Real Estate Investing in Hickory, North Carolina (28602)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 28602 (Hickory, NC)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 8.5% vacancy may signal weakening demand.
What’s happening in Hickory, NC (28602)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 28602 Hickory
Put differently, ZIP 28602 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $254K median. It rewards specialists, not generalists.
Rent of $1,564/mo on a $254K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 28602 sits below the stated 0.0% once reality is priced in.
Statewide comparisons place 28602 among NC's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
The demographic picture in 28602 includes headwinds that any investor should price in. Income distribution skews lower than Hickory averages, and tenant stability requires active management.
appears to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Hickory:
Property Strategy for 28602
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $124,321 | $940 | 5.4% | +10.5% | $124,321 |
| 2BR | $165,229 | $1,140 | 5.0% | +11.4% | $82,614 |
| 3BR | $269,600 | $1,430 | 3.8% | +9.0% | $89,867 |
| 4BR | $392,164 | $1,730 | 3.2% | +8.7% | $98,041 |
| 5BR | $418,712 | — | — | +8.9% | $83,742 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 28602 Compare?
| Metric | 28602 | Hickory | Hickory-Lenoir-Morganton, NC | North Carolina |
|---|---|---|---|---|
| Home Value | $254,384 | $282,073 | N/A | $330,565 |
| 5-Year CAGR | 6.5% | 6.2% | N/A | 7.8% |
| Avg Rent | $1,564 | $1,493 | N/A | - |
| Cap Rate | 4.8% | 4.2% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 28602 (Hickory, NC). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $254,384 |
| Monthly Rent | $1,564 |
| Price-to-Rent | 13.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.4% |
| Cap Rate | 4.8% |
| 5-Year IRR | 11.3% |
📈 Home Appreciation
| 1-Year | +5.0% ▲ |
| 3-Year CAGR | +4.3% ▲ |
| 5-Year CAGR | +6.5% ▲ |
| 10-Year CAGR | +8.5% ▲ |
🏠 Rent Trends
| 1-Year | +8.0% ▲ |
| 3-Year CAGR | +4.4% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.8%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 28602
Population: 29,273
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 28602
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 2,862 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Hickory, NC a friendly market for rental owners?
Hickory, NC falls under NC landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
How deep is the rental pool in Hickory, NC?
The tenant pool in Hickory, NC is solid, supported by local employment and population fundamentals. Rents of $1,564/mo are well-absorbed by the market.
What price range are homes in Hickory, NC?
The median home value in Hickory, NC is roughly $254K. That puts it reasonable relative to the NC statewide average.
Which investment style suits Hickory, NC?
Investors usually favor careful cash-flow rentals with hands-on management in Hickory, NC. With home values at $254K and rents near $1,564/mo, other strategies can work but produce stable rather than outsized returns.
What are rental rates like in Hickory, NC?
Rental rates in Hickory, NC average $1,564/mo. Tenant demand and $254K home values make the yield look reasonable by investor standards.
You know 28602 now. You don’t know where it ranks.
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How 28602 ranks in Hickory-Lenoir-Morganton, NC
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