The typical owner-occupied home in Locust is worth about $322,100, 11% above the North Carolina median of $288,900 and 3% below the national median of $332,700. Owners pay a median $2,136 a year in property taxes, about 0.66% of their home's value, close to the North Carolina rate of 0.66%. The median household earns $76,504 a year, so the median home costs 4.2 times the median income (4.0 times for North Carolina). 87% of occupied homes here are lived in by their owners, and 56% of those owners still have a mortgage.
Locust at a glance
| Locust | North Carolina | U.S. | |
|---|---|---|---|
| Median home value | $322,100 | $288,900 | $332,700 |
| Median property tax paid per year | $2,136 | $1,896 | $3,119 |
| Property tax as a share of value | 0.66% | 0.66% | 0.94% |
| Median household income | $76,504 | $72,388 | $80,734 |
| Homes lived in by their owners | 87% | 67% | 65% |
| Owner homes with a mortgage | 56% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,621 | $1,631 | $1,963 |
| Those costs as a share of the owners' income | 23.0% | 19.4% | 21.0% |
| Median rent | $895 | $1,228 | $1,413 |
| Rent as a share of renters' income | 37.9% | 29.5% | 30.6% |
| Median year homes were built | 2006 | 1991 | 1980 |
| Vacant homes | 6.0% | 12.5% | 10.1% |
| Population | 5,840 | 10,730,404 | 334,922,499 |
What a typical home costs per month in Locust
At this week's average 30-year rate of 7.11%, buying the median Locust home of $322,100 with 20% down costs about $2,045 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,581, 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 $87,634 for the 20%-down payment. That payment is 32% of the median Locust household income of $76,504; at that income and 20% down, the 28% guideline points to a home of about $281,000.
The median rent here is $895 a month, so owning the median home costs about $1,150 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $64,420 |
|---|---|
| Loan amount | $257,680 |
| Principal and interest | $1,733 |
| Property taxes (0.66% a year) | $177 |
| Homeowners insurance (our estimate, 0.5% a year) | $134 |
| PMI | $0 |
| Total per month | $2,045 |
Change the numbers in the calculator
| Down payment | $11,274 |
|---|---|
| Loan amount | $316,266 |
| Principal and interest | $2,128 |
| Property taxes (0.66% a year) | $177 |
| Homeowners insurance (our estimate, 0.5% a year) | $134 |
| FHA mortgage insurance | $142 |
| Total per month | $2,581 |
Change the numbers in the calculator
Questions about home buying in Locust
What is the median home value in Locust?
About $322,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Locust?
Homeowners pay a median $2,136 a year, which is about 0.66% 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 Locust?
For the median home with 20% down at 7.11%, the payment is about $2,045 a month. Keeping that under 28% of gross income takes about $87,634 a year.
More about Locust
- Mortgage Refinance in Locust
- Debt Relief in Locust
- Home Equity Loans in Locust
- 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