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City · 12,494 residents · Iredell County, North Carolina

Lake Norman of Iredell , North Carolina

In Lake Norman of Iredell, a typical home is worth $887,400 and typical rent is $1,327 a month. Compared with all of Iredell County, the typical home value is 176% higher, typical household income is 113% higher, and the share of households that own their home is 23 points higher.

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  • Typical home value

    $887,400

    176% above the county

    207% above North Carolina

    • Lake Norman of Iredell
    • Iredell
    • North Carolina

  • Typical rent

    $1,327a month

    6% above the county

    8% above North Carolina

    • Lake Norman of Iredell
    • Iredell
    • North Carolina

  • Typical household income

    $173,542a year

    113% above the county

    140% above North Carolina

    • Lake Norman of Iredell
    • Iredell
    • North Carolina

  • Households that own their home

    95%

    23 points above the county

    28 points above North Carolina

    • Lake Norman of Iredell
    • Iredell
    • North Carolina

Source: U.S. Census Bureau, Average 2020–2024

Lake Norman of Iredell is in Iredell County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Iredell County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Lake Norman of Iredell apart

What this place has that others do not, from public data, most unusual first.

  1. Lake Norman of Iredell has the 2nd highest typical home value of the 166 cities in North Carolina with more than 5,000 people ($887,400).

  2. The typical household income in Lake Norman of Iredell is $173,542, 113% more than in Iredell County as a whole ($81,419).

  3. Nearby, in Mooresville, the typical home value is $390,900: 56% less than in Lake Norman of Iredell ($887,400).

  4. 95% of households in Lake Norman of Iredell own their home, against 72% in Iredell County.

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Lake Norman of Iredell

What homes there are in Lake Norman of Iredell, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Detached houses, standing on their own, make up 95% of homes here, against 71% in Iredell County.

Year built

Homes in Lake Norman of Iredell are newer: the typical year built is 2002; in Iredell County, 1997.

There is more room for a big family here: 95% of homes have 3 bedrooms or more, against 73% in Iredell County.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$3,224 a month

Iredell County: $1,714 a month

Without a mortgage

$1,005 a month

Iredell County: $457 a month

Owners with a mortgage

70%

Iredell County: 62%

The typical cost for an owner with a mortgage in Lake Norman of Iredell is $3,224 a month, more than in Iredell County ($1,714); without one, $1,005.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The boundaries of Lake Norman of Iredell changed since 2015–2019, so the Census does not compare its figures from then and now. In Iredell County, the typical home value rose 69%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureLake Norman of IredellIredell CountyNorth CarolinaUnited States
Rental vacancy Unreliable estimate4.9%7.1%5.5%
Homeowner vacancy Unreliable estimate1.0%1.3%0.9%
More than one person per room Unreliable estimate2.1%2.2%3.4%
People per household 2.732.552.442.53
Drive alone 65%74%72%69%
Carpool Unreliable estimate9%9%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimate1%2%3%
Work from home 28%15%16%15%
Other means Unreliable estimate1%1%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

On average, a household in Lake Norman of Iredell has 2.73 people, more than in Iredell County (2.55).

Many people here do not commute at all: 28% work from home; in Iredell County, 15%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Lake Norman of Iredell?

A typical home costs more than the typical income allows

We start with a typical home in Lake Norman of Iredell, worth $887,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 50% of the typical household income in Lake Norman of Iredell, which is $173,542 a year. For that payment to be 28% of income, a household would need to earn about $306,968 a year. Note: at that price the loan is above the FHA limit for Iredell County ($541,287), so FHA would not insure it; the payment is only a reference.

The calculator's FHA and conventional loan limits are those of all of Iredell County.

Your numbers

Local data
$

Starts at the typical home value in Lake Norman of Iredell. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $31,059 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$7,163

at 7.18% · 30 years

Loan amount
$871,327
Total interest
$1,253,635
Paid off in
November 2056

Includes $14,986 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $4,049 a month

  • Tight

    $4,049 to $5,206 a month

  • Hard

    more than $5,206 a month

    Your payment · 50%

Compared with the typical household income in Lake Norman of Iredell ($173,542 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$7,163
Principal & interest$5,903
Property tax$355
Home insurance$370
FHA mortgage insurance (MIP)$535

This loan is over the FHA limit

You'd borrow $856,341, but the FHA limit for a one-unit home in Lake Norman of Iredell is $541,287. You'd need a bigger down payment or a different loan.

