Photo: Harrison Keely · CC BY 4.0Measured against area pay, Murphy costs less to live in than 66% of U.S. towns
About the same as a year ago, 17% below the North Carolina typical home.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of Cherokee County, NC ($54K). How TownRatings grades cost of living
Only 3 sales in September 2026: in a market this size, monthly medians swing a lot, so the typical value is the steadier guide.
The grade compares costs with what households across Cherokee County earn ($54K, Census 2020–24). The typical home costs 4.7 years of area income, and 29% of renters pay 30% or more of income for housing.
In dollars
- $274Ktypical home, 17% below the North Carolina typical homeZillow, September 2026
- $930a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
In paychecks the grade
- 4.7 yrsof area income buys the typical home; the typical U.S. town: 3.3$54K, Cherokee County income
- 9%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 29%of renters pay 30%+ of income for housing; across North Carolina: 49%Census 2020–24
- 21%of owners do; the typical U.S. town: 20%Census 2020–24
What Murphy’s housing numbers say
New renters pay more than renters already here
HUD puts a standard two-bedroom at about $930 a month with utilities, the going rate for someone moving in. Renters already in Murphy pay a median of $422. Renting ↓
About half of Murphy rents
54% of households rent their home, 384 in all, against 33% across North Carolina. Renting ↓
Written from the data on this page. Home values are the Zillow Home Value Index, through September 2026; incomes, rents paid, taxes and ownership come from the Census American Community Survey.
What’s behind Murphy’s grade
Measured against what households in the area earn, Murphy is more affordable than 66% of U.S. towns. Home prices pull the grade down most; rent holds it up.
Prices here have kept pace with North Carolina: up 23.9% in five years, against 22.0% statewide (Zillow).
Up 23.9% in five years
About the same pace as North Carolina (22%).
Show as a table
| January | Murphy | North Carolina |
|---|---|---|
| 2017 | $134,000 | $178,000 |
| 2018 | $142,000 | $189,000 |
| 2019 | $151,000 | $201,000 |
| 2020 | $161,000 | $214,000 |
| 2021 | $188,000 | $240,000 |
| 2022 | $230,000 | $285,000 |
| 2023 | $257,000 | $318,000 |
| 2024 | $272,000 | $330,000 |
| 2025 | $281,000 | $336,000 |
| 2026 | $276,000 | $334,000 |
| September 2026 | $274,000 | $332,000 |
A typical Murphy home worth $132K in October 2016 is worth about $274K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through September 2026.
A typical home costs 4.7 years of area income
The calculator starts from the area income the grade uses. Switch to Murphy’s own median, or type yours.
That’s $53K short of a typical Murphy home.
A two-bedroom rents for about $930 a month here, $630 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Murphy’s typical property tax (0.54% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $930
Renters already here pay a median of $422, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Cherokee County, NC): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
Property tax runs below the North Carolina norm
The median bill is $1,343 (North Carolina: $1,896), 0.54% of a home’s value a year, against 0.66% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
Murphy and its neighbors
One source per column.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, September 2026 | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| Murphy | B+ | $274K | $250K | 0.54% | $930 |
Questions about the cost of living in Murphy
Is Murphy expensive to live in?
Measured against what households in the area earn, Murphy costs less than 66% of U.S. towns: a B+ for cost of living. The typical home costs 4.7 years of the median household income of Cherokee County, NC ($54K).
How much does a house cost in Murphy?
About $274K, Zillow’s typical value for September 2026, down 0.5% in a year. The North Carolina typical home is $332K.
What salary do you need to live in Murphy?
To buy the typical home with 20% down at 6.3%, about $67,000 a year, keeping the payment (about $1,560 a month with tax and insurance) at 28% of income. To rent a two-bedroom at 30% of income, about $37,000.
How much is rent in Murphy?
HUD puts a two-bedroom at about $930 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $422 (Census 2020–24).
What are property taxes in Murphy?
The median bill is $1,343 a year, 0.54% of the median home value (North Carolina: $1,896, 0.66%), from the Census 2020–24.
Are home prices in Murphy going up?
No: down 0.5% in the past year and 23.9% in five years, against 22.0% across North Carolina (Zillow).
Neighbors talk housing
What Murphy buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, September 2026. Sales, days on market and supply: Redfin Data Center, September 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.