Total monthly cost of ownership
Cost to Own a Home in Elon, North Carolina
A $356,000 home here costs
$2,801per 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 $120,000 a year.
A standard mortgage calculator would have told you $1,941. The real number is $861 higher every month, 44% more than the payment most buyers budget for.
Compare Alamance County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Elon against Alamance County and North Carolina
| Measure | Elon | Alamance County |
|---|---|---|
| Median home value | $355,800 | $221,200 |
| Median property tax | $2,579 | $1,440 |
| Effective tax rate | 0.725% | 0.651% |
| Median gross rent | $1,584 | $1,007 |
| Population | 11,325 | 174,286 |
The weather behind that power bill
Elon sits in Alamance County, which averages a high of 90.8°F in its hottest month and a low of 30.0°F in its coldest, with 43.3" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,737 cooling and 3,268 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Alamance County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Alamance County
Full Alamance County cost breakdown · Every county in North Carolina
Talk to someone who works this market
These are Elon 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 Elon every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Elon?
A $356,000 home in Elon, North Carolina costs approximately $2,801 per month with 20% down at 7.24%. That is $1,941 principal and interest, $215 property tax, $129 homeowners insurance, $220 utilities and $297 set aside for maintenance.
What is the property tax rate in Elon?
Elon has an effective property tax rate of 0.725%, based on a median home value of $355,800 and median real estate taxes of $2,579. That is higher than the Alamance County average of 0.651%.
What is the average home price in Elon?
The median owner-occupied home value in Elon, North Carolina is $355,800, against $221,200 across Alamance County.
Is it cheaper to rent or buy in Elon?
Median gross rent in Elon is $1,584 a month, against $2,801 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 Elon?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elon, North Carolina at today's rate takes a household income of roughly $120,000 a year. That covers the full $2,801 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elon, 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.