The typical owner-occupied home in Carolina is worth about $396,400, about the same as the Rhode Island median of $404,200 and 19% above the national median of $332,700. Owners pay a median $4,375 a year in property taxes, about 1.10% of their home's value, lower than the Rhode Island rate of 1.21%. The median household earns $140,196 a year, so the median home costs 2.8 times the median income (4.6 times for Rhode Island). 92% of occupied homes here are lived in by their owners, and 46% of those owners still have a mortgage.
Carolina at a glance
| Carolina | Rhode Island | U.S. | |
|---|---|---|---|
| Median home value | $396,400 | $404,200 | $332,700 |
| Median property tax paid per year | $4,375 | $4,900 | $3,119 |
| Property tax as a share of value | 1.10% | 1.21% | 0.94% |
| Median household income | $140,196 | $87,796 | $80,734 |
| Homes lived in by their owners | 92% | 64% | 65% |
| Owner homes with a mortgage | 46% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $2,025 | $2,234 | $1,963 |
| Those costs as a share of the owners' income | 16.9% | 22.1% | 21.0% |
| Median rent | – | $1,342 | $1,413 |
| Median year homes were built | 1971 | 1962 | 1980 |
| Vacant homes | 0.0% | 9.1% | 10.1% |
| Population | 1,048 | 1,101,801 | 334,922,499 |
What a typical home costs per month in Carolina
At this week's average 30-year rate of 7.11%, buying the median Carolina home of $396,400 with 20% down costs about $2,662 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,322, 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 $114,078 for the 20%-down payment. That payment is 23% of the median Carolina household income of $140,196; at that income and 20% down, the 28% guideline points to a home of about $487,000.
| Down payment | $79,280 |
|---|---|
| Loan amount | $317,120 |
| Principal and interest | $2,133 |
| Property taxes (1.10% a year) | $363 |
| Homeowners insurance (our estimate, 0.5% a year) | $165 |
| PMI | $0 |
| Total per month | $2,662 |
Change the numbers in the calculator
| Down payment | $13,874 |
|---|---|
| Loan amount | $389,220 |
| Principal and interest | $2,618 |
| Property taxes (1.10% a year) | $363 |
| Homeowners insurance (our estimate, 0.5% a year) | $165 |
| FHA mortgage insurance | $175 |
| Total per month | $3,322 |
Change the numbers in the calculator
Questions about home buying in Carolina
What is the median home value in Carolina?
About $396,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Carolina?
Homeowners pay a median $4,375 a year, which is about 1.10% 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 Carolina?
For the median home with 20% down at 7.11%, the payment is about $2,662 a month. Keeping that under 28% of gross income takes about $114,078 a year.
More about Carolina
- Mortgage Refinance in Carolina
- Debt Relief in Carolina
- Home Equity Loans in Carolina
- 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