Total monthly cost of ownership
Cost to Own a Home in Midway, North Carolina
A $250,000 home here costs
$1,991per 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 $85,500 a year.
A standard mortgage calculator would have told you $1,363. The real number is $628 higher every month, 46% more than the payment most buyers budget for.
Compare Davidson County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Midway from a five-year rolling sample, and with about 4,826 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 Davidson 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.
Midway against Davidson County and North Carolina
| Measure | Midway | Davidson County |
|---|---|---|
| Median home value | $250,000 | $200,100 |
| Median property tax | $1,318 | $1,262 |
| Effective tax rate | 0.527% | 0.631% |
| Median gross rent | $649 | $863 |
| Population | 4,826 | 171,063 |
The weather behind that power bill
Midway sits in Davidson County, which averages a high of 89.1°F in its hottest month and a low of 28.0°F in its coldest, with 45.47" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,455 cooling and 3,498 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Davidson County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Davidson County
Full Davidson County cost breakdown · Every county in North Carolina
Talk to someone who works this market
These are Midway 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 Midway every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Midway I already own here and may sell
Common questions
How much does it cost to own a home in Midway?
A $250,000 home in Midway, North Carolina costs approximately $1,991 per month with 20% down at 7.24%. That is $1,363 principal and interest, $110 property tax, $91 homeowners insurance, $220 utilities and $208 set aside for maintenance.
What is the property tax rate in Midway?
Midway has an effective property tax rate of 0.527%, based on a median home value of $250,000 and median real estate taxes of $1,318. That is lower than the Davidson County average of 0.631%.
What is the average home price in Midway?
The median owner-occupied home value in Midway, North Carolina is $250,000, against $200,100 across Davidson County.
Is it cheaper to rent or buy in Midway?
Median gross rent in Midway is $649 a month, against $1,991 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 Midway?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Midway, North Carolina at today's rate takes a household income of roughly $85,500 a year. That covers the full $1,991 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Midway, 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.