If generic national articles on home buying leave you wanting more, you’re not alone. Let’s get specific to how much you need to make to purchase a median priced home in Wake County, North Carolina, where the market is driven by strong job growth, excellent schools, and proximity to Raleigh’s tech hub.

According to the Wake County Register of Deeds, the median sales price in December 2025 was $455,000 (with January 2026 dipping slightly to $450,000 amid typical winter trends).

To bring this home, we’ll use a example of a home currently for sale: 1268 Valley Dale Drive in Fuquay-Varina, NC. This 3-bedroom, 3-bathroom home (2,216 sq ft, built in 2020 on a ~0.16-acre lot) is currently listed for $450,000 on the Triangle multiple listing service.

It features modern upgrades like luxury vinyl plank flooring, granite countertops, stainless appliances, a gas fireplace, primary suite with soaking tub, a bonus loft, screened porch, and community perks like a pool. HOA fees are $62/month—low for the area. It’s a solid, move-in-ready family home in a convenient South Wake location near highways, parks, and shopping.

Key Assumptions for These Calculations

• Purchase Price: $450,000
• Interest Rate: 6% on a 30-year fixed mortgage (national average today is 6.04%).
• Focus: Housing ratio only (principal, interest, taxes, insurance, and MI if applicable—no other monthly debts assumed).
• Property Taxes: Combined Wake County rate of 51.71 cents per $100 valuation (~$0.5171%) + Fuquay-Varina municipal rate of ~$0.358 (based on 2024–2025 data; recent county rate confirmed for FY2026). Total effective rate ~0.875% annually, or ~$328/month for $450,000.
• Homeowners Insurance: ~$208/month
• Mortgage Insurance (MI): 0.35% annually on the loan amount for <20% down (conservative estimate; actual varies by credit/LTV).
• Income Range: Minimum gross monthly income where total housing payment is 43% (common max DTI for approval) to a more comfortable level where it’s 22% (leaves room for savings, emergencies, etc.). This is the housing payment as a percentage of gross income.

Option 1: 3% Down Payment (With Mortgage Insurance)

• Down Payment: $13,500
• Loan Amount: $436,500
• Principal & Interest (P&I): ~$2,617/month
• MI: ~$127/month (0.35% annual / 12)
• Taxes: ~$328/month
• Insurance: ~$208/month
• Total Monthly Housing Payment: ~$3,280

Required Gross Monthly Income (housing payment as % of income):

• At 43% (max typical lender threshold): ~$7,628/month (~$91,536/year). This is the minimum to qualify if your credit/reserves are solid.
• At 22% (conservative/comfortable): ~$14,909/month (~$178,908/year). Ideal for financial flexibility.

Option 2: 20% Down Payment (No Mortgage Insurance)

• Down Payment: $90,000
• Loan Amount: $360,000
• Principal & Interest (P&I): ~$2,158/month
• Taxes: ~$328/month
• Insurance: ~$208/month
• Total Monthly Housing Payment: ~$2,694

Required Gross Monthly Income (housing payment as % of income):

• At 43% (max typical): ~$6,266/month (~$75,192/year). More accessible with savings built up.
• At 22% (conservative): ~$12,245/month (~$146,940/year). Provides strong breathing room.

Why This Feels Challenging (But Achievable) in Wake County

Wake’s market offers stability—appreciation has been steady (often 5–7% annually), low unemployment, and high quality of life. But with rates around 6% and median prices near $450k–$455k. Fuquay-Varina provides good value compared to central Raleigh.

Practical Steps to Get There

• Down Payment Assistance: 3% down Home Possible conventional programs, 3.5% down FHA, 0% down VA, down payment assistance programs with grants for most or all of the down payment
• Credit & Savings Focus: Boost score for better rates; save aggressively.
• Pre-Approval First: Locks in rates and shows sellers you’re serious.
• Budget Extras: Factor maintenance (~1% of home value/year) and utilities.
• Equity Later: If rates drop (possible in 2026), refinance to lower payments.
• Local Edge: South Wake spots like Fuquay often have lower competition than Apex/Cary.

A $450k home like 1268 Valley Dale Drive is within reach for incomes from ~$75k–$180k annually, depending on down payment and comfort level.

Thinking of buying a house and want a detailed estimate of your closing costs and monthly payments give your team at Scout Advisors a call or shoot us an email. 

About Us:  Scout Advisors is a mortgage brokerage branch of Barrett Financial Group. America’s #1 mortgage broker in 2025, originating over $9.7 billion in residential mortgages.  

(Data as of February 2026: Wake County Register of Deeds for prices; Zillow for property; Optimal Blue/Forbes for rates; NC sources for taxes/insurance. Consult professionals for personalized/current figures.)

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