It’s the American Dream to buy a home. For many people, a starter home is the way they first accomplish this goal. And we’ve got all the info you need if you’re looking at starter homes in North Carolina. The Oxford Dictionary defines a starter home as “a relatively small, economical house or condominium that meets the requirements of young people buying their first home”.
Starter Homes In North Carolina
Owning a home has a number of benefits including a permanent living space, roots, the opportunity to build equity, and financial security. But that dream is getting harder and harder to achieve for a number of people. Prices have skyrocketed and finding affordable starter homes in North Carolina and beyond can be a struggle.
Especially when there is low inventory which is common in markets across the country. Researchers at ConstructionCoverage.com determined the best US Cities to Buy A Starter Home. To do this they looked at 330 metro areas across the United States. They calculated and assigned each city a composite score.
This score was based on the percentage of homes with three or fewer bedrooms, the monthly starter-size home mortgage payment as a percentage of median renter income, the median sale price of homes with three or fewer bedrooms, the supply of homes, and the homeownership rate for under-35 householders.
Overall North Carolina ranked in the bottom half of states qualifying as one of the worst though just by a hair. It ranked 26th out of the 50 states. In contrast, South Carolina ranked 17th.
When it comes to cities they were ranked overall as well as separated by size- large, midsize, and small metro areas. Keep reading to see how each of the NC/SC cities scored in each of these categories. Or you can view the full study here.
Large Cities
30. Charlotte, NC
45. Raleigh, NC
Neither major city in North Carolina faired particularly well. Charlotte did rank a little higher than Raleigh which I would guess would have been reversed. Only 55 large metros were ranked however so both cities are among the worst. Great news, not!
Midsize Cities
9. Hickory, NC
18. Myrtle Beach, SC
23. Winston-Salem, NC
28. Greensboro, NC
31. Asheville, NC
32. Fayetteville, NC
42. Greenville, SC
69. Durham/Chapel Hill, NC
72. Charleston, SC
If you’re looking to purchase a starter home in North Carolina then the midsize cities are your best bet. Cities like Hickory, Myrtle Beach, and Winston-Salem are where you’ll fair the best. The worst midsize cities are Durham/Chapel Hill and Charleston.
Small Cities
20. Rocky Mount, NC
23. New Bern, NC
37. Sumter, SC
47. Goldsboro, NC
48. Spartanburg, SC
80. Florence, SC
81. Burlington, NC
118. Jacksonville, FL
121. Greenville, SC
154. Hilton, Head, SC
159. Wilmington, SC
There is a lot of variation in the small cities, the more desirable waterfront locations are going to cost you more than smaller towns. But if you are willing to forgo city life these places can be a great place to put down roots.
