Wilmington, NC
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
4.45×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs North Carolina
- 3.36×
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
moderate
Rent to income
27.0%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs North Carolina
- 25.2%
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.95%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs North Carolina
- 4.41%
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.42%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs North Carolina
- 0.20%+0.22
- vs U.S.
- 0.03%+0.40
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
10.96
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs North Carolina
- 7.51+3.45
- vs U.S.
- 3.52+7.44
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.4%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs North Carolina
- 3.5%-0.1
- vs U.S.
- 3.9%-0.5
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+70.7%
homeValues.yearOverYear
+3.8%
Median home value
$328,000
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,513 | $18,156 | 24.6% |
| 2 BR | $1,659 | $19,908 | 27.0% |
| 3 BR | $2,178 | $26,136 | 35.5% |
Labor market direction
Unemployment
3.4%
Median household income
$73,687
What's being built
Total TTM
3,176
+7.6% YoY
Single-family
1,931
2–4 unit
127
5+ unit
1,118
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| New Hanover County | 228,134 | $353,700 | $72,892 | 2,307 | +5.7% |
| Pender County | 61,592 | $267,100 | $76,838 | 869 | +12.7% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Wilmington | 289,726 | $73,687 | 4.45× | 3.95% | +70.7% | 10.96 | 3.4% |
| Hagerstown-Martinsburg, MD-WV | 295,165 | $75,473 | — | — | +50.6% | — | 3.9% |
| Duluth, MN-WI | 291,491 | $71,067 | — | — | +56.4% | — | 4.9% |
| Cedar Rapids, IA | 275,693 | $77,084 | — | — | +38.5% | — | 3.4% |
| Utica-Rome, NY | 291,348 | $68,830 | — | — | +58.7% | — | 4.0% |
| Crestview-Fort Walton Beach-Destin, FL | 288,639 | $79,150 | — | — | +51.3% | — | 4.5% |
Where people are moving in from
Net migration
+1,228
+0.42% of population
| Origin county | Tax returns |
|---|---|
| Wake County, NC | 810 |
| New Hanover County, NC | 790 |
| Brunswick County, NC | 773 |
| Onslow County, NC | 560 |
| Pender County, NC | 464 |
| Mecklenburg County, NC | 317 |
Who lives in Wilmington
- Median age
- 45
- Bachelor's+
- 38.5%
- Owner-occupancy
- 71.2%
- Vacancy rate
- 21.2%
- Rent burdened (30%+)
- 48.3%
- Median household income
- $73,687
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.