Home Affordability in Winston-Salem, NC
The median home price in Winston-Salem is $215,000 with a median household income of $44,424. Housing is moderately affordable relative to local incomes.
Median Home Price
$215,000
Median Income
$44,424
Price-to-Income Ratio
4.8x
Est. Affordable Home
$173,000
Property Tax Rate
1.07%
Annual Property Tax
$2,301
Sales Tax Rate
7.00%
Cost of Living Index
86
Buying a Home in Winston-Salem
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $44,424 in Winston-Salem can afford a monthly housing payment of approximately $1,037. This translates to a home price of roughly $173,000, which is below the median home price of $215,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Winston-Salem would be approximately $2,301 per year ($192/month) at the effective rate of 1.07%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $6,450 | $208,550 | Yes |
| 5% | $10,750 | $204,250 | Yes |
| 10% | $21,500 | $193,500 | Yes |
| 20% | $43,000 | $172,000 | No |
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