Greensboro is North Carolina’s 3rd largest city. It is located in the central portion of the state and is home to a fun dinner theater, the Greensboro Coliseum, and an interactive children’s museum. The city contains a bridge that is said to be haunted, and it is home to an antique market. The Greensboro Science Center is fascinating, the historical museum offers a glimpse into the history of North Carolina. The Bicentennial Garden is beautiful, and the Arboretum is stunning. It is an environmentally friendly city, and the city has an endless array of outdoor activities. Greensboro is a perfect place to buy a home.
Demographics and Median Income of Greensboro
The census bureau at https://www.census.gov/quickfacts/table/PST045215/3728000 states the income of Greensboro is 285,342. 45.6% are white, and 7.5% are Hispanic. 40.6% are African American, and 4% are Asian. At 5.1%, the unemployment rate is a little higher than other areas of the country. The poverty level stands at 7.2%. The median income is $41,518.
Median Home Prices of Greensboro
The cost of living in Greensboro is a little below the national average. The cost of housing is also below the nation’s average. The median home price stands at $147,500. The real estate market in the city has struggled recently, but it is on the rise.
Crime Rates in Greensboro
Almost 12,000 crimes are reported annually in Greensboro. About 1,700 of those are violent. The overall crime rate in the city is above the average. The crime rate has decrease within the last few years.
Schools in Greensboro
The average test scores in Greensboro is 70%, which is above the national average but a little below the state’s average. 85% have completed high school. There are 126 schools in the district. Greensboro Academy and Northern Guilford High School are two of the best schools in the city.
Mortgage Loan Options in Greensboro
When obtaining a mortgage loan, you want to choose a good lender to take care of your mortgage. The lender will walk you through the process and make sure you understand your options. Some of the types of loans in Greensboro include:
- Fixed-rates: With this option, your rate will stay the same while you are paying the mortgage. If you get a low interest rate and if you are planning to stay in the home for a long time, this might be a good option. You can plan easier because you know exactly what your loan payments will be each month.
- Adjustable rate mortgage: If you are planning to stay in your home temporarily or if you get a higher rate than you would like, this is a good choice. You will begin with an introductory rate, and then it will increase or decrease depending on the market. Laws place limits on the amount it can increase.
- FHA loan: Many first-time homebuyers take advantage of this government-insured loan. The credit requirements are a little more lenient, and you only need 3.5% for a down payment.
- VA loan: If you have served in the United States military, this is a good loan for you. The government insures 100% of the loan, so you do not need a down payment.
- USDA loan: This is a good loan if you live in rural areas and make low to moderate income.
- Conventional loan: For this loan, you might need a larger down payment and a good credit score. But the rates might be lower.
Greensboro is not far from the Appalachian Mountains. The scenery is gorgeous, and the atmosphere is relaxing. If you are purchasing a home in the city, decide what type of loan option is best for you and find a good lender. You can then enjoy the environment of living in Greensboro.