The capital of North Carolina, Raleigh is the second largest city in the state. Nicknamed the "City of Oaks" because of its abundance of oak trees, Raleigh is especially famous for the beauty of its residential areas that are abound with tree-lined boulevards and historic houses. Home to North Carolina State University and the prestigious Progress Energy Center for the Performing Arts, it's considered to be one of the fastest-growing cities in the nation, yet it also boasts areas of pristine natural beauty such as Umstead State Park, which is famous for its quiet scenic trails and bridle paths.
Raleigh, NC is a great place for affordable rent-to-own homes! With a median household income of over $69,720 and a median rent of $1,175, the Raleigh, NC rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Raleigh, NC. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Raleigh, NC is seeing rapid growth and Raleigh, NC's' housing market remains not optimal with an average home price that is 23% above the 2023 national average. Raleigh, NC is part of Wake county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Wake is 0.81% which is below the national average, which is 0.99%.
Raleigh's housing expenses are 30% lower than the average US expenses, with 4% lower utility costs and 8% lower transportation costs.
The average cost for a home in Raleigh, NC, is $341,000, than the national average of $295,300.
If you're interested in Raleigh rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Raleigh statistics compared to the U.S. national average.
|Raleigh Averages||National Averages|
|One-Way Commute||23.4 minutes||27.1 minutes|
|Income Tax Rate||5.5%||4.6%|
|Air Quality||AQI 35||AQI 40|
|Median Household Income||$54,581||$79,900|
|Median Property Taxes||$2,327||$2,471|
|Median Home Cost||$341,000||$295,300|
|Median Home Age||27 years||37 years|
The median sale price of a home in Raleigh is $199,400, which shows an increase of 5.1 percent percent over last year's figures. The median list price of a home in Raleigh is $212,500, which represents an increase of 10.7 percent over last year's list prices. A total of 18,944 houses and condominiums have recently sold in the Raleigh area. As of August 2013, 81.9 percent of Raleigh's residential properties are single family homes, 7.6 percent are condominiums, and 10.5 percent are other types of properties. Raleigh's annual residential turnover rate is 23.27 percent.
Raleigh is home to a wide range of eateries, from fine dining restaurants to barbecue palaces, cafes and diners. Here are a few favorites:
North Hills is Raleigh's most popular suburban shopping area. This Midtown neighborhood features a number of large-scale malls and shopping plazas, including North Hills Mall, which has nearly 100 stores, as well as movie theaters, gyms, spas and other service providers.
Here are some neighborhoods in Raleigh you should know about:
Raleigh is the state capital of North Carolina. It has both urban and rural areas. Most rural areas are on the outskirts of Raleigh.
Raleigh is one of the safest cities in the US. It ranks #9 on the list of US cities with low crime rates and low financial insecurity.
Hurricanes don't often reach as far inland as Raleigh. The Raleigh-Durham area typically receives a maximum of 7 inches per storm and rainfall and wind speed only reaches tropical storm level.
The average cost for a home in Raleigh, NC, is $341,000.