Total monthly cost of ownership
Cost to Own a Home in Carrboro, North Carolina
A $507,000 home here costs
$3,996per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,606. The real number is $1,390 higher every month — 53% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Carrboro against Orange County and North Carolina
| Measure | Carrboro | Orange County |
|---|---|---|
| Median home value | $507,100 | $428,500 |
| Median property tax | $6,957 | $4,105 |
| Effective tax rate | 1.372% | 0.958% |
| Median gross rent | $1,337 | $1,387 |
| Population | 21,170 | 147,292 |
The weather behind that power bill
Carrboro sits in Orange County, which averages a high of 88.0°F in its hottest month and a low of 30.1°F in its coldest, with 46.7" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,380 cooling and 3,496 heating degree days, which is what sets the $136 electricity line above.
See the full climate breakdown for Orange County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Orange County
Full Orange County cost breakdown · Every county in North Carolina
Common questions
How much does it cost to own a home in Carrboro?
A $507,000 home in Carrboro, North Carolina costs approximately $3,996 per month with 20% down at 6.66%. That is $2,606 principal and interest, $580 property tax, $184 homeowners insurance, $204 utilities and $423 set aside for maintenance.
What is the property tax rate in Carrboro?
Carrboro has an effective property tax rate of 1.372%, based on a median home value of $507,100 and median real estate taxes of $6,957. That is higher than the Orange County average of 0.958%.
What is the average home price in Carrboro?
The median owner-occupied home value in Carrboro, North Carolina is $507,100, against $428,500 across Orange County.
Is it cheaper to rent or buy in Carrboro?
Median gross rent in Carrboro is $1,337 a month, against $3,996 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Carrboro — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for North Carolina.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.