Cost of Living in Raleigh, NC [2024]
Raleigh, NC is a rapidly growing East Coast city with a thriving tech scene, renowned universities, and rich cultural heritage. It offers a unique blend of Southern charm and modern amenities.
But before you make the move, it's essential to consider the average cost of living in Raleigh. In this guide, we will explore various aspects of Raleigh's living expenses in 2024, helping you decide if this dynamic city aligns with your budget.
Cost of Living in Raleigh, NC
What is the Cost of Living in Raleigh, NC?
Raleigh boasts a moderate cost of living compared to other major cities, making it attractive. Housing is the biggest expense, with median rent around $1,300 for a one-bedroom apartment and $350,000 for homes. Other expenses like groceries, utilities, and transportation are generally in line with or slightly below national averages. Lower-than-average property taxes and no state estate tax further enhance Raleigh’s affordability. This balanced cost structure, coupled with a strong job market and high median household income, allows for a comfortable and financially sustainable lifestyle in Raleigh.
Where is the Cost of Living Highest in Raleigh, NC?
In Raleigh, NC, the cost of living is highest in some of the more upscale and centrally located neighborhoods. Downtown Raleigh, known for its vibrant nightlife, cultural attractions, and proximity to major employers, commands higher rent and property prices. Median rents for luxury apartments in this area can exceed $2,000 per month, and homes often sell for well above the city’s average.
Another one of the most expensive places to live in Raleigh is North Hills, an affluent neighborhood featuring high-end shopping, dining, and entertainment options. The convenience and amenities of North Hills come with a premium, with housing and rental costs reflecting the neighborhood's desirability.
Where is the Cost of Living Lowest in Raleigh, NC?
Raleigh, NC neighborhoods where the cost of living is lowest are located farther from the city center. Areas such as Southeast Raleigh and parts of East Raleigh offer more affordable housing options, with lower median rent and home prices compared to the more central and upscale neighborhoods. In these regions, you can find rental prices for a one-bedroom apartment closer to $1,000 per month
Additionally, neighborhoods like Knightdale and Garner, while technically suburbs, are often considered part of the greater Raleigh area and offer a lower cost of living and less congestion, making them attractive options for those looking to stretch their budget further without sacrificing access to Raleigh's amenities and job market.
How Much Is Rent in Raleigh, NC?
Average rent in Raleigh, NC varies depending on location and type of housing. The average cost of living in Raleigh, NC for one bedroom is around $1,300. For a two-bedroom, the average rent is roughly $1,400. This is generally lower than other major cities but higher than the national average due to Raleigh's growth.
Fortunately, Raleigh isn't one of the most expensive places to live in the US. Raleigh apartments are only slightly (2.0%) higher than the national median, particularly for two-bedroom units (Raleigh: $1,438 vs. National: $1,389). Rent hasn't reached the extremes of cities like San Francisco; and prices have actually decreased 4.7% from last year.
How Much is a 1-Bedroom Apartment in Raleigh, NC?
As of May 2024, the median rent for a one-bedroom apartment in Raleigh is $1,262 per month.
How Much is a 2-Bedroom Apartment in Raleigh, NC?
As of May 2024, the median rent for a two-bedroom apartment in Raleigh is $1,438 per month.
What Salary Do You Need to Live in Raleigh, NC?
A salary of $60,000 to $70,000 is generally considered comfortable for a single person in Raleigh, covering essentials like housing, utilities, groceries, and healthcare with room for savings and extras. Families will need more, often $80,000 to $100,000 or more depending on size and lifestyle.
These estimates consider Raleigh's moderate cost of living and typical expenses. The city's strong job market, particularly in tech, healthcare, and education, allows many residents to live well on their earnings. While the median household income is $78,631, it's not the best indicator of a comfortable salary.
A general rule is to keep housing costs under 30% of your income. So, to comfortably afford the medium rent ($1,262) of a one-bedroom apartment in Raleigh, you'd need a pre-tax income of at least $49,488 annually or $4,124 per month.
How Much are Utilities in Raleigh, NC?
Raleigh utilities are generally affordable. This cost can vary by size, occupancy, and usage. The Internet adds another $50-$70 monthly. While the national average for basic utilities is $253.14, Raleigh residents pay slightly less at $231.40. North Carolina utility costs are comparable.
| Location | Mean Electricity | Mean Gas | Mean Water | Mean Fuel | Total Utilities |
|---|---|---|---|---|---|
| US | $150.93 | $51.12 | $45.52 | $5.57 | $253.14 |
| North Carolina | $157.73 | $35.82 | $33.92 | $2.83 | $230.21 |
| Raleigh | $121.13 | $39.08 | $68.35 | $2.85 | $231.40 |
How Much is Child Care in Raleigh, NC?
Child care in Raleigh, NC, is a significant expense for families, but it is generally more affordable than in larger metropolitan areas. On average, parents can expect to pay between $800 and $1,200 per month for full-time care at a licensed daycare center. Prices can vary based on the child's age, with infant care typically being more expensive than care for older children.
For those seeking more personalized care, hiring a nanny can cost significantly more, roughly between $17 and $25 per hour, depending on the nanny's experience and the family's specific needs. Additionally, part-time and after-school programs offer more affordable options, usually costing between $500 and $700 per month.
How Much is Transportation in Raleigh, NC?
