The typical owner-occupied home in Norway is worth about $95,000, 63% below the South Carolina median of $259,000 and 71% below the national median of $332,700. Owners pay a median $933 a year in property taxes, about 0.98% of their home's value, higher than the South Carolina rate of 0.48%. The median household earns $42,386 a year, so the median home costs 2.2 times the median income (3.7 times for South Carolina). 52% of occupied homes here are lived in by their owners, and 32% of those owners still have a mortgage.
Norway at a glance
| Norway | South Carolina | U.S. | |
|---|---|---|---|
| Median home value | $95,000 | $259,000 | $332,700 |
| Median property tax paid per year | $933 | $1,251 | $3,119 |
| Property tax as a share of value | 0.98% | 0.48% | 0.94% |
| Median household income | $42,386 | $69,324 | $80,734 |
| Homes lived in by their owners | 52% | 72% | 65% |
| Owner homes with a mortgage | 32% | 57% | 61% |
| Median monthly costs, owners with a mortgage | $1,375 | $1,529 | $1,963 |
| Those costs as a share of the owners' income | 21.1% | 19.7% | 21.0% |
| Median rent | $924 | $1,180 | $1,413 |
| Rent as a share of renters' income | 22.3% | 31.1% | 30.6% |
| Median year homes were built | 1970 | 1992 | 1980 |
| Vacant homes | 19.0% | 13.3% | 10.1% |
| Population | 322 | 5,296,225 | 334,922,499 |
What a typical home costs per month in Norway
At this week's average 30-year rate of 7.11%, buying the median Norway home of $95,000 with 20% down costs about $628 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $787, 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 $26,933 for the 20%-down payment. That payment is 18% of the median Norway household income of $42,386; at that income and 20% down, the 28% guideline points to a home of about $150,000.
The median rent here is $924 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $19,000 |
|---|---|
| Loan amount | $76,000 |
| Principal and interest | $511 |
| Property taxes (0.98% a year) | $78 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| PMI | $0 |
| Total per month | $628 |
Change the numbers in the calculator
| Down payment | $3,325 |
|---|---|
| Loan amount | $93,279 |
| Principal and interest | $628 |
| Property taxes (0.98% a year) | $78 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| FHA mortgage insurance | $42 |
| Total per month | $787 |
Change the numbers in the calculator
Questions about home buying in Norway
What is the median home value in Norway?
About $95,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Norway?
Homeowners pay a median $933 a year, which is about 0.98% 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 Norway?
For the median home with 20% down at 7.11%, the payment is about $628 a month. Keeping that under 28% of gross income takes about $26,933 a year.
More about Norway
- Mortgage Refinance in Norway
- Debt Relief in Norway
- Home Equity Loans in Norway
- 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