Rent vs buy in Wilmington, NC
The typical rent is $1,713 /mo, while the typical home price in Wilmington, North Carolina is $416,464.
Over 7 years, renting comes out $47k ahead
For Wilmington's typical rent and home value, the calculation applies 20% down and today's mortgage rate. The break-even point is year 17.
Clearly labeled opinion with the math shown. These are estimates, not quotes. The stamp changes when you change a number.
- Renting is ahead by
- $47k after 7 years
- Break-even point
- year 17 when owning catches up
- Full cost of home ownership
- $3,598 /mo year 1, against $1,713 rent
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Is it cheaper to rent or buy in Wilmington?
Across 7 years, renting costs $47,070 less, including the money returned to you when you sell. For the first 16 years, renting costs less. In year 17, owning catches up.
Renting Cost of owning. Net cost by year so far.
How Wilmington's average rent compares with its mortgage payment
At Wilmington's typical price, these are all the monthly costs in year 1, not just rent and the mortgage.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,713 | All of it, every month |
| Mortgage payment | $2,271 | $2,001 of it is interest in year 1 |
| Property tax | $233 | 0.67% of the value a year |
| Insurance | $167 | Census median for the city |
| Upkeep | $347 | 1% of the value a year |
| Owning, cash out | $3,017 | $269 of it builds equity |
| Lost return on the down payment | $677 | What the cash would earn in a year at 8.3% |
| Buying costs, spread out | $174 | 3.5% of the price over 7 years |
| True cost of owning | $3,598 | Subtract the equity portion from cash out, then add the two entries listed above. |
Wilmington: the figures behind the result
- Typical home valueZillow ZHVI, September 2026
- $416,464
- Typical rentZillow ZORI, September 2026
- $1,713 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, North Carolina, 1995 to 2025
- 4.4% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Wilmington
- 0.67% of value
- Home insuranceCensus ACS 2020-2024, Wilmington
- $167 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What change would flip the Wilmington result?
Each line shows where Wilmington's 7-year result changes, while all other figures stay the same.
When renting comes out ahead
- Home prices grow more slowly than 5.7% a year, and we use 4.4%, which is North Carolina's own long-run rate.
- The rate holds above 5.23% for the mortgage.
- For a home like this, rent comes in under $2,220 each month (typical here: $1,713).
- Your move comes before year 17.
When buying comes out ahead
- Home prices increase by more than 5.7% a year.
- You lock in a mortgage rate under 5.23% (today's is 7.24%).
- The monthly rent for that same home would exceed $2,220.
- You remain 17 years or longer.
How Wilmington compares with the other 812 cities
| Measure | Wilmington | Median city |
|---|---|---|
| Typical home value | $416,464 | $422,451 |
| Typical rent | $1,713 /mo | $1,837 /mo |
| Price-to-rent ratio | 20.3 (#325 of 813) | 18.5 |
| Home prices, last 10 years | 6.8% a year | 6.2% a year |
| Rents, last 5 years | 4.1% a year | 4% a year |
| Property tax | 0.67% | 0.87% |
| Households that rent | 52% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More North Carolina cities
- Rent. Charlotte, NC. Renting comes out ahead by $30k.
- Rent. Raleigh, NC. Renting is ahead by $61k.
- Toss-up. Greensboro, NC. It's close, but renting is ahead by $3k.
- Rent. Durham, NC. Renting is ahead by $40k.
- Buy. Winston-Salem, NC. Buying is ahead by $6k.
- Buy. Fayetteville, NC. Buying is ahead by $9k.
- Rent. Cary, NC. Renting is ahead by $131k.
- Buy. High Point, NC. Buying is ahead by $4k.
- Rent. Concord, NC. Renting is ahead by $20k.
- Buy. Greenville, NC. Buying is ahead by $13k.
- Rent. Asheville, NC. Renting is ahead by $53k.
- Toss-up. Gastonia, NC. It's close, but renting is ahead by $576.