Raleigh offers moderate transportation costs, with several options depending on your needs. Drivers can expect to pay around $2.83 per gallon of gas and $1,700 annually for full-coverage car insurance. Monthly downtown parking costs $60-80.
Public transportation has limitations. While the GoRaleigh bus system offers fares as low as $1.25 and an unlimited 31-day pass for $40, it may not cover all areas or operate frequently enough to be your primary mode of transportation. Biking and walking are also options, but Raleigh's Walk Score (31), Transit Score (29), and Bike Score (39) indicate that Raleigh is a car-centric city.
How Much are Groceries in Raleigh, NC?
Groceries in Raleigh remain generally affordable, averaging $300-$400 monthly for a single person and $800-$1,000 for a family of four. This aligns with the national average. Local stores like Harris Teeter cater to various needs, while budget-friendly options like Aldi and Walmart can help you stretch your grocery dollars further. Additionally, Raleigh's numerous farmers' markets offer fresh, locally-sourced produce at competitive prices, allowing residents to enjoy healthy and diverse food options without breaking the bank.
For budget-conscious grocery shopping, consider Aldi with its focus on low prices and private label brands. If you're looking for a wider selection, explore Wegmans, which offers a unique shopping experience and a vast array of international products alongside its standard groceries.
The following table offers a comparison of grocery prices between Raleigh and the U.S. average:
| Food Item | U.S. Price | Raleigh Price |
|---|---|---|
| Steak | $16.00 | $13.79 |
| Ground Beef | $6.62 | $6.13 |
| Sausage | $5.78 | $5.06 |
| Frying Chicken | $2.45 | $1.50 |
| Chunk Light Tuna | $1.71 | $1.30 |
| Whole Milk | $5.09 | $4.61 |
| Eggs | $4.45 | $3.77 |
| Margarine | $2.07 | $1.62 |
| Parmesan Cheese | $4.92 | $4.58 |
| Potatoes | $5.98 | $5.05 |
Raleigh, NC Fitness & Entertainment
Staying active and entertained in Raleigh is both enjoyable and manageable. The city has diverse fitness fitness options, from budget-friendly gyms to scenic outdoor spaces. Raleigh has a vibrant cultural scene that offers residents plenty to do! While specific entertainment budgets can vary, Raleigh has many free or affordable ways to stay active and engaged, like exploring its extensive park system or visiting museums with free admission.
Fitness Options in Raleigh, NC
Raleigh caters to all fitness levels and interests. Budget-friendly gyms offer memberships for $30-$60 monthly, while specialized studios cater to yoga, pilates, and cycling enthusiasts. Outdoor enthusiasts can explore Umstead State Park or the Capital Area Greenway for hiking, biking, and running.
Entertainment Options in Raleigh, NC
Beyond fitness, Raleigh boasts an exciting cultural scene. The North Carolina Museum of Art houses an impressive collection. Residents can also take advantage of free general admission at the North Carolina Museum of Natural Sciences, featuring captivating exhibits like whale skeletons and a 3D theater. The Raleigh Little Theatre and Red Hat Amphitheater are popular attractions for theater goers and music lovers. And, foodies will delight in the diverse restaurant scene, encompassing everything from Southern staples to international flavors.
Raleigh's extensive park system offers thousands of acres of green space for all to enjoy. Pullen Park, a popular 66-acre destination, features pedal boats, picnic areas, a carousel, and even outdoor fitness classes. You can find a Raleigh park near you using the Raleigh public park directory.
Find Your Next Apartment in Raleigh, NC
Ready to call Raleigh home? With Apartment List, finding your perfect apartment is a breeze. Explore Raleigh's diverse housing options – all within your budget. Use our user-friendly search tools to filter by price, location, and amenities, and discover the comfort and convenience of apartment living in Raleigh. Start your search today by taking the Apartment List quiz!
FAQs: What to Know About the Cost of Living in Raleigh in 2023
Is Raleigh’s Cost of Living Better than Charlotte's?
Comparing Charlotte’s cost of living to Raleigh’s reveals nuanced differences influenced by factors like housing costs, job opportunities, and lifestyle preferences. While both cities offer relatively moderate costs of living compared to national averages, Raleigh typically has slightly lower housing expenses, with median home prices and rent prices often more affordable than those in Charlotte. However, Charlotte may offer higher-paying job opportunities in certain industries, potentially offsetting the higher housing costs.
Is it Cheaper to Live in Durham or Raleigh?
Deciding whether it's cheaper to live in Durham or Raleigh involves considering factors such as housing costs, amenities, and job opportunities. While Durham may offer slightly lower housing expenses, particularly in certain neighborhoods, Raleigh's robust job market, especially in the tech and education sectors, may provide higher-paying opportunities. Ultimately, the choice between Durham and Raleigh depends on individual preferences and priorities, with both cities offering their own unique charm, cultural offerings, and economic prospects for residents to consider.
Does Raleigh, NC have a High Quality of Life?
Raleigh, NC, offers a high quality of life, combining city living with Southern charm. The city features a strong job market in tech, education, and healthcare, along with a diverse cultural scene that includes museums, theaters, and music venues. Outdoor enthusiasts benefit from extensive parks and greenways, while excellent schools, low crime rates, and a welcoming community make Raleigh a desirable place to live for individuals and families alike. Overall, Raleigh provides economic opportunity, cultural richness, and a strong sense of community.
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