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 | Lenoir County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $114,657 | $265,624 | $242,182 |
| Price Trend (Annual %) | 13.1% | 9.9% | 8.2% |
| Median Gross Rent | $813 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 2.7% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lenoir County is about 57% lower than in North Carolina. Rent is about 30% lower than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Lenoir County, up about 13.1% and 2.7% a year respectively. Home prices are changing faster.
Median rent in Lenoir County rose about 21.9% between 2015 and 2023, from $667 to $813. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Lenoir County.
Buying the median-priced home in Lenoir County costs roughly 11.7 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 Lenoir County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Lenoir County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $114,657 | $265,624 | $242,182 |
| Median Household Income | $44,771 | $69,937 | $78,145 |
| Price-to-Income Ratio | 2.6 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lenoir County rose about 106.1%, while median household income rose about 37.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Lenoir County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.8% | 57.7% | 58.2% |
| Rental Rate | 34.9% | 29.2% | 31.3% |
| Vacancy Rate | 14.3% | 13.0% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Lenoir County has a homeownership rate of 50.8%, lower than the North Carolina average of 57.7%. Its housing vacancy rate is 14.3%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Lenoir County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1979 | 1988 | 1978 |
| Median Number of Rooms | 5.2 | 5.6 | 5.5 |
The typical housing unit in Lenoir County was built around 1979. On average, 2.3 people live in a home with about 5.2 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lenoir County, North Carolina.
What is the median home price in Lenoir County, North Carolina?
The median home price in Lenoir County, North Carolina is $114,657, lower than the North Carolina average of $265,624.
What is the average home price in Lenoir 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 Lenoir County, North Carolina?
The median gross rent in Lenoir County, North Carolina is $813 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Lenoir County in 2020?
In 2020, the median gross rent in Lenoir County, North Carolina was $707 per month.
What is the price-to-rent ratio in Lenoir County, North Carolina?
The price-to-rent ratio in Lenoir County, North Carolina is about 11.7, meaning it would take roughly 11.7 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 Lenoir County.
Are home prices or rent rising faster in Lenoir County, North Carolina?
Both home prices and rent are rising in Lenoir County, up about 13.1% and 2.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lenoir County, North Carolina?
50.8% of households in Lenoir County, North Carolina own their home, lower than the North Carolina average of 57.7%.
What is the vacancy rate in Lenoir County, North Carolina?
The housing vacancy rate in Lenoir County, North Carolina is 14.3%, higher than the North Carolina average of 13.0%.