Mortgage payment estimates, closing cost breakdowns, and homebuying data for Raleigh, North Carolina.
Median Home Price
$425K
Population
468K
Avg Monthly Rent
$1,650
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 Raleigh.
Raleigh vs North Carolina Median
The median home price in Raleigh is $425,000, which is 25% above the North Carolina state median of $340,000.
Mortgage Calculator — Raleigh, NC
Pre-filled with Raleigh median home price and North Carolina tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $425K home using North Carolina's 0.78% tax rate and $2,300/yr insurance.
5% Down
$3,255/mo
Down: $21,250
Loan: $404K
P&I: $2,552
Tax: $276
Insurance: $192
PMI: $236
10% Down
$3,109/mo
Down: $42,500
Loan: $383K
P&I: $2,418
Tax: $276
Insurance: $192
PMI: $223
20% Down (No PMI)
$2,617/mo
Down: $85,000
Loan: $340K
P&I: $2,149
Tax: $276
Insurance: $192
Income needed (28% rule): $112K/year with 20% down, $133K/year with 10% down.
Rent vs Buy in Raleigh
Rent
$1,650/mo
vs
Buy (10% down)
$3,109/mo
Price-to-rent ratio: 21.5 — At a ratio above 20, renting may be more economical in Raleigh for shorter stays. Buying costs $1,459 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 Raleigh is $425,000, 25% above the North Carolina state median of $340,000. With a population of 467,665, Raleigh 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 $425,000 home in Raleigh would carry roughly $276/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 Raleigh is $1,650/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.
Raleigh is a higher-cost market. At $425K median, buyers need significant savings or strong income. Down payment assistance through North Carolina's NC Home Advantage Mortgage program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Raleigh.