Home Affordability in Raleigh, NC
The median home price in Raleigh is $410,000 with a median household income of $72,576. Housing is significantly stretched relative to local incomes.
Median Home Price
$410,000
Median Income
$72,576
Price-to-Income Ratio
5.6x
Est. Affordable Home
$282,000
Property Tax Rate
0.85%
Annual Property Tax
$3,485
Sales Tax Rate
7.25%
Cost of Living Index
101
Buying a Home in Raleigh
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $72,576 in Raleigh can afford a monthly housing payment of approximately $1,693. This translates to a home price of roughly $282,000, which is below the median home price of $410,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Raleigh would be approximately $3,485 per year ($290/month) at the effective rate of 0.85%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $12,300 | $397,700 | Yes |
| 5% | $20,500 | $389,500 | Yes |
| 10% | $41,000 | $369,000 | Yes |
| 20% | $82,000 | $328,000 | No |
Use Our Home Affordability Calculator
Get a personalized estimate based on your income, debts, down payment, and credit score.
Calculate Now