Total monthly cost of ownership
Cost to Own a Home in Wilmington, North Carolina
A $350,000 home here costs
$2,772per 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 $119,000 a year.
A standard mortgage calculator would have told you $1,923. The real number is $848 higher every month, 44% more than the payment most buyers budget for.
Compare New Hanover 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.
Wilmington against New Hanover County and North Carolina
| Measure | Wilmington | New Hanover County |
|---|---|---|
| Median home value | $350,300 | $353,700 |
| Median property tax | $2,521 | $2,075 |
| Effective tax rate | 0.720% | 0.587% |
| Median gross rent | $1,311 | $1,343 |
| Population | 118,578 | 231,214 |
The weather behind that power bill
Wilmington 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 $152 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
Talk to someone who works this market
These are Wilmington 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 Wilmington every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Wilmington I already own here and may sell
Common questions
How much does it cost to own a home in Wilmington?
A $350,000 home in Wilmington, North Carolina costs approximately $2,772 per month with 20% down at 7.32%. That is $1,923 principal and interest, $210 property tax, $127 homeowners insurance, $220 utilities and $292 set aside for maintenance.
What is the property tax rate in Wilmington?
Wilmington has an effective property tax rate of 0.720%, based on a median home value of $350,300 and median real estate taxes of $2,521. That is higher than the New Hanover County average of 0.587%.
What is the average home price in Wilmington?
The median owner-occupied home value in Wilmington, North Carolina is $350,300, against $353,700 across New Hanover County.
Is it cheaper to rent or buy in Wilmington?
Median gross rent in Wilmington is $1,311 a month, against $2,772 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 Wilmington?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Wilmington, North Carolina at today's rate takes a household income of roughly $119,000 a year. That covers the full $2,772 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Wilmington, 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.