Monroe, North Carolina Housing Market Prices
Monroe Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 1% below the North Carolina median$274,310
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Median rent 2% above the North Carolina median$1,254
Housing Market Overview
| Metric | Monroe | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $274,310 | $278,288 | $248,835 |
| Price Trend (Annual %) | 10.9% | 9.3% | 7.5% |
| Median Gross Rent | $1,254 | $1,227 | $1,407 |
| Rent Trend (Annual %) | 5.1% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monroe is about 1% lower than in North Carolina. Rent is about 2% higher than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Monroe, up about 10.9% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Monroe rose about 57.6% between 2015 and 2024, from $796 to $1,254. Over the same span, rent in North Carolina rose about 54.2%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Monroe.
Buying the median-priced home in Monroe costs roughly 18.2 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 Monroe. The price-to-rent ratio in North Carolina is about 18.9.
| Metric | Monroe | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $274,310 | $278,288 | $248,835 |
| Median Household Income | $72,238 | $72,438 | $80,455 |
| Price-to-Income Ratio | 3.8 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Monroe rose about 84.6%, while median household income rose about 43.8% between 2009 and 2025 — 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 | Monroe | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.7% | 58.3% | 58.5% |
| Rental Rate | 33.1% | 29.2% | 31.2% |
| Vacancy Rate | 8.2% | 12.5% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Monroe has a homeownership rate of 58.7%, about the same as the North Carolina average of 58.3%. Its housing vacancy rate is 8.2%, compared with 12.5% in North Carolina.
Housing Stock
| Metric | Monroe | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.87 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1988 | 1989 | 1978 |
| Median Number of Rooms | 5.8 | 5.6 | 5.5 |
The typical housing unit in Monroe was built around 1988. On average, 2.9 people live in a home with about 5.8 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monroe, North Carolina.
What is the median home price in Monroe, North Carolina?
The median home price in Monroe, North Carolina is $274,310, lower than the North Carolina average of $278,288.
What is the average home price in Monroe, North Carolina?
The typical home price in Monroe, North Carolina, reported as the median sale price, is $274,310. 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 Monroe, North Carolina?
The median gross rent in Monroe, North Carolina is $1,254 per month, higher than the North Carolina average of $1,227.
What was the median gross rent in Monroe in 2020?
In 2020, the median gross rent in Monroe, North Carolina was $1,007 per month.
What is the price-to-rent ratio in Monroe, North Carolina?
The price-to-rent ratio in Monroe, North Carolina is about 18.2, meaning it would take roughly 18.2 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 Monroe.
Are home prices or rent rising faster in Monroe, North Carolina?
Both home prices and rent are rising in Monroe, up about 10.9% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monroe, North Carolina?
58.7% of households in Monroe, North Carolina own their home, higher than the North Carolina average of 58.3%.
What is the vacancy rate in Monroe, North Carolina?
The housing vacancy rate in Monroe, North Carolina is 8.2%, lower than the North Carolina average of 12.5%.
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