Total monthly cost of ownership
Cost to Own a Home in Monroe, North Carolina
A $271,000 home here costs
$2,188per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $94,000 a year.
A standard mortgage calculator would have told you $1,489. The real number is $699 higher every month, 47% more than the payment most buyers budget for.
Compare Union 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.
Monroe against Union County and North Carolina
| Measure | Monroe | Union County |
|---|---|---|
| Median home value | $270,600 | $374,400 |
| Median property tax | $1,856 | $2,298 |
| Effective tax rate | 0.686% | 0.614% |
| Median gross rent | $1,216 | $1,390 |
| Population | 35,596 | 244,975 |
The weather behind that power bill
Monroe sits in Union County, which averages a high of 91.1°F in its hottest month and a low of 30.3°F in its coldest, with 47.79" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,735 cooling and 3,199 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Union County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Union County
Full Union County cost breakdown · Every county in North Carolina
Talk to someone who works this market
These are Monroe 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 Monroe every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Monroe I already own here and may sell
Common questions
How much does it cost to own a home in Monroe?
A $271,000 home in Monroe, North Carolina costs approximately $2,188 per month with 20% down at 7.32%. That is $1,489 principal and interest, $155 property tax, $98 homeowners insurance, $220 utilities and $226 set aside for maintenance.
What is the property tax rate in Monroe?
Monroe has an effective property tax rate of 0.686%, based on a median home value of $270,600 and median real estate taxes of $1,856. That is higher than the Union County average of 0.614%.
What is the average home price in Monroe?
The median owner-occupied home value in Monroe, North Carolina is $270,600, against $374,400 across Union County.
Is it cheaper to rent or buy in Monroe?
Median gross rent in Monroe is $1,216 a month, against $2,188 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 Monroe?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Monroe, North Carolina at today's rate takes a household income of roughly $94,000 a year. That covers the full $2,188 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Monroe, 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.