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 | McDowell County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $146,959 | $265,624 | $242,182 |
| Price Trend (Annual %) | -6.4% | 9.9% | 8.2% |
| Median Gross Rent | $740 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in McDowell County is about 45% lower than in North Carolina. Rent is about 36% lower than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in McDowell County: home prices fell about 6.4% a year while rent rose about 3.3% a year. That is an unusual pattern worth watching.
Median rent in McDowell County rose about 27.0% between 2015 and 2023, from $583 to $740. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in McDowell County.
Buying the median-priced home in McDowell County costs roughly 16.5 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in McDowell County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | McDowell County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $146,959 | $265,624 | $242,182 |
| Median Household Income | $55,501 | $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 McDowell County fell about 42.9%, while median household income rose about 49.1% 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 | McDowell County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.6% | 57.7% | 58.2% |
| Rental Rate | 22.3% | 29.2% | 31.3% |
| Vacancy Rate | 14.1% | 13.0% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
McDowell County has a homeownership rate of 63.6%, higher than the North Carolina average of 57.7%. Its housing vacancy rate is 14.1%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | McDowell County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1982 | 1988 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in McDowell County was built around 1982. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in McDowell County, North Carolina.
What is the median home price in McDowell County, North Carolina?
The median home price in McDowell County, North Carolina is $146,959, lower than the North Carolina average of $265,624.
What is the average home price in McDowell 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 McDowell County, North Carolina?
The median gross rent in McDowell County, North Carolina is $740 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in McDowell County in 2020?
In 2020, the median gross rent in McDowell County, North Carolina was $646 per month.
What is the price-to-rent ratio in McDowell County, North Carolina?
The price-to-rent ratio in McDowell County, North Carolina is about 16.5, meaning it would take roughly 16.5 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in McDowell County.
Are home prices or rent rising faster in McDowell County, North Carolina?
Home prices and rent are moving in opposite directions in McDowell County: home prices fell about 6.4% a year while rent rose about 3.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in McDowell County, North Carolina?
63.6% of households in McDowell County, North Carolina own their home, higher than the North Carolina average of 57.7%.
What is the vacancy rate in McDowell County, North Carolina?
The housing vacancy rate in McDowell County, North Carolina is 14.1%, higher than the North Carolina average of 13.0%.