Total monthly cost of ownership
Cost to Own a Home in Oak Island, North Carolina
A $407,000 home here costs
$3,162per 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 $135,500 a year.
A standard mortgage calculator would have told you $2,219. The real number is $944 higher every month, 43% more than the payment most buyers budget for.
Compare Brunswick 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.
Oak Island against Brunswick County and North Carolina
| Measure | Oak Island | Brunswick County |
|---|---|---|
| Median home value | $407,400 | $314,700 |
| Median property tax | $2,848 | $1,789 |
| Effective tax rate | 0.699% | 0.568% |
| Median gross rent | $1,208 | $1,267 |
| Population | 8,888 | 145,889 |
The weather behind that power bill
Oak Island sits in Brunswick County, which averages a high of 87.2°F in its hottest month and a low of 36.4°F in its coldest, with 56.53" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 1,865 cooling and 2,429 heating degree days, which is what sets the $152 electricity line above.
See the full climate breakdown for Brunswick County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Brunswick County
Full Brunswick County cost breakdown · Every county in North Carolina
Talk to someone who works this market
These are Oak Island 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 Oak Island every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Oak Island I already own here and may sell
Common questions
How much does it cost to own a home in Oak Island?
A $407,000 home in Oak Island, North Carolina costs approximately $3,162 per month with 20% down at 7.24%. That is $2,219 principal and interest, $237 property tax, $148 homeowners insurance, $220 utilities and $339 set aside for maintenance.
What is the property tax rate in Oak Island?
Oak Island has an effective property tax rate of 0.699%, based on a median home value of $407,400 and median real estate taxes of $2,848. That is higher than the Brunswick County average of 0.568%.
What is the average home price in Oak Island?
The median owner-occupied home value in Oak Island, North Carolina is $407,400, against $314,700 across Brunswick County.
Is it cheaper to rent or buy in Oak Island?
Median gross rent in Oak Island is $1,208 a month, against $3,162 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 Oak Island?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Oak Island, North Carolina at today's rate takes a household income of roughly $135,500 a year. That covers the full $3,162 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Oak Island, 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.