House Affordability in Raleigh
Median home price: $420K · Property tax: 0.81% · Insurance: $1,600/yr
You can afford a home up to
$250,123
That's a 2-bedroom apartment/condo in Raleigh
Based on your $75,000 income with 20% down
Your $250,123 budget buys
Monthly payment breakdown
$1,750/mo
Home price
$250,123
Down payment
$50,025
Loan amount
$200,098
No PMI
Waived (20%+ down)
Estimates based on the 28/36 DTI guideline with Raleigh-specific property tax and insurance rates. Actual mortgage approval depends on credit score, employment history, and lender criteria.
Raleigh Housing Market Overview
Raleigh anchors the Research Triangle with a growing tech sector and relatively affordable homes compared to coastal metros.
The median home price in Raleigh is $420,000, which is 2% above the national median of $412,000. Property taxes average 0.81% of assessed value, adding $284/month to housing costs.
Homeowners insurance averages $1,600/year ($133/month). Condos and townhomes typically carry HOA fees around $150/month.
What can you buy in Raleigh?
Typical price ranges by property type in Raleigh, NC (2024/2025 estimates).
| Property type | Price range | Down payment (20%) |
|---|---|---|
| 2-bedroom apartment/condo | $180K – $280K | $36K – $56K |
| 3-bedroom home | $280K – $420K | $56K – $84K |
| 4-bedroom home | $400K – $580K | $80K – $116K |
| 5+ bedroom home | $550K – $850K | $110K – $170K |
Sources: Zillow, Redfin, Realtor.com (2024/2025 estimates). Prices vary by neighborhood.
Income needed to buy in Raleigh
Minimum annual income to afford each property type at 28% DTI, 20% down, 6.75% rate.
| Property type | Midpoint price | Income needed |
|---|---|---|
| 2-bedroom apartment/condo | $230K | $63,514/yr |
| 3-bedroom home | $350K | $93,671/yr |
| 4-bedroom home | $490K | $128,854/yr |
| 5+ bedroom home | $700K | $181,628/yr |
Green = achievable at Raleigh's median household income of $85,000.
Cost of living context
The median household income in Raleigh is $85,000, which is 13% above the national median of $75,000.
At the median income, a household can afford roughly $315K using the 28% DTI rule — which falls short of the $420K median. Many buyers need dual incomes, a larger down payment, or lower price points.
FAQ
Can I afford a house in Raleigh on a $100,000 salary?
At $100K with 20% down and 6.75% interest, you can afford roughly $375K in Raleigh using the 28% DTI rule. The median home price is $420K, so you may need to look at lower price points or increase your down payment.
What income do I need to buy a house in Raleigh?
To afford the median price of $420K with 20% down at 6.75%, you need approximately $111,262/year (28% DTI). The median household income in Raleigh is $85,000, which is below what is needed.
What are property taxes like in Raleigh?
The average property tax rate is 0.81%, or $3,402/year on a median-priced home. This is near the national average of 1.2%.
What does a 4-bedroom home cost in Raleigh?
A typical 4-bedroom home costs between $400K and $580K, with the midpoint around $490K.
Is Raleigh affordable compared to other cities?
Raleigh's median price of $420K is 2% above the national median of $412K. Median household income is $85,000, 13% above the national median.
Other cities
- Charlotte, NC — median $385K
- San Francisco, CA — median $1.35M
- New York City, NY — median $780K
- Los Angeles, CA — median $950K
Related tools
- North Carolina House Affordability — statewide data
- North Carolina Paycheck Calculator — calculate your take-home pay
- House Affordability Calculator — compare all cities
- Compare Job Offers — factor in housing costs