The typical owner-occupied home in Monroe is worth about $309,100, 7% above the North Carolina median of $288,900 and 7% below the national median of $332,700. Owners pay a median $1,994 a year in property taxes, about 0.65% of their home's value, close to the North Carolina rate of 0.66%. The median household earns $72,540 a year, so the median home costs 4.3 times the median income (4.0 times for North Carolina). 62% of occupied homes here are lived in by their owners, and 70% of those owners still have a mortgage.
Monroe at a glance
| Monroe | North Carolina | U.S. | |
|---|---|---|---|
| Median home value | $309,100 | $288,900 | $332,700 |
| Median property tax paid per year | $1,994 | $1,896 | $3,119 |
| Property tax as a share of value | 0.65% | 0.66% | 0.94% |
| Median household income | $72,540 | $72,388 | $80,734 |
| Homes lived in by their owners | 62% | 67% | 65% |
| Owner homes with a mortgage | 70% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,615 | $1,631 | $1,963 |
| Those costs as a share of the owners' income | 20.6% | 19.4% | 21.0% |
| Median rent | $1,246 | $1,228 | $1,413 |
| Rent as a share of renters' income | 29.6% | 29.5% | 30.6% |
| Median year homes were built | 1989 | 1991 | 1980 |
| Vacant homes | 6.3% | 12.5% | 10.1% |
| Population | 36,759 | 10,730,404 | 334,922,499 |
What a typical home costs per month in Monroe
At this week's average 30-year rate of 7.11%, buying the median Monroe home of $309,100 with 20% down costs about $1,960 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,475, 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 $83,987 for the 20%-down payment. That payment is 32% of the median Monroe household income of $72,540; at that income and 20% down, the 28% guideline points to a home of about $267,000.
The median rent here is $1,246 a month, so owning the median home costs about $714 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $61,820 |
|---|---|
| Loan amount | $247,280 |
| Principal and interest | $1,663 |
| Property taxes (0.65% a year) | $167 |
| Homeowners insurance (our estimate, 0.5% a year) | $129 |
| PMI | $0 |
| Total per month | $1,960 |
Change the numbers in the calculator
| Down payment | $10,818 |
|---|---|
| Loan amount | $303,501 |
| Principal and interest | $2,042 |
| Property taxes (0.65% a year) | $167 |
| Homeowners insurance (our estimate, 0.5% a year) | $129 |
| FHA mortgage insurance | $137 |
| Total per month | $2,475 |
Change the numbers in the calculator
Questions about home buying in Monroe
What is the median home value in Monroe?
About $309,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Monroe?
Homeowners pay a median $1,994 a year, which is about 0.65% 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 Monroe?
For the median home with 20% down at 7.11%, the payment is about $1,960 a month. Keeping that under 28% of gross income takes about $83,987 a year.
More about Monroe
- Mortgage Refinance in Monroe
- Debt Relief in Monroe
- Home Equity Loans in Monroe
- 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