Raleigh-Cary, NC vs Virginia Beach-Norfolk-Newport News, NC
A 2-bedroom in Virginia Beach-Norfolk-Newport News costs $37 less per month than Raleigh-Cary ($1,713 vs $1,750). Median income is $96,066 in Raleigh-Cary and $80,533 in Virginia Beach-Norfolk-Newport News. That's a difference of $444 per year in housing costs.
Side-by-Side Comparison
| Metric | Raleigh-Cary | Virginia Beach-Norfolk-Newport News |
|---|---|---|
| Studio FMR | $1,524 | $1,492 |
| 1BR FMR | $1,596 | $1,512 |
| 2BR FMR | $1,750 | $1,713 |
| 3BR FMR | $2,196 | $2,376 |
| 4BR FMR | $2,936 | $2,797 |
| Median Income | $96,066 | $80,533 |
| Rent Burden | 21.9% | 25.5% |
| Actual Median Rent | $1,459 | $1,416 |
| Median Home Value | $381,000 | $318,000 |
| Population | 1.4M | 1.8M |
| Renter % | 33% | 36.9% |
| Vacancy Rate | 7.6% | 7.6% |
| Poverty Rate | 8.6% | 10.9% |
| YoY Change | - | +14.7% |
| Min Wage | $7.25/hr | $7.25/hr |
Income Required to Afford a 2-Bedroom
Frequently Asked Questions
Virginia Beach-Norfolk-Newport News, NC is more affordable with a 2BR FMR of $1,713/mo, which is $37 less than Raleigh-Cary at $1,750/mo. However, when considering local incomes, Raleigh-Cary has a rent burden of 21.9% vs 25.5% in Virginia Beach-Norfolk-Newport News.
A 2-bedroom in Raleigh-Cary, NC costs $1,750/mo at Fair Market Rent, while in Virginia Beach-Norfolk-Newport News, NC it's $1,713/mo, a difference of $37/mo or $444/year.
To afford a 2BR without spending more than 30% of income on rent: Raleigh-Cary requires $70,000/year ($34/hr). Virginia Beach-Norfolk-Newport News requires $68,520/year ($33/hr).