Investing in North Carolina
North Carolina has a lot to offer including great weather, beautiful scenery, and a growing economy. The state is relatively affordable and boasts a highly educated population. With a large quantity of employers in diverse industries, it's no surprise why people are flocking to the Tar Heel State. According to North Carolina's Office of State Budget and Management, the state experienced the fourth largest increase in net new residents between 2020 and 2021.
The Nophin team crunched the numbers and found the five best places to invest in North Carolina rental properties.
Statewide vacancy rates
Raleigh is the second largest city in North Carolina and part of the Research Triangle, the place where three research universities reside (Duke, UNC, NC State).
- Population: 467,665
- Median household income: $69,720
- Median 1-bedroom monthly rent: $1,294
- Median listing home price: $432,500
Charlotte is the largest city in North Carolina and is a huge financial and sports hub. Bank of America, Wells Fargo, Carolina Panthers (NFL), Charlotte Hornets (NBA) NASCAR Hall of Fame all have major operations here.
- Population: 874,579
- Median household income: $65,359
- Median 1-bedroom monthly rent: $1,495
- Median listing home price: $430,000
Greensboro is nicknamed the "Gate City" for the railroad and transporation options nearby.
- Population: 299,035
- Median household income: $49,492
- Median 1-bedroom monthly rent: $1,075
- Median listing home price: $295,000
Winston-Salem is a city famous for its impact on the tobacco industry. RJ Reynolds Tobacco Company, the second largest tobacco company in the US, bases its headquarters here.
- Population: 249,545
- Median household income: $47,269
- Median 1-bedroom monthly rent: $989
- Median listing home price: $274,700
Asheville is home to a vibrant art scene and expansive craft brew options.
- Population: 94,589
- Median household income: $53,621
- Median 1-bedroom monthly rent: $1,550
- Median listing home price: $499,000
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To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.