The typical owner-occupied home in Wake Forest is worth about $474,500, 64% above the North Carolina median of $288,900 and 43% above the national median of $332,700. Owners pay a median $3,853 a year in property taxes, about 0.81% of their home's value, higher than the North Carolina rate of 0.66%. The median household earns $123,802 a year, so the median home costs 3.8 times the median income (4.0 times for North Carolina). 74% of occupied homes here are lived in by their owners, and 79% of those owners still have a mortgage.
Wake Forest at a glance
| Wake Forest | North Carolina | U.S. | |
|---|---|---|---|
| Median home value | $474,500 | $288,900 | $332,700 |
| Median property tax paid per year | $3,853 | $1,896 | $3,119 |
| Property tax as a share of value | 0.81% | 0.66% | 0.94% |
| Median household income | $123,802 | $72,388 | $80,734 |
| Homes lived in by their owners | 74% | 67% | 65% |
| Owner homes with a mortgage | 79% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $2,272 | $1,631 | $1,963 |
| Those costs as a share of the owners' income | 18.5% | 19.4% | 21.0% |
| Median rent | $1,596 | $1,228 | $1,413 |
| Rent as a share of renters' income | 27.7% | 29.5% | 30.6% |
| Median year homes were built | 2009 | 1991 | 1980 |
| Vacant homes | 5.3% | 12.5% | 10.1% |
| Population | 52,844 | 10,730,404 | 334,922,499 |
What a typical home costs per month in Wake Forest
At this week's average 30-year rate of 7.11%, buying the median Wake Forest home of $474,500 with 20% down costs about $3,072 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,862, 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 $131,640 for the 20%-down payment. That payment is 30% of the median Wake Forest household income of $123,802; at that income and 20% down, the 28% guideline points to a home of about $446,000.
The median rent here is $1,596 a month, so owning the median home costs about $1,476 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $94,900 |
|---|---|
| Loan amount | $379,600 |
| Principal and interest | $2,554 |
| Property taxes (0.81% a year) | $320 |
| Homeowners insurance (our estimate, 0.5% a year) | $198 |
| PMI | $0 |
| Total per month | $3,072 |
Change the numbers in the calculator
| Down payment | $16,608 |
|---|---|
| Loan amount | $465,906 |
| Principal and interest | $3,134 |
| Property taxes (0.81% a year) | $320 |
| Homeowners insurance (our estimate, 0.5% a year) | $198 |
| FHA mortgage insurance | $210 |
| Total per month | $3,862 |
Change the numbers in the calculator
Questions about home buying in Wake Forest
What is the median home value in Wake Forest?
About $474,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Wake Forest?
Homeowners pay a median $3,853 a year, which is about 0.81% 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 Wake Forest?
For the median home with 20% down at 7.11%, the payment is about $3,072 a month. Keeping that under 28% of gross income takes about $131,640 a year.
More about Wake Forest
- Mortgage Refinance in Wake Forest
- Debt Relief in Wake Forest
- Home Equity Loans in Wake Forest
- 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