Charlotte vs Raleigh: Mortgage Cost Comparison
Thinking about buying in Charlotte or Raleigh? Here's a side-by-side comparison of mortgage costs in both cities.
$2,357
Charlotte PITI
$2,529
Raleigh PITI
$172/mo
Difference
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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Charlotte vs Raleigh: Full Mortgage Comparison
Buying a home in Charlotte is $172/month cheaper based on average home prices and local costs.
| Charlotte, NC | Raleigh, NC | |
|---|---|---|
| Avg. Home Price | $380,000 | $415,000 |
| Down Payment (20%) | $76,000 | $83,000 |
| Loan Amount | $304,000 | $332,000 |
| Property Tax Rate | 0.85% | 0.8% |
| Annual Property Tax | $3,230 | $3,320 |
| Annual Insurance | $2,000 | $1,850 |
| Monthly P&I | $1,921 | $2,098 |
| Monthly PITI | $2,357 | $2,529 |
| Total Interest (30yr) | $387,735 | $423,448 |
What Drives the Difference?
Home prices are the biggest factor — Raleigh’s average home costs $35,000 more than Charlotte’s.
Property taxes also favor Raleigh — Charlotte’s 0.85% rate is higher than Raleigh’s 0.8%.
Insurance is $150/year more in Charlotte.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Charlotte | Raleigh | |
|---|---|---|
| Monthly PITI | $2,357 | $2,529 |
| Income needed | $101,028 | $108,399 |
Try Your Own Numbers
The calculator above is pre-filled with Charlotte’s averages. Adjust the values to match your situation, or try the Raleigh calculator for Raleigh-specific numbers.