Short answer: In North Carolina, the median home value is $333,000 and the median 3-bedroom rents for $1,422/mo (Census ACS 2024). A median-priced home has a cap rate of about 3.23%, #28 of the 50 states and DC. With 20% down at 7.32%, it would lose about $934/mo, so it needs a price near $177,000 to break even. FirstDoor scores it Pass.
Key numbers
A typical North Carolina home, scored
We took a home at the North Carolina median value, gave it the median 3-bedroom rent, and ran it through the FirstDoor calculator: 20% down, a 30-year loan at 7.32%, the state median tax bill, and standard expense budgets.
| 3-bedroom rent (state median) | $1,422 |
| Property tax ($2,044/yr, state median) | −$170 |
| Insurance ($1,200/yr, assumed) | −$100 |
| Vacancy 5% · Maintenance 5% · Management 8% | −$256 |
| Net operating income | $896 |
| Mortgage (P&I on $266,400 at 7.32%) | −$1,830 |
| Monthly cash flow | −$934 |
What price works in North Carolina?
Price is the lever you control. Holding rent at the North Carolina median, here is where the numbers turn.
Takeaways
- North Carolina ranks #28 of the 50 states and DC on cap rate for a median-priced home (3.23% vs 3.35% for the US as a whole). That is the middle of the pack.
- At 7.32% with 20% down, the median home would cost about $934/mo out of pocket after the mortgage and every expense. Breaking even takes a price near $177,000, 53% of the median value.
- From 2023 to 2024, the median 3-bedroom rent rose 11.2% and the median home value rose 7.9%. Rents are catching up with prices, which slowly helps buyers.
- Of the 50 biggest US rental markets, 2 are in North Carolina. Charlotte, NC has the best rent-to-price ratio among them (0.46% vs the state's 0.43%).
Big rental markets in North Carolina
These are the North Carolina cities among the 50 US cities with the most renter households, sorted by rent-to-price ratio.
Frequently asked questions
Is North Carolina a good state to buy a rental property?
On typical numbers, North Carolina ranks #28 of the 50 states and DC by cap rate (3.23%). FirstDoor scores a median-priced home Pass at 7.32% with 20% down. Statewide medians mix cities, suburbs and rural areas, so any one listing can do much better or worse.
What is the median rent in North Carolina?
The median gross rent across all North Carolina rentals is $1,338/mo, and $1,422/mo for a 3-bedroom (Census ACS 2024 1-year estimates).
What price makes a North Carolina rental cash flow?
At the median 3-bedroom rent of $1,422/mo, with 20% down at 7.32% and the state's median tax rate, cash flow breaks even at about $177,000, 53% of the $333,000 median value.
What is the rental vacancy rate in North Carolina?
7.4% of North Carolina rental units were vacant and for rent (Census ACS 2024, table B25004), versus 5.7% nationally.
States with similar cap rates
Keep learning
Sources
Data: U.S. Census Bureau, 2024 American Community Survey 1-year estimates (tables B25003, B25004, B25031, B25064, B25077, B25103); year-over-year changes compare with 2023. Mortgage rate: Freddie Mac PMMS, week of October 22, 2026. Insurance ($1,200/yr), closing costs (3%), vacancy (5%), maintenance (5%) and management (8%) are FirstDoor assumptions, not state data. Investment-property loans often price above the PMMS average. Statewide medians describe the whole state, not any one home. Educational content, not financial advice.