Total monthly cost of ownership
Cost to Own a Home in Ellerbe, North Carolina
A $107,000 home here costs
$1,011per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $43,500 a year.
A standard mortgage calculator would have told you $583. The real number is $428 higher every month, 73% more than the payment most buyers budget for.
Compare Richmond County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Ellerbe from a five-year rolling sample, and with about 1,070 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Richmond County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Ellerbe against Richmond County and North Carolina
| Measure | Ellerbe | Richmond County |
|---|---|---|
| Median home value | $107,200 | $120,800 |
| Median property tax | $960 | $1,122 |
| Effective tax rate | 0.896% | 0.929% |
| Median gross rent | $547 | $744 |
| Population | 1,070 | 42,818 |
The weather behind that power bill
Ellerbe sits in Richmond County, which averages a high of 92.0°F in its hottest month and a low of 32.6°F in its coldest, with 49.5" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 2,081 cooling and 2,822 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Richmond County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Richmond County
Full Richmond County cost breakdown · Every county in North Carolina
Talk to someone who works this market
These are Ellerbe averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Ellerbe every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Ellerbe I already own here and may sell
Common questions
How much does it cost to own a home in Ellerbe?
A $107,000 home in Ellerbe, North Carolina costs approximately $1,011 per month with 20% down at 7.24%. That is $583 principal and interest, $80 property tax, $39 homeowners insurance, $220 utilities and $89 set aside for maintenance.
What is the property tax rate in Ellerbe?
Ellerbe has an effective property tax rate of 0.896%, based on a median home value of $107,200 and median real estate taxes of $960. That is lower than the Richmond County average of 0.929%.
What is the average home price in Ellerbe?
The median owner-occupied home value in Ellerbe, North Carolina is $107,200, against $120,800 across Richmond County.
Is it cheaper to rent or buy in Ellerbe?
Median gross rent in Ellerbe is $547 a month, against $1,011 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Ellerbe?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Ellerbe, North Carolina at today's rate takes a household income of roughly $43,500 a year. That covers the full $1,011 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Ellerbe, 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.