Cost of living in Raleigh research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Raleigh is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in North Carolina, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Raleigh is 105, with 100 being the average.
The cost of living index in Raleigh is 1.1x higher than the national average.
Raleigh ranks as the #119 cheapest in North Carolina out of 153.
Raleigh ranks as the #3,676 cheapest out of 6,412 in the US.
The median home value in Raleigh is $285,400.
The median income in Raleigh is $72,996.
According to the most recent data on the cost of living, Raleigh has an overall cost of living index of 105, which is 1.1x higher than the national index of 100.
Compared to North Carolina, Raleigh has a cost of living index that's 1.1x higher than North Carolina's index of 95.
The standard of living in Raleigh ranks as #119 most affordable out of the 153 places we measured in North Carolina. By definition, that implies Raleigh ranks as the #34 most expensive place in the Tar Heel State.
For more reading on life in Raleigh, check out:
Six factors go into calculating the cost of living index in Raleigh. Here is how it fairs on each of the criteria:
The Services index in Raleigh is 102.
The Groceries index in Raleigh is 90.
The Health index in Raleigh is 106.
The Housing index in Raleigh is 115.
The Transportation index in Raleigh is 92.
The Utilities index in Raleigh is 98.
|Living Expense||Raleigh||North Carolina||National Average|
Housing swings affordability the most between places in North Carolina, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Raleigh is $285,400.
The Median Rent in Raleigh is $1,237.
The Median Income in Raleigh is $72,996.
The Home Value To Income in Raleigh is 3.9x.
The Rent To Monthly Income in Raleigh is 0.2x.
|Statistic||Raleigh||North Carolina||United States|
|Median Home Value||$285,400||$197,500||$244,900|
|Home Value To Income||3.9x||3.3x||3.5x|
|Rent To Monthly Income||0.2x||0.2x||0.2x|
The cost of living varies in the cities and towns around Raleigh. Here's a quick look at the cost of living in the most populous nearby places:
Durham, NC has a cost of living index of 94, 0.9x Raleigh.
Cary, NC has a cost of living index of 114, 1.1x Raleigh.
Apex, NC has a cost of living index of 112, 1.1x Raleigh.
|City||Population||Cost Of Living||Vs. Raleigh|
|Wake Forest, NC||46,387||110||1.0x|
|Holly Springs, NC||40,198||111||1.1x|