Total monthly cost of ownership
Cost to Own a Home in Locust, North Carolina
A $286,000 home here costs
$2,285per 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 $98,000 a year.
A standard mortgage calculator would have told you $1,559. The real number is $725 higher every month, 47% more than the payment most buyers budget for.
Compare Cabarrus 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.
Locust against Cabarrus County and North Carolina
| Measure | Locust | Cabarrus County |
|---|---|---|
| Median home value | $285,800 | $318,600 |
| Median property tax | $1,963 | $2,429 |
| Effective tax rate | 0.687% | 0.762% |
| Median gross rent | $887 | $1,303 |
| Population | 5,529 | 231,262 |
Locust extends across 2 counties. Figures here use Cabarrus County, where most of its housing sits.
The weather behind that power bill
Locust sits in Cabarrus County, which averages a high of 91.8°F in its hottest month and a low of 28.9°F in its coldest, with 47.87" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,755 cooling and 3,294 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Cabarrus County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cabarrus County
Full Cabarrus County cost breakdown · Every county in North Carolina
Talk to someone who works this market
These are Locust 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 Locust every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Locust I already own here and may sell
Common questions
How much does it cost to own a home in Locust?
A $286,000 home in Locust, North Carolina costs approximately $2,285 per month with 20% down at 7.24%. That is $1,559 principal and interest, $164 property tax, $104 homeowners insurance, $220 utilities and $238 set aside for maintenance.
What is the property tax rate in Locust?
Locust has an effective property tax rate of 0.687%, based on a median home value of $285,800 and median real estate taxes of $1,963. That is lower than the Cabarrus County average of 0.762%.
What is the average home price in Locust?
The median owner-occupied home value in Locust, North Carolina is $285,800, against $318,600 across Cabarrus County.
Is it cheaper to rent or buy in Locust?
Median gross rent in Locust is $887 a month, against $2,285 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 Locust?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Locust, North Carolina at today's rate takes a household income of roughly $98,000 a year. That covers the full $2,285 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Locust, 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.