Raleigh vs Durham: Mortgage Cost Comparison
Thinking about buying in Raleigh or Durham? Here's a side-by-side comparison of mortgage costs in both cities.
$2,529
Raleigh PITI
$2,292
Durham PITI
$237/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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Raleigh vs Durham: Full Mortgage Comparison
Buying a home in Durham is $237/month cheaper based on average home prices and local costs.
| Raleigh, NC | Durham, NC | |
|---|---|---|
| Avg. Home Price | $415,000 | $370,000 |
| Down Payment (20%) | $83,000 | $74,000 |
| Loan Amount | $332,000 | $296,000 |
| Property Tax Rate | 0.8% | 0.88% |
| Annual Property Tax | $3,320 | $3,256 |
| Annual Insurance | $1,850 | $1,800 |
| Monthly P&I | $2,098 | $1,871 |
| Monthly PITI | $2,529 | $2,292 |
| Total Interest (30yr) | $423,448 | $377,532 |
What Drives the Difference?
Home prices are the biggest factor — Raleigh’s average home costs $45,000 more than Durham’s.
Property taxes also favor Raleigh — Durham’s 0.88% rate is higher than Raleigh’s 0.8%.
Insurance is $50/year more in Raleigh.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Raleigh | Durham | |
|---|---|---|
| Monthly PITI | $2,529 | $2,292 |
| Income needed | $108,399 | $98,239 |
Try Your Own Numbers
The calculator above is pre-filled with Raleigh’s averages. Adjust the values to match your situation, or try the Durham calculator for Durham-specific numbers.