Rent vs buy in Cary, NC
A typical home in Cary, North Carolina costs $613,395, alongside a typical monthly rent of $1,768.
Over 7 years, renting comes out ahead by $131k
Using today's mortgage rate and 20% down, the figures reflect Cary's typical rent and home value. No break-even point appears in the first 30 years.
A clearly labelled opinion with math shown. Estimates, not quotes. Change any number, and the stamp will change with it.
- Renting leads by
- $131k after 7 years
- Break-even point
- 30+ years owning never catches up sooner
- True cost of ownership
- $5,191 /mo year 1, against $1,768 rent
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Is it cheaper to rent or buy in Cary?
Counting the money you get back when you sell, renting costs $130,940 less over 7 years. In every displayed year, renting's net cost remains lower than owning's; ownership still hasn't caught up during the 30-year period.
The renting option The owning option Net cost by year so far.
Cary's average rent compared with its mortgage payment
Rent and mortgage don't tell the whole story. The list covers all monthly costs for year 1 at Cary's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,768 | All of it, every month |
| Mortgage payment | $3,344 | $2,948 of it is interest in year 1 |
| Property tax | $363 | 0.71% of the value a year |
| Insurance | $117 | Census median for the city |
| Upkeep | $511 | 1% of the value a year |
| Owning, cash out | $4,335 | $397 of it builds equity |
| Lost return on the down payment | $997 | Cash earnings at 8.3% a year |
| Buying costs, spread out | $256 | 3.5% of the price over 7 years |
| True cost of owning | $5,191 | Subtract the equity portion from cash out, then add the two lines above. |
The math behind Cary's verdict
- Typical home valueZillow ZHVI, September 2026
- $613,395
- Typical rentZillow ZORI, September 2026
- $1,768 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, North Carolina, 1995 to 2025
- 4.4% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Cary
- 0.71% of value
- Home insuranceCensus ACS 2020-2024, Cary
- $117 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would reverse the verdict in Cary?
Each line marks where Cary's 7-year verdict changes if everything else remains as it is.
When renting wins
- We use North Carolina's long-run rate of 4.4%, so yearly home price growth stays below 6.9%.
- The mortgage rate remains above 3.39%.
- This type of home rents for under $3,170 each month; the typical rent here is $1,768.
- During the next 30 years, moving at any point means owning never catches up with these numbers.
When buying wins
- Home prices increase at a yearly rate above 6.9%.
- You secure a mortgage rate under 3.39%, compared with today’s 7.24%.
- If you rented the same home, your monthly cost would be more than $3,170.
How Cary compares with 812 other cities
| Measure | Cary | Median city |
|---|---|---|
| Typical home value | $613,395 | $422,451 |
| Typical rent | $1,768 /mo | $1,837 /mo |
| Price-to-rent ratio | 28.9 (#80 of 813) | 18.5 |
| Home prices, last 10 years | 5.7% a year | 6.2% a year |
| Rents, last 5 years | 2.3% a year | 4% a year |
| Property tax | 0.71% | 0.87% |
| Households that rent | 33% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More North Carolina cities
- Renting. In Charlotte, NC. By $30k, renting is ahead.
- Renting. In Raleigh, NC. By $61k, renting is ahead.
- Toss-up. In Greensboro, NC. Renting leads by $3k.
- Renting. In Durham, NC. By $40k, renting is ahead.
- Buying. In Winston-Salem, NC. It comes out ahead by $6k.
- Buying. In Fayetteville, NC. It comes out ahead by $9k.
- Renting. In Wilmington, NC. By $47k, renting is ahead.
- Buying. In High Point, NC. It comes out ahead by $4k.
- Renting. In Concord, NC. By $20k, renting is ahead.
- Buying. In Greenville, NC. It comes out ahead by $13k.
- Renting. In Asheville, NC. By $53k, renting is ahead.
- Toss-up. In Gastonia, NC. Renting leads by $576.