Total monthly cost of ownership
Cost to Own a Home in Cary, North Carolina
A $525,000 home here costs
$3,857per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,699. The real number is $1,158 higher every month — 43% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Cary against Wake County and North Carolina
| Measure | Cary | Wake County |
|---|---|---|
| Median home value | $525,200 | $422,800 |
| Median property tax | $3,922 | $3,023 |
| Effective tax rate | 0.747% | 0.715% |
| Median gross rent | $1,621 | $1,508 |
| Population | 176,686 | 1,151,009 |
Cary extends across 3 counties. Figures here use Wake County, where most of its housing sits.
The weather behind that power bill
Cary sits in Wake County, which averages a high of 90.6°F in its hottest month and a low of 31.6°F in its coldest, with 49.36" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,779 cooling and 3,165 heating degree days, which is what sets the $136 electricity line above.
See the full climate breakdown for Wake County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wake County
Full Wake County cost breakdown · Every county in North Carolina
Common questions
How much does it cost to own a home in Cary?
A $525,000 home in Cary, North Carolina costs approximately $3,857 per month with 20% down at 6.66%. That is $2,699 principal and interest, $327 property tax, $190 homeowners insurance, $204 utilities and $438 set aside for maintenance.
What is the property tax rate in Cary?
Cary has an effective property tax rate of 0.747%, based on a median home value of $525,200 and median real estate taxes of $3,922. That is higher than the Wake County average of 0.715%.
What is the average home price in Cary?
The median owner-occupied home value in Cary, North Carolina is $525,200, against $422,800 across Wake County.
Is it cheaper to rent or buy in Cary?
Median gross rent in Cary is $1,621 a month, against $3,857 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cary — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for North Carolina.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.