Total monthly cost of ownership
Cost to Own a Home in Silver Lake, North Carolina
A $288,000 home here costs
$2,149per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,481. The real number is $668 higher every month — 45% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Silver Lake against New Hanover County and North Carolina
| Measure | Silver Lake | New Hanover County |
|---|---|---|
| Median home value | $287,500 | $353,700 |
| Median property tax | $1,437 | $2,075 |
| Effective tax rate | 0.500% | 0.587% |
| Median gross rent | $1,289 | $1,343 |
| Population | 6,242 | 231,214 |
The weather behind that power bill
Silver Lake sits in New Hanover County, which averages a high of 90.1°F in its hottest month and a low of 36.1°F in its coldest, with 65.09" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 2,131 cooling and 2,431 heating degree days, which is what sets the $136 electricity line above.
See the full climate breakdown for New Hanover County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in New Hanover County
Full New Hanover County cost breakdown · Every county in North Carolina
Common questions
How much does it cost to own a home in Silver Lake?
A $288,000 home in Silver Lake, North Carolina costs approximately $2,149 per month with 20% down at 6.66%. That is $1,481 principal and interest, $120 property tax, $104 homeowners insurance, $204 utilities and $240 set aside for maintenance.
What is the property tax rate in Silver Lake?
Silver Lake has an effective property tax rate of 0.500%, based on a median home value of $287,500 and median real estate taxes of $1,437. That is lower than the New Hanover County average of 0.587%.
What is the average home price in Silver Lake?
The median owner-occupied home value in Silver Lake, North Carolina is $287,500, against $353,700 across New Hanover County.
Is it cheaper to rent or buy in Silver Lake?
Median gross rent in Silver Lake is $1,289 a month, against $2,149 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Silver Lake — 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.