The typical owner-occupied home in Cary is worth about $580,200, 2.0 times the North Carolina median of $288,900 and 74% above the national median of $332,700. Owners pay a median $4,142 a year in property taxes, about 0.71% of their home's value, higher than the North Carolina rate of 0.66%. The median household earns $134,905 a year, so the median home costs 4.3 times the median income (4.0 times for North Carolina). 67% of occupied homes here are lived in by their owners, and 72% of those owners still have a mortgage.
Cary at a glance
| Cary | North Carolina | U.S. | |
|---|---|---|---|
| Median home value | $580,200 | $288,900 | $332,700 |
| Median property tax paid per year | $4,142 | $1,896 | $3,119 |
| Property tax as a share of value | 0.71% | 0.66% | 0.94% |
| Median household income | $134,905 | $72,388 | $80,734 |
| Homes lived in by their owners | 67% | 67% | 65% |
| Owner homes with a mortgage | 72% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $2,389 | $1,631 | $1,963 |
| Those costs as a share of the owners' income | 17.3% | 19.4% | 21.0% |
| Median rent | $1,738 | $1,228 | $1,413 |
| Rent as a share of renters' income | 24.9% | 29.5% | 30.6% |
| Median year homes were built | 1999 | 1991 | 1980 |
| Vacant homes | 5.5% | 12.5% | 10.1% |
| Population | 179,306 | 10,730,404 | 334,922,499 |
What a typical home costs per month in Cary
At this week's average 30-year rate of 7.11%, buying the median Cary home of $580,200 with 20% down costs about $3,707 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,674, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $158,892 for the 20%-down payment. That payment is 33% of the median Cary household income of $134,905; at that income and 20% down, the 28% guideline points to a home of about $493,000.
The median rent here is $1,738 a month, so owning the median home costs about $1,969 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $116,040 |
|---|---|
| Loan amount | $464,160 |
| Principal and interest | $3,122 |
| Property taxes (0.71% a year) | $343 |
| Homeowners insurance (our estimate, 0.5% a year) | $242 |
| PMI | $0 |
| Total per month | $3,707 |
Change the numbers in the calculator
| Down payment | $20,307 |
|---|---|
| Loan amount | $569,691 |
| Principal and interest | $3,832 |
| Property taxes (0.71% a year) | $343 |
| Homeowners insurance (our estimate, 0.5% a year) | $242 |
| FHA mortgage insurance | $257 |
| Total per month | $4,674 |
Change the numbers in the calculator
Questions about home buying in Cary
What is the median home value in Cary?
About $580,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cary?
Homeowners pay a median $4,142 a year, which is about 0.71% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Cary?
For the median home with 20% down at 7.11%, the payment is about $3,707 a month. Keeping that under 28% of gross income takes about $158,892 a year.
More about Cary
- Mortgage Refinance in Cary
- Debt Relief in Cary
- Home Equity Loans in Cary
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data