Moving to The Triangle: The Cost of Living in Raleigh-Durham, NC

The cities of Raleigh and Durham consistently rank among the nation’s best places to live and are the core communities of what is known as the Triangle of North Carolina. Although they’re often referred to collectively as Raleigh-Durham, they are two distinct metropolitan areas: Raleigh-Cary and Durham-Chapel Hill. Just 24 miles separate the downtowns of Raleigh and Durham. They are connected to Chapel Hill by the Research Triangle Park.

A hotspot for technology, the Research Triangle Park sits in the middle of the three cities, roughly equidistant from North Carolina State University (Raleigh), the University of North Carolina at Chapel Hill, and Duke University (Durham). It’s home to IBM, Cisco Systems, Lenovo and, soon, Apple.

But, the Research Triangle Park is not the only reason to consider moving to the area. It is approximately halfway between New York and Florida, and none of the cities feel too big or too small. Additionally, Raleigh, Durham and Chapel Hill have an excellent quality of life that is only getting better.

Need more reasons to move? Here’s what you need to know about the cost of living in Raleigh-Durham, NC.

Cost of living in Raleigh-Durham, NC

To determine how expensive (or inexpensive) it is to live in a particular city, it helps to look at the cost of living index score. If a city’s index score is higher than 100, then the cost of living is above average. If a city’s index score is lower than 100, then the cost of living is below average.

According to AreaVibes, Raleigh has an overall cost of living index score of 103, which is 3 percent higher than the national average of 100. Chapel Hill’s cost of living score is even higher at 119. However, the cost of living in Durham comes in at a more reasonable 95.

Housing accounts for the higher cost of living in Chapel Hill and, to a lesser extent, in Raleigh. Numbeo reports that a family of four living in any of the three cities can expect to pay roughly $3,200 per month for expenses before housing costs. However, by choosing to live in Durham, you’ll save money on housing and enjoy a comparatively lower cost of living.

Jobs

The Triangle area, broken into Raleigh and Durham-Chapel Hill by the U.S. Bureau of Labor Statistics, has an unemployment rate of 3.9 percent. This falls well below the national unemployment rate of 5.2 percent (at the time this article was written).

Technology drives the economy with a major research center located equidistance from three Tier-1 research universities: North Carolina State University, University of North Carolina at Chapel Hill, and Duke University. Known as Research Triangle Park, this 7,000-acre campus in Durham boasts more than 300 technology companies, with more on the way. Apple just announced it would build a $1 billion campus at the park and hire at least 3,000 employees making an average of $187,000 per year.

But the technology industry isn’t limited to Research Triangle Park. You’ll find more than 4,000 tech companies in the region such as IBM, Red Hat, Lenovo, SAS, Bandwidth, Citrix and Epic Games.

Other major employers in the area include Duke University and Health System, Blue Cross and Blue Shield, pharmaceutical company GSK, Fidelity Investments, Duke Energy, Wells Fargo and LED lighting manufacturer Cree. Looking for a job in finance services? You’ll likely find it Durham, where these jobs complement the tech industry.

Salary

The median household income in the Triangle area is approximately $73,600, according to U.S. Census data. This is nearly 10 percent higher than the national median household income of $65,712. However, Salary List points out that salaries vary greatly, ranging from $25,653 to $595,800.

According to Salary List, the highest paying jobs are in the medical and technology industries, with some medical specialists and pharmaceutical company executives earning more than $150,000. Software engineers, research scientists and project managers similarly can make more than $100,000. Given that the cost of living in the area is slightly more or just below than national average, even if you earn the median household income, you’ll live very comfortably in the Triangle area.

Real estate

According to Realtor.com, the median listing home price in Raleigh is $360,000, with an average of $185 per square foot. This is somewhat higher than the national median home listing price of $293,000. The median listing home price in Durham is $332,000, with an average of $186 per square foot, while in Chapel Hill, the median listing home price is $490,000. It’s worth noting that home prices range dramatically in Raleigh and Durham, from $80,000 to more than $5 million.

There are approximately 792,000 households in the Raleigh-Durham metropolitan area and another 20,369 in Chapel Hill, according to the most recent U.S. Census Data. Roughly 64 percent of all housing units are owner-occupied in Raleigh-Durham while 50 percent are in Chapel Hill. If you choose to rent in Raleigh-Durham, you’ll pay between $1,400 and $1,500 per month, on average for a one-bedroom apartment. Be prepared to pay an average $1,652 per month for a similar apartment in Chapel Hill.

Taxes

In the state of North Carolina, you’ll play a base sales tax of 4.75 percent. Then, depending on which county and city you live in, you’ll pay additional. Although Raleigh, Durham and Chapel Hill are in different counties, the combined sales tax for all three is 7.25 percent.

Property taxes also depend on the county. In Raleigh (Wake County), the property tax rate is 0.615 or 61.5 cents per $100. Durham’s property taxes (Durham County) are nearly double that at $1.2739 per $100 of assessed value. Meanwhile, in Chapel Hill (Orange County), the rate is 0.78 or 78 cents per $100.

The individual income tax rate in North Carolina is currently 5.25 percent. That means an individual an annual income of $75,000 would pay an estimated $3,373 in state income tax if they filed as a single or $2,809 if they filed as married.

Transportation

The Triangle area spans 4,660 miles. Depending on where you live in the Triangle relative to where you work, expect to spend a lot of time on the road. The average mean travel time to work for employees in the area is roughly 27 minutes. According to Gasbuddy.com, the average price of regular unleaded gas in Raleigh is $2.97 per gallon. In Durham-Chapel Hill, the same gallon of regular gas costs $2.98. Gas in both communities is significantly lower than the national average of $3.18 (at the time this article was written).

GoRaleigh provides public bus transportation throughout Raleigh. It connects to Research Triangle Park, Durham and Chapel Hill through the GoTriangle regional public bus system. Durham has a similar system, GoDurham, as does neighboring Cary, GoCary. Meanwhile, Chapel Hill Transit has its own network of 31 routes in Chapel Hill. Currently, public transportation in the area is free. The Go bus networks suspended fares until June 2022, and Chapel Hill Transit does not charge riders.

Additionally, Raleigh’s RLine offers free rides on hybrid electric busses that connects passengers to popular restaurants, museums and other venues.

Other reasons to move to Raleigh-Durham

• You can experience all four seasons in the Triangle area. In spring and summer, temperatures range from the high 60s to the high 80s (degrees Fahrenheit). In fall, the City of Oaks (Raleigh) blazes as the leaves change color. Winter temperatures dip below freezing, and the city gets an average of 4.7 inches of snow annually.
• The Triangle area is a favorite with outdoor enthusiasts. Raleigh boasts 9,000 acres of parklands plus more than 180 miles of trails. In Durham, you can walk or bike 12 miles of the 22.6-mile American Tobacco Trail. Local lakes provide opportunities for boating, fishing and water activities.
• Beer and food. Raleigh has one of the best craft beer scenes in the nation with more than 30 local breweries, and Durham has nearly a dozen. Foodwise, North Carolina has some of the nation’s best barbecue, including The Pit in Raleigh and Bullock’s BBQ in Durham.

Ready to move to Raleigh-Durham?

For more information about Raleigh-Durham or Chapel Hill, check Moving.com’s City Profile Report feature. Simply enter the zip code or the state and city of your potential move to get a free report with city demographics, real estate information, quality of life factors and more. For help finding the best moving company, check Moving.com’s extensive network of reputable and reliable movers.