The typical owner-occupied home in Oak Island is worth about $456,500, 58% above the North Carolina median of $288,900 and 37% above the national median of $332,700. Owners pay a median $3,156 a year in property taxes, about 0.69% of their home's value, higher than the North Carolina rate of 0.66%. The median household earns $85,872 a year, so the median home costs 5.3 times the median income (4.0 times for North Carolina). 90% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Oak Island at a glance
| Oak Island | North Carolina | U.S. | |
|---|---|---|---|
| Median home value | $456,500 | $288,900 | $332,700 |
| Median property tax paid per year | $3,156 | $1,896 | $3,119 |
| Property tax as a share of value | 0.69% | 0.66% | 0.94% |
| Median household income | $85,872 | $72,388 | $80,734 |
| Homes lived in by their owners | 90% | 67% | 65% |
| Owner homes with a mortgage | 60% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,968 | $1,631 | $1,963 |
| Those costs as a share of the owners' income | 23.3% | 19.4% | 21.0% |
| Median rent | $1,339 | $1,228 | $1,413 |
| Rent as a share of renters' income | 44.6% | 29.5% | 30.6% |
| Median year homes were built | 1997 | 1991 | 1980 |
| Vacant homes | 57.4% | 12.5% | 10.1% |
| Population | 9,030 | 10,730,404 | 334,922,499 |
What a typical home costs per month in Oak Island
At this week's average 30-year rate of 7.11%, buying the median Oak Island home of $456,500 with 20% down costs about $2,909 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,670, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $124,689 for the 20%-down payment. That payment is 41% of the median Oak Island household income of $85,872; at that income and 20% down, the 28% guideline points to a home of about $314,000.
The median rent here is $1,339 a month, so owning the median home costs about $1,570 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $91,300 |
|---|---|
| Loan amount | $365,200 |
| Principal and interest | $2,457 |
| Property taxes (0.69% a year) | $262 |
| Homeowners insurance (our estimate, 0.5% a year) | $190 |
| PMI | $0 |
| Total per month | $2,909 |
Change the numbers in the calculator
| Down payment | $15,978 |
|---|---|
| Loan amount | $448,232 |
| Principal and interest | $3,015 |
| Property taxes (0.69% a year) | $262 |
| Homeowners insurance (our estimate, 0.5% a year) | $190 |
| FHA mortgage insurance | $202 |
| Total per month | $3,670 |
Change the numbers in the calculator
Questions about home buying in Oak Island
What is the median home value in Oak Island?
About $456,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Oak Island?
Homeowners pay a median $3,156 a year, which is about 0.69% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Oak Island?
For the median home with 20% down at 7.11%, the payment is about $2,909 a month. Keeping that under 28% of gross income takes about $124,689 a year.
More about Oak Island
- Mortgage Refinance in Oak Island
- Debt Relief in Oak Island
- Home Equity Loans in Oak Island
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data