Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Alleghany County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $111,956 | $265,624 | $242,182 |
| Price Trend (Annual %) | -4.1% | 9.9% | 8.2% |
| Median Gross Rent | $755 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 3.0% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Alleghany County is about 58% lower than in North Carolina. Rent is about 35% lower than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Alleghany County: home prices fell about 4.1% a year while rent rose about 3.0% a year. That is an unusual pattern worth watching.
Median rent in Alleghany County rose about 21.3% between 2015 and 2023, from $622 to $755. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Alleghany County.
Buying the median-priced home in Alleghany County costs roughly 12.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Alleghany County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Alleghany County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $111,956 | $265,624 | $242,182 |
| Median Household Income | $44,176 | $69,937 | $78,145 |
| Price-to-Income Ratio | 2.5 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Alleghany County fell about 26.5%, while median household income rose about 35.9% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Alleghany County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.2% | 57.7% | 58.2% |
| Rental Rate | 14.9% | 29.2% | 31.3% |
| Vacancy Rate | 34.9% | 13.0% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Alleghany County has a homeownership rate of 50.2%, lower than the North Carolina average of 57.7%. Its housing vacancy rate is 34.9%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Alleghany County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.15 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1983 | 1988 | 1978 |
| Median Number of Rooms | 5.2 | 5.6 | 5.5 |
The typical housing unit in Alleghany County was built around 1983. On average, 2.1 people live in a home with about 5.2 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Alleghany County, North Carolina.
What is the median home price in Alleghany County, North Carolina?
The median home price in Alleghany County, North Carolina is $111,956, lower than the North Carolina average of $265,624.
What is the average home price in Alleghany County, North Carolina?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Alleghany County, North Carolina?
The median gross rent in Alleghany County, North Carolina is $755 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Alleghany County in 2020?
In 2020, the median gross rent in Alleghany County, North Carolina was $625 per month.
What is the price-to-rent ratio in Alleghany County, North Carolina?
The price-to-rent ratio in Alleghany County, North Carolina is about 12.4, meaning it would take roughly 12.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Alleghany County.
Are home prices or rent rising faster in Alleghany County, North Carolina?
Home prices and rent are moving in opposite directions in Alleghany County: home prices fell about 4.1% a year while rent rose about 3.0% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Alleghany County, North Carolina?
50.2% of households in Alleghany County, North Carolina own their home, lower than the North Carolina average of 57.7%.
What is the vacancy rate in Alleghany County, North Carolina?
The housing vacancy rate in Alleghany County, North Carolina is 34.9%, higher than the North Carolina average of 13.0%.