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 | Wayne County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $32,901 | $265,624 | $242,182 |
| Price Trend (Annual %) | -5.7% | 9.9% | 8.2% |
| Median Gross Rent | $932 | $1,162 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 5.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wayne County is about 88% lower than in North Carolina. Rent is about 20% 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 Wayne County: home prices fell about 5.7% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
Median rent in Wayne County rose about 30.2% between 2015 and 2023, from $716 to $932. Over the same span, rent in North Carolina rose about 45.9%.
Affordability
On average, housing unit costs 0.6 yearly household incomes in Wayne County.
Buying the median-priced home in Wayne County costs roughly 2.9 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 Wayne County. The price-to-rent ratio in North Carolina is about 19.1.
| Metric | Wayne County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $32,901 | $265,624 | $242,182 |
| Median Household Income | $58,139 | $69,937 | $78,145 |
| Price-to-Income Ratio | 0.6 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wayne County fell about 56.8%, while median household income rose about 44.0% 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 | Wayne County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.3% | 57.7% | 58.2% |
| Rental Rate | 34.0% | 29.2% | 31.3% |
| Vacancy Rate | 11.8% | 13.0% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Wayne County has a homeownership rate of 54.3%, lower than the North Carolina average of 57.7%. Its housing vacancy rate is 11.8%, compared with 13.0% in North Carolina.
Housing Stock
| Metric | Wayne County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.46 people | 2.54 people |
| Median Structure Built Year | 1984 | 1988 | 1978 |
| Median Number of Rooms | 5.6 | 5.6 | 5.5 |
The typical housing unit in Wayne County was built around 1984. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wayne County, North Carolina.
What is the median home price in Wayne County, North Carolina?
The median home price in Wayne County, North Carolina is $32,901, lower than the North Carolina average of $265,624.
What is the average home price in Wayne 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 Wayne County, North Carolina?
The median gross rent in Wayne County, North Carolina is $932 per month, lower than the North Carolina average of $1,162.
What was the median gross rent in Wayne County in 2020?
In 2020, the median gross rent in Wayne County, North Carolina was $783 per month.
What is the price-to-rent ratio in Wayne County, North Carolina?
The price-to-rent ratio in Wayne County, North Carolina is about 2.9, meaning it would take roughly 2.9 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 Wayne County.
Are home prices or rent rising faster in Wayne County, North Carolina?
Home prices and rent are moving in opposite directions in Wayne County: home prices fell about 5.7% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Wayne County, North Carolina?
54.3% of households in Wayne County, North Carolina own their home, lower than the North Carolina average of 57.7%.
What is the vacancy rate in Wayne County, North Carolina?
The housing vacancy rate in Wayne County, North Carolina is 11.8%, lower than the North Carolina average of 13.0%.