Total monthly cost of ownership
Cost to Own a Home in Raleigh, North Carolina
A $378,000 home here costs
$2,838per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,943. The real number is $894 higher every month — 46% 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.
Raleigh against Wake County and North Carolina
| Measure | Raleigh | Wake County |
|---|---|---|
| Median home value | $377,800 | $422,800 |
| Median property tax | $2,862 | $3,023 |
| Effective tax rate | 0.758% | 0.715% |
| Median gross rent | $1,468 | $1,508 |
| Population | 470,763 | 1,151,009 |
Raleigh extends across 2 counties. Figures here use Wake County, where most of its housing sits.
The weather behind that power bill
Raleigh 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 Raleigh?
A $378,000 home in Raleigh, North Carolina costs approximately $2,838 per month with 20% down at 6.66%. That is $1,943 principal and interest, $239 property tax, $137 homeowners insurance, $204 utilities and $315 set aside for maintenance.
What is the property tax rate in Raleigh?
Raleigh has an effective property tax rate of 0.758%, based on a median home value of $377,800 and median real estate taxes of $2,862. That is higher than the Wake County average of 0.715%.
What is the average home price in Raleigh?
The median owner-occupied home value in Raleigh, North Carolina is $377,800, against $422,800 across Wake County.
Is it cheaper to rent or buy in Raleigh?
Median gross rent in Raleigh is $1,468 a month, against $2,838 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 Raleigh — 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.