Every year, people from all over the world move to
North Carolina’s capital city. It’s home to North Carolina State University and is part of the Research Triangle area—a big draw for students and professionals alike.
But what if you want access to
Raleigh without living amidst the hustle and bustle? Moving to the suburbs might be the right choice for you and your wallet.
Today, we created a list of the 5 most affordable Raleigh suburbs in terms of cost of living, median home value, percentage of income spent on rent, and home affordability.
1. Zebulon
Key Stats:
- Cost of living: 91, compared to the Raleigh average of 103
- Median home value: $111,100
- Affordability ratio: 2.1
Zebulon has the lowest cost of living near Raleigh and the homes are less expensive here than any other suburb in the area. But the real reason you’ll want to move here is the small town charm and the feeling of community.
And while it may not have as many amenities as other places nearby, it’s not too far from Raleigh, and with all the money you’ll save on home payments, you’ll actually be able to afford a night on the town.
2. Knightdale
Key Stats:
- Median home value: $168,800
- Income spent on rent: 24.8 percent
- Affordability ratio: 2.4
Just about 15 minutes from downtown Raleigh is this little gem of a community. It began as a farming community, but these days it’s growing quickly. It has all of the charm you’d expect from a small town, but with its rapid growth, the amenities you’ll need, from shopping and dining out to fitness and spas.
The housing options in Knightdale are about as varied as the people who live here. It offers everything from one bedroom-apartments, just down the street from major shopping and dining areas, to larger estate homes, more secluded from all the hustle and bustle.
You can also look forward to town events here like Community Day, the Christmas Tree Lighting, and Movie Night.
3. Clayton (tie)
Key Stats:
- Cost of living: 97, compared to the Raleigh average of 103
- Median home value: $152,600
- Affordability ratio: 2.7
This town of just about 17,000 residents is truly one of a kind. During the recent economic downturn, when most places were losing jobs right and left and the housing market was practically going bust, Clayton not only managed to grow in size, but added jobs.
Its booming business and affordability aren’t the only reasons you’ll love this town, though. Clayton has good schools and excellent summer camps and afterschool programs year-round.
It also has a brand new multi-million dollar, state-of-the-art law enforcement center, a new community center, a new grant program for local artists, and more and more parks and green spaces seem to be popping up everyday.
3. Holly Springs (tie)
Key Stats:
- Income spent on rent: 19.6 percent
- Affordability ratio: 2.6
You might be surprised to see Holly Springs on our list, since it’s known as a pretty affluent community with a high cost of living. But
because of its affluence—or rather, residents’ high median income of nearly $90,000—a lower percentage of that income is spent on rent and housing.
In fact, residents in Holly Springs spend the least on rent out of anywhere near Raleigh.
Whether you’re looking to buy or rent, though, you’re going to want to check Holly Springs out. It’s the safest place near Raleigh, and in fact, the third
safest place in the state.
The schools here are excellent, there are two private golf courses, spas and fitness centers, nearly 50 restaurants, and if that’s not enough, in 2006 the community opened a multi-million dollar complex with a performing arts theater, an outdoor stage, library, and conference area.
5. Garner
Key Stats:
- Cost of living: 98, compared to the Raleigh average of 103
- Median home value: $165,600
- Affordability ratio: 2.7
Garner is that perfect combination of old and new. The historic downtown district traces its origins back to 1878 and still has many of the same beautiful buildings and yet all of the modern amenities you’ll need.
The homes are just as varied, from traditional homes set on vast lawns to more modern townhomes and condos. There’s even the Garner Senior Center, if you’re looking for a retirement community.
Garner has festivals and events throughout the year, from the holiday Christmas Tree Lighting to the Music Off Main festival during the summer. In fact, Garner is a haven for arts and entertainment, with its large performing arts center and the Avery Street Recreation Center. There are eight public elementary schools, two middle schools, and one high school.
Living Near Raleigh
Living
near Raleigh may not be quite as thrilling as living smack dab in the middle of the capital city, but it’s certainly a lot more affordable.
If you’re ready to start
searching for homes, let us know, and we’ll connect you with one of
Movoto’s Raleigh real estate agents.
Our Methodology
We start by gathering up all of the largest places near Raleigh. Then, we use sources like the
U.S. Census and
AreaVibes to research each place in terms of these budget friendly criteria:
- Cost of living
- Median home value
- Percentage of income spent on rent
- Affordability ratio (the median home price divided by income ratio)
We ranked each of our 12 places in each category with scores from one to 12 and then averaged these out into one overall score for each place. Our five lowest scores went to our five most affordable suburbs.
To see how the rest of Raleigh’s suburbs ranked, just check out the table below.
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