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Study: Marion ranks as fifth most affordable place in N.C.

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Study: Marion ranks as fifth most affordable place in N.C.

Marion residents pay an average of $641 in annual homeowner’s insurance and an average annual mortgage payment of $5,286.

A new study ranks Marion as the fifth most affordable place to live in North Carolina.

SmartAsset recently released a new study of the top 10 most affordable places in North Carolina. All of the 10 places are small towns or cities and Marion came in fifth behind Sawmills, James City, Winterville and Gibsonville, according to the study.

The eighth annual study from SmartAsset weighed several factors, including taxes, homeowners’ insurance, and home costs relative to the local median income. Places where home ownership costs were lowest relative to the median income in each location were considered the most affordable, according to a news release.

Headquartered in New York City, SmartAsset is a financial technology company that helps people make smart financial decisions.

The company publishes data-driven content, topical guides, reviews, personalized calculators and educational tools to help people navigate important financial decisions, according to online sources.

The top 10 towns and cities listed after Marion are Newton, St. Stephens, Ayden, Eden and Silver Lake. None of North Carolina’s major cities made the top 10 list.

You can learn more by going to this link: https://smartasset.com/mortgage/how-much-house-can-i-afford#northcarolina

The study shows Marion has an average closing cost of $2,454 and an average annual property tax of $734.

Marion residents pay an average of $641 in annual homeowner’s insurance and an average annual mortgage payment of $5,286. The median income is $41,117 and Marion has an affordability index of 48.77.

“It is great to see Marion recognized as one of the most affordable places to live in North Carolina,” said City Manager Bob Boyette. “We believe that Marion and McDowell County offer a great value for residents and homeowners. We frequently hear from people moving to Marion from other more urban locations in the region and discovering a lower cost of living here. It is great to see these stories validated in the SmartAsset study.”

Freddie Killough, director of the Marion Business Association, said it is good to see the data supporting the hard work this community has done to make it an attractive place to live.

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