Home Affordability in Cary, NC
The median home price in Cary is $480,000 with a median household income of $105,784. Housing is moderately affordable relative to local incomes.
Median Home Price
$480,000
Median Income
$105,784
Price-to-Income Ratio
4.5x
Est. Affordable Home
$411,000
Property Tax Rate
0.85%
Annual Property Tax
$4,080
Sales Tax Rate
7.25%
Cost of Living Index
108
Buying a Home in Cary
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $105,784 in Cary can afford a monthly housing payment of approximately $2,468. This translates to a home price of roughly $411,000, which is below the median home price of $480,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Cary would be approximately $4,080 per year ($340/month) at the effective rate of 0.85%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $14,400 | $465,600 | Yes |
| 5% | $24,000 | $456,000 | Yes |
| 10% | $48,000 | $432,000 | Yes |
| 20% | $96,000 | $384,000 | No |
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