You need at least $31,059 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Lake Norman of Iredell and Iredell County

Lake Norman of Iredell is in Iredell County, North Carolina. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Lake Norman of Iredell's own numbers

Typical home value
$887,400
Typical monthly rent
$1,327
Typical yearly household income
$173,542
Households that own their home
95%
Effective property tax rate
0.48%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Iredell County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,429
Price change over 5 years (FHFA)
+66%
Homes in a high flood-risk zone
0.2%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Iredell County.

Everything about Iredell County

Buying

Buying a home in Lake Norman of Iredell

A typical home in Lake Norman of Iredell is worth $887,400: 176% above the county and 207% above North Carolina. With the typical household income in Lake Norman of Iredell ($173,542 a year), a typical home costs 5.1 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Lake Norman of Iredell 5.1 years
  • Iredell 3.9 years
  • North Carolina 4.0 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Iredell County

According to FHFA’s house price index, home prices in Iredell County rose 107% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Iredell County.

Period County North Carolina U.S.
Last year (2025) +3.6% +2.5% +2.9%
5 years (2020–2025) +66% +60% +47%
10 years (2015–2025) +107% +107% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Lake Norman of Iredell next to Iredell County, North Carolina and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Lake Norman of Iredell $887,400
  • Iredell $321,400
  • North Carolina $288,900
  • United States $332,700
Typical monthly rent
  • Lake Norman of Iredell $1,327
  • Iredell $1,252
  • North Carolina $1,228
  • United States $1,413
Typical yearly household income
  • Lake Norman of Iredell $173,542
  • Iredell $81,419
  • North Carolina $72,388
  • United States $80,734
See the full table
Lake Norman of Iredell next to Iredell County and North Carolina
Measure Lake Norman of Iredell Iredell County North Carolina U.S.
Typical home value $887,400 $321,400 $288,900 $332,700
Typical monthly rent $1,327 $1,252 $1,228 $1,413
Typical yearly household income $173,542 $81,419 $72,388 $80,734
Households that own their home 95% 72% 67% 65%
Typical yearly property tax $4,228 $1,952 $1,896 $3,119
Effective property tax rate 0.48% 0.61% 0.66% 0.94%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Iredell County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Lake Norman of Iredell

For a typical $887,400 home in Lake Norman of Iredell, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Lake Norman of Iredell's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $7,163a month

    Above the FHA limit for Iredell County ($541,287)
    Down payment
    $31,059
    Cash to close
    $57,681
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $535

  • Conventional, 5% down $6,857a month

    Above the conventional limit for Iredell County ($832,750): it would be a "jumbo" loan
    Down payment
    $44,370
    Cash to close
    $70,992
    Rate
    7.18%
    Mortgage insurance
    PMI · $422

  • Conventional, 20% down, no PMI $5,534a month

    Least cash to close
    Down payment
    $177,480
    Cash to close
    $204,102
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $6,354a month

    Down payment
    $133,110
    Cash to close
    $159,732
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is Conventional, 20% down, no PMI.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Lake Norman of Iredell and for Iredell County.

Property tax

Effective rate in Lake Norman of Iredell

0.48%of the home’s value each year

$4,228 a year for the typical owner in Lake Norman of Iredell.

  • Lake Norman of Iredell 0.48%
  • Iredell 0.61%
  • North Carolina 0.66%

What North Carolina publishes Elderly or Disabled Homestead Exclusion (North Carolina General Assembly (statute))

Exemptions and deadlines in North Carolina

Flood risk in Iredell County

FEMA does not publish these numbers by city: they are for all of Iredell County.

Homes in the high-risk zone
0.2%
159
Of those, with NFIP insurance
18%
County North Carolina U.S.
Homes in the high-risk zone 0.2% 2.8% 3.5%
Of those, with NFIP insurance 18% 53% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Lake Norman of Iredell

Typical rent in Lake Norman of Iredell is $1,327 a month: 6% above the county.

HUD publishes a fair market rent for all of Iredell County, by unit size. To pay the 2-bedroom one ($1,429 a month) without spending more than 30% of your income, you would need to earn $27.48 an hour working full time.

