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Asheboro, North Carolina

Asheboro (population 26,000) is in the heart of the Uwharrie Mountains in the middle of North Carolina and started out in 1780. In recent years it has been recognized for its small but attractive downtown and historic preservation. The population has grown by 5% in the last decade.

For much of its history, Asheboro was a manufacturing hub, but today it is home to the state-owned, 2,600-acre North Carolina Zoo, the largest natural habitat facility in the world with 1,600 animals. More than 700,000 people visit the zoo each year, giving Asheboro a touristy vibe.

Residents enjoy the community Sunset Theater, five golf courses and a downtown farmers' market. Randolph Community College offers classes in pottery and photography, and the Randolph Arts Guild sponsors lectures, teas, and trips.

Lake Reese has a kayak launch, and Lake Lucas boasts a fishing pier and boat rentals. The nearby Birkhead Mountains Wilderness Area is perfect for camping and hiking.

Cost of Living

Asheboro is a reasonably priced small city with an overall cost of living 20% less than the national average.

The town is 26% less expensive than Cody, Wyoming, 7% less expensive than Bowling Green, Kentucky and 45% less than Aventura, Florida.

The median household income is $31,665.

Real Estate

The median home value in Asheboro is $142,765. This is a 5.2% increase over the previous year.

Estimates are that values will drop 1% over the next year.

The median rental price is $754 per month.

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Taxes

The combined sales tax rate for Asheboro is 7%. This is the total of state, county and city sales tax rates.

North Carolina's vehicle tax rate is 3% and is due when the title is transfered. Owners also pay an annual property tax on vehicles. This is determined by multiplying the combined county and municipal/district tax rate by the county tax appraisal of the vehicle.

The real estate property tax rate is approximately $894 per $100,000 of assessed home value. The taxes on a $142,765 home are approximately $1,269.

For people making between $29,601 and $44,000 per year, property taxes are limited to 5% of their income.

The state also has a property tax exemption for people age 65 or better who have an annual income of $29,600 or less. The program excludes from state taxes the first $25,000 or 50% of the home's appraised value, whichever is greater.

North Carolina does not tax Social Security.

Want a Nicer Home Without a Mortgage Payment?

If so, consider a Home Equity Conversion Mortgage (HECM) for Purchase. This is a reverse mortgage that lets people age 62+ purchase a new home by using a reverse mortgage.

How does it work? Buyers must put down approximately 45% to 62% of the new home's purchase price, depending on the buyer's age and other factors. This money usually comes from the buyer selling his current home. The rest of the purchase funds come from the HECM loan.

For example, a person sells his home and nets $250,000 from the sale. With a HECM for Purchase Loan he can then buy a new $450,000 home by putting down $225,000 (50%), keeping $25,000 cash in his pocket and financing the remaining $225,000 home price with the reverse mortgage loan. Best yet, the buyer will have no monthly mortgage payments.

Talk to a reputable reverse mortgage lender for more information.

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