The typical owner-occupied home in Hot Springs is worth about $179,200, 38% below the North Carolina median of $288,900 and 46% below the national median of $332,700. Owners pay a median $763 a year in property taxes, about 0.43% of their home's value, lower than the North Carolina rate of 0.66%. The median household earns $44,688 a year, so the median home costs 4.0 times the median income (4.0 times for North Carolina). 51% of occupied homes here are lived in by their owners, and 42% of those owners still have a mortgage.
Hot Springs at a glance
| Hot Springs | North Carolina | U.S. | |
|---|---|---|---|
| Median home value | $179,200 | $288,900 | $332,700 |
| Median property tax paid per year | $763 | $1,896 | $3,119 |
| Property tax as a share of value | 0.43% | 0.66% | 0.94% |
| Median household income | $44,688 | $72,388 | $80,734 |
| Homes lived in by their owners | 51% | 67% | 65% |
| Owner homes with a mortgage | 42% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,238 | $1,631 | $1,963 |
| Those costs as a share of the owners' income | 18.8% | 19.4% | 21.0% |
| Median rent | $521 | $1,228 | $1,413 |
| Rent as a share of renters' income | 33.4% | 29.5% | 30.6% |
| Median year homes were built | 1976 | 1991 | 1980 |
| Vacant homes | 26.1% | 12.5% | 10.1% |
| Population | 567 | 10,730,404 | 334,922,499 |
What a typical home costs per month in Hot Springs
At this week's average 30-year rate of 7.11%, buying the median Hot Springs home of $179,200 with 20% down costs about $1,103 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,402, 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 $47,283 for the 20%-down payment. That payment is 30% of the median Hot Springs household income of $44,688; at that income and 20% down, the 28% guideline points to a home of about $169,000.
The median rent here is $521 a month, so owning the median home costs about $582 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $35,840 |
|---|---|
| Loan amount | $143,360 |
| Principal and interest | $964 |
| Property taxes (0.43% a year) | $64 |
| Homeowners insurance (our estimate, 0.5% a year) | $75 |
| PMI | $0 |
| Total per month | $1,103 |
Change the numbers in the calculator
| Down payment | $6,272 |
|---|---|
| Loan amount | $175,954 |
| Principal and interest | $1,184 |
| Property taxes (0.43% a year) | $64 |
| Homeowners insurance (our estimate, 0.5% a year) | $75 |
| FHA mortgage insurance | $79 |
| Total per month | $1,402 |
Change the numbers in the calculator
Questions about home buying in Hot Springs
What is the median home value in Hot Springs?
About $179,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Hot Springs?
Homeowners pay a median $763 a year, which is about 0.43% 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 Hot Springs?
For the median home with 20% down at 7.11%, the payment is about $1,103 a month. Keeping that under 28% of gross income takes about $47,283 a year.
More about Hot Springs
- Mortgage Refinance in Hot Springs
- Debt Relief in Hot Springs
- Home Equity Loans in Hot Springs
- 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