Is It Cheaper to Live in Raleigh or Durham, NC?
Is It Cheaper to Live in Raleigh or Durham, NC?
Are you debating moving to Raleigh or Durham, NC, and want to learn about which is more affordable? Here is everything you need to know about the cost of living in Raleigh and Durham.
The Research Triangle is one of the best places to live in North Carolina. The Research Triangle area is named after three prestigious universities: Duke, UNC-Chapel Hill, and North Carolina State University. These three institutions are located in the three cities of Raleigh, Durham, and Chapel Hill, which, if connected by an imaginary line on a map, would form a Triangle.
Wake and Orange County have grown rapidly, with more than 70 people per day relocating to the Triangle, according to WRAL. Whether you are moving here for school, retirement, a new job, an easy commute, or a fresh start, there is something for everyone in both cities.
Many people debate moving whether to move to Raleigh or Durham. Both are amazing cities with plenty of restaurants, museums, good schools, high safety, and prime real estate. However, before you make the move, you need to know the cost of living in both Raleigh and Durham.
While they are only about 30 minutes apart, Raleigh and Durham are very different cities. One of the main factors is the cost of living; if you plan on moving to the Triangle area, ensure you know which city will be more affordable for you.
Keep reading to learn if living in Raleigh or Durham, NC, is cheaper.
Chapters
1. Cost of Living in Raleigh
Overall, the cost of living in Raleigh, NC, is 4% lower than the national average. This is a combination of several factors. Keep in mind that any area of the cost of living can vary greatly depending on several factors, such as your career, personal preferences, average salary, and the real estate market at the time.
More specifically, compared to the national average, housing is 2% lower, utilities are 2% higher, groceries are 8% lower, and transportation costs are 5% lower. These statistics may not equate to exactly how much you are going to spend in Raleigh, but they give you a good idea of how much it will cost to live here.
The average resident in Raleigh makes an annual income of $42,632, which is 12.4% more than the national median of $37,638. Raleigh is an everchanging city, with more places to live and jobs popping up every day. However, since it is such a sought-after place to live in NC, the cost of living is higher than in other cities and towns in NC.
Here are some typical aspects of the cost of living according to Payscale.
| Cost of Living Item | Average Price |
| Median Home Price | $439,640 |
| Median Rent | $1,337 / month |
| Energy Bill | $180.36 / month |
| Phone Bill | $194.02 / month |
| Gas | $3.21 / gallon |
2. Housing Costs in Raleigh
While housing expenses in Raleigh are 2% lower than the national average, this significantly depends on the exact location, neighborhood, housing type, size, and more. The average home in Raleigh costs about $427,000, which is slightly higher than the national average.
As of March 2024, Raleigh home prices were up 5.1% compared to the previous year. On average, homes sell after only 16 days on the market, meaning you need to act fast if you want a home in one of Raleigh's best neighborhoods.
There were about 3,734 homes sold in Wake County in January 2024. The choices for investing in real estate in Raleigh are abundant, whether you decide to rent or buy. However, if you are looking for cheaper or short-term living, the average rental price in Raleigh is $1,237 per month. This is slightly higher than the national average but still much more affordable than other major cities.
The Raleigh area is strongly influenced by its position as a hub for technology, education, and research. As a result, Raleigh is predicted to experience significant economic and population growth through 2024. As a result, there will be a high demand for housing, although the total number of homes available in March 2024 was 22% lower compared to last year.
Raleigh is currently a seller's market, meaning more people are looking to buy a home than there are homes available. There are still plenty of homes on the market, but prices may be higher, and their time on the market will be shorter.
3. Income in Raleigh
The Wall Street Journal recently ranked Raleigh as the fifth hottest job market in America. With a median household income of $78,631 in Raleigh, it is one of the most affordable places to live in the country.
According to the U.S. Bureau of Labor Statistics (BLS), the unemployment rate for people 16 years and older in Raleigh is 3.3%. The city has bounced back greatly since the COVID-19 pandemic in 2020, and job opportunities are projected to grow exponentially.
As part of the Research Triangle, Raleigh has an abundance of tech and research jobs. Additionally, the University of North Carolina State is located in Raleigh, which brings in many jobs related to education.
The poverty rate in Raleigh is 12.1%, 0.5% higher than the national poverty rate, which is 11.6%. In addition, the minimum wage is the same as the national average at $7.25 per hour.
4. Cost of Living in Durham
The overall cost of living in Durham is 1% higher than the national average. However, housing is 9% higher, which is one of the biggest expenses. Again, this will vary greatly depending on where you live, your career, personal preferences, and your budget.
More specifically, compared to the national average, housing is 9% higher, utilities are 12% lower, groceries are the same, and transportation is 6% lower. With lower utilities, grocery, and transportation costs, you can expect to save a lot of money living in Durham.
Here are some typical aspects of the cost of living according to Payscale.
| Cost of Living Expense | Average Cost |
| Median Home Price | $490,142 |
| Median Rent | $1,490 / month |
| Energy Bill | $155.96 / month |
| Phone Bill | $167.77 / month |
| Gas | $3.19 / gallon |
5. Housing Costs in Durham
Housing costs rise and fall in most areas, and the median home price in Durham is $490,142. This is much higher than the median home price in Raleigh. However, there are still plenty of affordable neighborhoods in Durham.