HUD fair market rent for all of Iredell County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,260 $24.23 $50,400
1 bedroom $1,313 $25.25 $52,520
2 bedrooms $1,429 $27.48 $57,160
3 bedrooms $1,897 $36.48 $75,880
4 bedrooms $2,389 $45.94 $95,560

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Lake Norman of Iredell

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Lake Norman of Iredell is in ZIP code 28117.

For 2 bedrooms it is $2,140: $711 more than the fair market rent for Iredell County ($1,429).

  • 28117 $2,140$2,840

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Lake Norman of Iredell when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in Lake Norman of Iredell

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 2 HUD-approved agencies with an office in Iredell County; 1 says it serves in Spanish.

A man shakes hands with the specialist who helped him with his loan, in the kitchen of his new home.

HUD counseling is free or low-cost

Assistance programs in Lake Norman of Iredell

No down payment, repair or rent-help program on our list is for Lake Norman of Iredell or Iredell County. The ones below are statewide in North Carolina: they work in Lake Norman of Iredell the same as in the rest of the state.

Which programs do I qualify for? All programs in North Carolina

  • NC Home Advantage Mortgage

    Statewide in North Carolina

    NCHFA fixed-rate mortgage with down payment assistance, for first-time buyers and for people who have owned a home before, in North Carolina. Offered by North Carolina Housing Finance Agency (NCHFA).

    Forgivable

    See the program Official page

  • NC 1st Home Advantage Down Payment

    Statewide in North Carolina

    A fixed amount of NCHFA down payment assistance for first-time buyers and veterans in North Carolina. Offered by North Carolina Housing Finance Agency (NCHFA).

    Type not stated

    See the program Official page

  • Community Partners Loan Pool (CPLP)

    Statewide in North Carolina

    NCHFA interest-free loan with deferred payments of up to 25% of the price (maximum $50,000) for the down payment of low- and moderate-income buyers in North Carolina; you apply through a member organization. Offered by North Carolina Housing Finance Agency (NCHFA).

    Deferred

    See the program Official page

Housing counselors near Lake Norman of Iredell

The HUD-approved agencies closest to the center of Lake Norman of Iredell, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Ada Jenkins Families and Careers Development Center, Inc.

    212 Gamble St, Davidson · 6 miles away · Spanish

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 7 more
    (704) 896-0471

  • The Safeguard Group - Housing & Debt Advisors

    240 N Main St, Mooresville · 8 miles away · Spanish

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 5 more
    800-673-6993-146

  • Community Foundations

    919 N Main Street, Suite 143A, Mooresville · 8 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 7 more
    (704) 799-7641

Every agency in Iredell County All counseling agencies in North Carolina

Help in Spanish near Lake Norman of Iredell

2 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Lake Norman of Iredell

In HUD’s record, no housing authority with an office in Iredell County is named for Lake Norman of Iredell or Iredell County.

2 other authorities have an office in Iredell County: see the list Source: HUD

Cities

Other cities in Iredell County

These cities are also in Iredell County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Iredell County Housing in North Carolina

Nearby cities

The cities closest to Lake Norman of Iredell, with the typical home value.

Neighboring counties

If Iredell County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Lake Norman of Iredell.

All guides
Two girls write and draw together at the living-room table.

Questions

Housing questions about Lake Norman of Iredell

Short answers with the numbers for Lake Norman of Iredell and all of Iredell County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Lake Norman of Iredell?

The typical home value in Lake Norman of Iredell is $887,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Iredell County it is $321,400.

How much does it cost to rent in Lake Norman of Iredell?

Typical rent in Lake Norman of Iredell is $1,327 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Iredell County is $1,429.

What is the FHA loan limit in Lake Norman of Iredell?

Lake Norman of Iredell uses the FHA limit for all of Iredell County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Lake Norman of Iredell?

The typical homeowner in Lake Norman of Iredell pays $4,228 a year, according to the U.S. Census Bureau. That is 0.48% of the home’s value; in Iredell County, the rate is 0.61%.

Where can I find free help to buy or rent in Lake Norman of Iredell?

There are 2 HUD-approved counseling agencies with an office in Iredell County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).