a great mix of Southern charm and bustling cities. Here are some affordable places you may want to call home.
1. Winston-Salem
A little more than an hour north of Charlotte, Winston-Salem is one of North Carolina's busiest metro areas. A number of major companies are headquartered in Winston-Salem -- including HanesBrands, Inc., and Krispy Kreme Doughnuts -- so job opportunities are often plentiful. The median home value in Winston-Salem is $147,900, reports Niche, quite a bit below the median home value statewide -- $295,340, according to Zillow. Property taxes, as reported by Tax-rates.org, average 0.95% of a home's assessed value in Forsyth County. That's only a bit above the average 0.78% property tax rate statewide.
2. Greensboro
About 30 minutes east of Winston-Salem sits Greensboro, a city known for its walkable downtown and active nightlife. The median home value in Greensboro is $156,300, well below the median statewide. And the average property tax rate in Guilford County, where Greensboro is located, is 0.97% of a home's assessed value, a touch high on a statewide level.
3. Fayetteville
Home to families and young professionals alike, Fayetteville is loaded with shops, restaurants, and amenities. Nearby Fort Bragg also offers lots of job opportunities in the defense sector. The median home value in Fayetteville is $131,000 -- a steal compared to the rest of the state. Property taxes, however, are a bit high in comparison. The average property tax rate in Cumberland County is 1.14%.
4. High Point
About 20 minutes southwest of Greensboro, High Point is another affordable city worth exploring. With its highly rated school system, it's home to families as well as young professionals. The median home value in High Point is $151,900, while the average property tax rate in Guilford County is 0.97%.
5. Charlotte
Charlotte is one of North Carolina's hottest spots. The city is bustling with restaurants, coffee shops, and entertainment, and it's also home to job opportunities galore. In fact, it takes the No. 32 spot on Niche's list of the best cities to live in America. The median home value in Charlotte is $220,300, while the average property tax rate in Mecklenburg County is 1.05% of a home's assessed value.
North Carolina is loaded with home-buying opportunities, even if you're on a tight budget. It also helps to work on boosting your credit score before you apply for a mortgage. The higher that number, the greater your chances of locking in a competitive rate that makes your home more affordable over the long haul.
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Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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