The typical owner-occupied home in Gloucester is worth about $353,800, 22% above the North Carolina median of $288,900 and 6% above the national median of $332,700. Owners pay a median $2,030 a year in property taxes, about 0.57% of their home's value, lower than the North Carolina rate of 0.66%. The median household earns $64,667 a year, so the median home costs 5.5 times the median income (4.0 times for North Carolina). 100% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Gloucester at a glance
| Gloucester | North Carolina | U.S. | |
|---|---|---|---|
| Median home value | $353,800 | $288,900 | $332,700 |
| Median property tax paid per year | $2,030 | $1,896 | $3,119 |
| Property tax as a share of value | 0.57% | 0.66% | 0.94% |
| Median household income | $64,667 | $72,388 | $80,734 |
| Homes lived in by their owners | 100% | 67% | 65% |
| Owner homes with a mortgage | 64% | 61% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,631 | $1,963 |
| Those costs as a share of the owners' income | 31.0% | 19.4% | 21.0% |
| Median rent | – | $1,228 | $1,413 |
| Median year homes were built | 1990 | 1991 | 1980 |
| Vacant homes | 11.0% | 12.5% | 10.1% |
| Population | 385 | 10,730,404 | 334,922,499 |
What a typical home costs per month in Gloucester
At this week's average 30-year rate of 7.11%, buying the median Gloucester home of $353,800 with 20% down costs about $2,220 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,809, 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 $95,121 for the 20%-down payment. That payment is 41% of the median Gloucester household income of $64,667; at that income and 20% down, the 28% guideline points to a home of about $241,000.
| Down payment | $70,760 |
|---|---|
| Loan amount | $283,040 |
| Principal and interest | $1,904 |
| Property taxes (0.57% a year) | $168 |
| Homeowners insurance (our estimate, 0.5% a year) | $147 |
| PMI | $0 |
| Total per month | $2,220 |
Change the numbers in the calculator
| Down payment | $12,383 |
|---|---|
| Loan amount | $347,392 |
| Principal and interest | $2,337 |
| Property taxes (0.57% a year) | $168 |
| Homeowners insurance (our estimate, 0.5% a year) | $147 |
| FHA mortgage insurance | $156 |
| Total per month | $2,809 |
Change the numbers in the calculator
Questions about home buying in Gloucester
What is the median home value in Gloucester?
About $353,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gloucester?
Homeowners pay a median $2,030 a year, which is about 0.57% 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 Gloucester?
For the median home with 20% down at 7.11%, the payment is about $2,220 a month. Keeping that under 28% of gross income takes about $95,121 a year.
More about Gloucester
- Mortgage Refinance in Gloucester
- Debt Relief in Gloucester
- Home Equity Loans in Gloucester
- 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