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 | Polk County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $401,989 | $265,624 | $242,182 |
| Price Trend (Annual %) | 10.1% | 9.9% | 8.2% |
| Median Gross Rent | $1,089 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Polk County is about 51% higher than in North Carolina. Rent is about 6% 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 Polk County, up about 10.1% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Polk County rose about 46.8% between 2015 and 2023, from $742 to $1,089. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 6.6 yearly household incomes in Polk County.
Buying the median-priced home in Polk County costs roughly 30.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Polk County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Polk County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $401,989 | $265,624 | $242,182 |
| Median Household Income | $61,089 | $69,937 | $78,145 |
| Price-to-Income Ratio | 6.6 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Polk County rose about 196.7%, while median household income rose about 57.1% 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 | Polk County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.1% | 57.7% | 58.2% |
| Rental Rate | 18.6% | 29.2% | 31.3% |
| Vacancy Rate | 20.3% | 13.0% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Polk County has a homeownership rate of 61.1%, higher than the North Carolina average of 57.7%. Its housing vacancy rate is 20.3%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Polk County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1987 | 1988 | 1978 |
| Median Number of Rooms | 5.7 | 5.6 | 5.5 |
The typical housing unit in Polk County was built around 1987. On average, 2.2 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Polk County, North Carolina.
What is the median home price in Polk County, North Carolina?
The median home price in Polk County, North Carolina is $401,989, higher than the North Carolina average of $265,624.
What is the average home price in Polk 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 Polk County, North Carolina?
The median gross rent in Polk County, North Carolina is $1,089 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Polk County in 2020?
In 2020, the median gross rent in Polk County, North Carolina was $854 per month.
What is the price-to-rent ratio in Polk County, North Carolina?
The price-to-rent ratio in Polk County, North Carolina is about 30.8, meaning it would take roughly 30.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Polk County.
Are home prices or rent rising faster in Polk County, North Carolina?
Both home prices and rent are rising in Polk County, up about 10.1% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Polk County, North Carolina?
61.1% of households in Polk County, North Carolina own their home, higher than the North Carolina average of 57.7%.
What is the vacancy rate in Polk County, North Carolina?
The housing vacancy rate in Polk County, North Carolina is 20.3%, higher than the North Carolina average of 13.0%.