Similar to the median home price, the median rent is also higher in Durham at $1,490 per month. Typically, winter is the best time to buy a home as it is usually a buyer's market, and homes are priced lower. However, Durham is currently a seller's market, and homes tend to stay on the market for an average of 30 days. This does give you more time to find the perfect home than you would in Raleigh.
Overall, there has been a -5.2% change in new listing, a -17.9% change in closed sales, and a +2.% change in median sales prices in Durham County in March 2024.
The housing market in Durham has experienced fluctuations in value throughout the year so far, particularly when it comes to average sold prices. In March 2024, there are currently 495 homes on the market, slightly lower than the 646 on the market in March 2023.
The good news is that if you are planning on buying a home in Durham, you may be able to get a reasonable price because half of the homes were sold below the asking price. Durham is a large city, and there is an abundance of homes available at more affordable prices.
6. Income in Durham
Durham is known for its strong job growth and high quality of life. With a median household income of $74,927 and a per capita income of $43,945 in 2022, Durham is a great place to move to if you are looking for a new job.
The poverty percentage is 11.1%, according to the U.S. Census. Many industries have seen significant growth in recent years as Durham has grown, including pharmaceutical and biopharmaceutical manufacturing, agricultural biotechnology, medical devices and diagnostics, healthcare, and information technology.
Durham is home to many large companies, including IBM, Biogen, Blue Cross Blue Shield of North Carolina, and Aisin. As the home of Duke University, there are many jobs for students and adults on campus. The largest employer in Durham is Duke University.
No matter your expertise or experience, you can almost guarantee to find the perfect job in Durham.
7. Is It Cheaper to Live in Raleigh or Durham?
On average, Durham does tend to have a slightly higher cost of living than Raleigh. However, housing and rental prices are higher in Raleigh. If you are debating which city to move to, you will have many affordable options, but it will all depend on the location and housing market at the time.
If you live in Durham, your utilities and groceries will be slightly higher than in Raleigh. Both cities are amazing for many reasons, and whether you decide to move to Raleigh or Durham, you cannot doubt that you'll find the perfect home.
Methodology
We used information and data from several different sources, as well as our own data, to determine everything you need to know about whether it is cheaper to live in Raleigh or Durham, NC. Most of the data was sourced from the following sources:
- WRAL
- Wall Street Journal
- Payscale
- United States Census Bureau
- U.S. Bureau of Labor Statistics (BLS)
- Durham Regional Association of Realtors
FAQ: Is It Cheaper to Live in Raleigh or Durham, NC
Here are a couple of commonly asked questions about whether it is cheaper to live in Raleigh or Durham, NC.
Is Raliegh or Durham more affordable?
On average, Durham is considered to be more affordable to live in because of the low housing inventory in Raleigh. However, most of the other cost of living factors are around the same price in both cities.
What are some of the differences between Durham and Raleigh?
The biggest difference between these two cities is the difference in population. As the state capital of North Carolina, Raleigh has a larger population and is home to many of the state offices and official buildings.
How safe is downtown Durham?
Downtown Durham is one of the cleanest and safest cities in the country. Here, you will find many safe and affordable neighborhoods.
Is Raleigh a walkable city?
Raleigh is a semi-walkable city, depending greatly on where you live. The downtown area is extremely walkable, but you will need a vehicle or public transportation option if you need to travel outside of the city.
Where is it better to stay, Raleigh or Durham?
If you are planning a trip to the Triangle, tourists generally find there to be more to do in Raleigh than in Durham. Raleigh is much bigger and has more activities for visitors. However, Durham still has many museums, restaurants, sporting events, and more to enjoy when you visit.
Is It Cheaper to Live in Raleigh or Durham, NC - The Bottom Line
Whether you decide to move to the capital or Bull City, you will find fun things to do, affordable housing, a friendly community, and so much more. Both are amazing places to live, and thousands of people are moving to each city every year.
No matter where you decide to move to in the Triangle, your family will be surrounded by amenities and local favorites. Whether you are searching for a single-family home, townhome, condominium, or apartment complex, you are bound to find the perfect home in Raleigh or Durham.
Before you buy your next home in the Triangle, feel free to contact one of our helpful real estate specialists, as they are eager to help you find the perfect home. We know that buying a home can be overwhelming, so make sure you are prepared beforehand.
Ryan Fitzgerald
Hi there! Nice to 'meet' you and thanks for visiting our Raleigh Real Estate Blog! My name is Ryan Fitzgerald, and I'm a REALTOR® in Raleigh-Durham, NC, the owner of Raleigh Realty. I work alongside some of the best Realtors in Raleigh. You can find more of my real estate content on Forbes, Wall Street Journal, U.S. News and more. Realtor Magazine named me a top 30 under 30 Realtor in the country (it was a long time ago haha). Any way, that's enough about me. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Raleigh Realty. Looking forward to connecting!
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