Quick facts: Fairmont, NC

Quick Facts

100.6
Cost of Living
above US average
2,188
Population
77.7
Crime Rate per 1000
above US average
$31,731
Median Income
below US average
$65,000
Median House Price
above US average
$987.5
Average Rent
below US average
22%
Poverty Rate
above US average
5.0%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $31,731.

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Income Needed to Buy

βœ“ Affordable
$20k/year
Based on $65,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($31,731) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$42k/year
Based on $987.5/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $42k vs median $31,731
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Fairmont, NC

Fairmont is a small town located in Robeson County, North Carolina. Nestled in the southeastern region of the state, it is known for its rich history and close-knit community. The town covers a modest area, with a population that hovers around 2,500 residents, contributing to its quaint and friendly atmosphere. Fairmont is characterized by its rural charm, featuring lush landscapes and a slower pace of life. The town is home to several parks and recreational areas, which offer residents and visitors opportunities for outdoor activities and community gatherings. The nearby Lumbee River adds to the natural beauty of the region and provides a habitat for various wildlife. Culturally, Fairmont has a diverse heritage, with a significant Native American presence due to its proximity to the Lumbee Tribe. This cultural influence can be seen in local events and community celebrations, which often highlight traditional music, dance, and cuisine. Overall, Fairmont encapsulates the essence of small-town living in North Carolina, making it a peaceful place for those looking to escape the hustle and bustle of larger cities.

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