CALCMONEY // HOME AFFORDABILITY // NC // CARY
How much house can you afford in Cary? Based on local median home prices, current NC mortgage rates, and Cary property tax data.
$510,000
$3,206/mo
$137,382/yr
$379,878
Monthly housing costs of $3,206 represent 35.6% of Cary's median gross monthly income ($9,000/mo). At 35.6%, median-income buyers in Cary are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $510,000 |
| Down Payment (20%) | $102,000 |
| Loan Amount | $408,000 |
| Monthly PI Payment | $2,687 |
| Monthly Property Tax | $306 |
| Monthly Insurance Est. | $213 |
| Total Monthly PITI | $3,206 |
| Housing Cost % of Income | 35.6% |
| Required Income (28% rule) | $137,382/yr |
| Max Affordable Home | $379,878 |
$17,850
$4,108/mo
Cary Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $510,000 | Cary city median |
| Down Payment (20%) | $102,000 | Conventional loan |
| Monthly PITI | $3,206 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $137,382 | Annual gross |
| Max Affordable Home | $379,878 | Based on median income |
| FHA Down (3.5%) | $17,850 | Minimum FHA |
| Housing Cost % of Income | 35.6% | Median income: $108,000/yr |
| Property Tax Rate | 0.72% | $3,672/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Cary is $510,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $408,000, generating a monthly P&I payment of $2,687. Adding property taxes ($306/mo) and homeowners insurance ($213/mo) brings total monthly PITI to $3,206.
Cary's property tax rate of 0.72% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Cary median home, that is $306/month, or $3,672 per year.
North Carolina levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Cary should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Cary's median income of $108,000/year can afford up to $2,520/month in total housing costs. Based on Cary's mortgage rate of 6.9% and property tax rate of 0.72%, that translates to a maximum affordable home price of approximately $379,878 with 20% down on a 30-year loan.
To afford the median Cary home priced at $510,000, you need an annual gross income of approximately $137,382. Total monthly housing costs (principal and interest of $2,687, property taxes of $306, and insurance of $213) come to $3,206/month, which equals 28% of the required income.
At the median home price of $510,000 and median household income of $108,000, the total monthly housing cost of $3,206 represents 35.6% of gross monthly income. This is well above the standard 28% threshold, making Cary a challenging market for buyers at median income.
A conventional 20% down payment on the median Cary home of $510,000 is $102,000. An FHA loan requires just 3.5% down — $17,850 — but adds mortgage insurance of roughly $349/month, bringing total FHA payments to $4,108/month.
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