Personal loans in Gates County, NC: compare before you borrow

Key figures

Source: Census Bureau ACS 5-year estimates, 2020 to 2024, for Gates County. Estimates carry margins of error, and your own income, credit and debts decide what a lender offers.

What Gates County residents do for work

By industry, the largest groups of Gates County workers are in education and health care (19%), manufacturing (15%) and retail (12%). What sets Gates County apart is construction, at 11% of workers where the typical place in our set has 8%.

At the top of the scale, 2% of Gates County households earn $200,000 or more; at the bottom, 26% earn under $35,000. Gates County trails the typical place in our set by 1.7 points at the top of the scale and undercuts it by 3.6 at the bottom. Income inequality, measured by the Gini index, is 0.38. If you are near the upper end, the temptation is to borrow more than the need requires.

Residents and homes in Gates County

Gates County has a median age of 47.6 and a bachelor's-or-higher rate of 11% among adults 25 and older. Gates County is older than typical by 5.4 years and less likely to hold a degree by 13 points. Younger households tend to have shorter credit histories, and history length is one factor scores weigh.

Homes in Gates County are 61% single-family detached, 0% in buildings of five or more units and 38% mobile or manufactured. Gates County has fewer large-building apartments than the middle of our set, by 4.3 points.

Monthly budget benchmarks in Gates County

Before taxes, the median Gates County household takes in about $5,528 a month. Typical rent of $1,143 is 21% of it, compared with the 30% rule of thumb of $1,658. Apply a 36% debt-to-income test and a median-earning household in Gates County could carry roughly $1,990 a month in total debt payments, housing included. Home prices sit near 2.6x the median household's annual income. Use these figures to sanity check a budget, then run your own income and payments through the calculator.

What the numbers suggest about borrowing in Gates County

Rent pressure is relatively mild in Gates County: 26% of renters are cost-burdened, versus higher shares in much of our Carolina county set. Compare offers anyway; total cost is what matters.

Commuting is a big part of life in Gates County: 41% of workers spend 45 minutes or more getting to work. Long commutes mean gas, tires and repairs are a standing line in the budget, and a surprise vehicle bill is a common reason to look for a loan.

36% of mortgaged Gates County owners spend 30 percent or more on housing, a high share in our Carolina county set. That makes fixed, predictable payments and a clear end date more valuable than a flexible credit line.

Where Gates County ranks

Among the 146 Carolina county places we track, Gates County posts a median household income of $66,333 (47th of 146, top down), a median gross rent of $1,143 (36th of 146, top down), and a median home value of $170,800 (97th of 146, top down). Ranks like these are a snapshot that changes each release.

Two comparable North Carolina places in our set are Washington County ($41,813 income, $743 rent), where Gates County runs 59% above on income and 54% above on rent and Camden County ($91,078 income, $1,232 rent), where Gates County runs 27% below on income and 7% below on rent. Size any payment to your own budget rather than to a neighbor's.

Gates County in brief

Largest communities in Gates County, by 2020 to 2024 population: Gatesville, Sunbury (2 Census places in all). Everyone in Gates County, from Sunbury to Gatesville, is covered by this guide.

Do this before signing in Gates County

• Check the license first. In North Carolina, small consumer lenders are licensed by the Commissioner of Banks, which also takes complaints. Storefront payday lending is not permitted.
• Run the offer checklist before you sign.
• Never pay a fee first. A request for money before funding is the mark of a scam; the scam guide lists the usual scripts.
• Ask a credit union or nonprofit counselor first. A hardship plan may cost nothing (free options).
• Read your free credit reports at AnnualCreditReport.com and fix errors before you shop.

Where people live in Gates County

Gates County contains 2 Census places, 1 of them incorporated.

Types of housing in Gates County

The housing stock in Gates County is 61% detached houses; apartments in buildings of 5+ units account for 0%, and mobile homes for 38%. Housing type matters for repair costs in Gates County: manufactured homes, older detached houses and condos each bring different bills.

Gates County income ladder

17% of Gates County households earn less than $25,000 a year, against 16% across North Carolina; 25% earn $100,000 or more. 11.8% of Gates County households sit at $35,000 to $49,999 and 17.7% at $100,000 to $149,999; the same loan payment means very different things at each.

Carolina counties near Gates County

Hertford County is nearest at 16 miles. Across the group, the median age peaks at 50.7 in Perquimans County.

Ranking Gates County against other North Carolina counties

Out of 100 North Carolina counties, Gates County's most unusual ranks are on rent burden, uninsured residents, long commutes.

• Gates County: 26% for rent burden, #1 lowest of 100 in North Carolina. More renters have slack, but run your own numbers.
• Uninsured residents puts Gates County at #2 lowest of 100 among North Carolina counties (6.2%). Deductibles still bite; ask for payment plans.
• On long commutes (41%), Gates County ranks #2 of 100 statewide, against 17% for the middle Carolina county. Car repairs are a frequent emergency here.