KING – King is once again one of the most affordable places to live in North Carolina.
The city has made the rankings three years in a row, previously finishing 3rd in 2020 and 8th in 2019. It was also 9th in 2016, the second year of the study.
As house prices skyrocket in a very busy market, with shortages of building materials for building new homes, the idea of ”affordable” may not mean what it meant ago. a few more years. But that means the community of King and Stokes County offers cheaper homeownership options than some of their larger neighbors.
The Federal Reserve recently announced that the median price of existing homes nationwide was $ 343,472, a record high.
The new SmartAsset study ranks King the third most affordable place in the state, behind Winterville and Lewisville. Stokesdale arrived at No.7.
The study weighed several factors, including taxes, home insurance and housing costs against the local median income. The places with the lowest homeownership costs relative to the median income in each location were considered the most affordable.
King’s median income is $ 65,833, with an annual property tax of $ 1,617. The average closing costs for home sales are $ 2,467, annual home insurance is $ 1,007, and the average annual mortgage payment is $ 6,601.
Smart Asset analysis including all cities with 5,000 or more inhabitants. We then measured the total cost of owning a home (using the average cost of housing) in each city over a five-year period. This five-year cost was then measured as a proportion of the median household income in each location to determine affordability.
The company used data from the US Census Bureau, the National Association of Insurance Commissioners, and government websites.
SmartAsset provides consumer-focused financial information and advice that powers SmartAdvisor, a national marketplace connecting consumers with financial advisors.
Other highlights from the SmartAsset North Carolina Cost Study included Stokes County ranking sixth in the state for affordability of closing costs relative to income.
Realtors say they are increasingly talking about communities outside of the Triad’s urban core, including places like King, as road improvements make them more commuter friendly. Local commuters have an easier commute compared to major subways like Charlotte or Raleigh-Durham.