Mortgage payment estimates, closing cost breakdowns, and homebuying data for Cary, North Carolina.
Median Home Price
$495K
Population
175K
Avg Monthly Rent
$1,750
Property Tax Rate
0.78% *
* Property tax shown is the North Carolina state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Cary.
Cary vs North Carolina Median
The median home price in Cary is $495,000, which is 46% above the North Carolina state median of $340,000.
Mortgage Calculator — Cary, NC
Pre-filled with Cary median home price and North Carolina tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $495K home using North Carolina's 0.78% tax rate and $2,300/yr insurance.
5% Down
$3,760/mo
Down: $24,750
Loan: $470K
P&I: $2,972
Tax: $322
Insurance: $192
PMI: $274
10% Down
$3,589/mo
Down: $49,500
Loan: $446K
P&I: $2,816
Tax: $322
Insurance: $192
PMI: $260
20% Down (No PMI)
$3,016/mo
Down: $99,000
Loan: $396K
P&I: $2,503
Tax: $322
Insurance: $192
Income needed (28% rule): $129K/year with 20% down, $154K/year with 10% down.
Rent vs Buy in Cary
Rent
$1,750/mo
vs
Buy (10% down)
$3,589/mo
Price-to-rent ratio: 23.6 — At a ratio above 20, renting may be more economical in Cary for shorter stays. Buying costs $1,839 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Cary is $495,000, 46% above the North Carolina state median of $340,000. With a population of 174,721, Cary is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in North Carolina average 0.78% annually. This moderate property tax rate means a $495,000 home in Cary would carry roughly $322/month in property taxes. Homeowners insurance in North Carolina runs approximately $2,300 per year. This is within the normal range nationally.
Average rent in Cary is $1,750/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Cary is a higher-cost market. At $495K median, buyers need significant savings or strong income. Down payment assistance through North Carolina's NC Home Advantage Mortgage program becomes especially important.