Home Affordability in Concord, NC
The median home price in Concord is $320,000 with a median household income of $62,893. Housing is significantly stretched relative to local incomes.
Median Home Price
$320,000
Median Income
$62,893
Price-to-Income Ratio
5.1x
Est. Affordable Home
$245,000
Property Tax Rate
0.87%
Annual Property Tax
$2,784
Sales Tax Rate
7.00%
Cost of Living Index
95
Buying a Home in Concord
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $62,893 in Concord can afford a monthly housing payment of approximately $1,468. This translates to a home price of roughly $245,000, which is below the median home price of $320,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Concord would be approximately $2,784 per year ($232/month) at the effective rate of 0.87%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $9,600 | $310,400 | Yes |
| 5% | $16,000 | $304,000 | Yes |
| 10% | $32,000 | $288,000 | Yes |
| 20% | $64,000 | $256,000 | No |
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