Suburbs Where Buying Is Now Cheaper Than Renting

In Cary and Apex, the monthly cost of owning a typical three-bedroom house now runs $150 to $300 below the rent for the same property type, according to figures compiled from Wake County property records and Triangle MLS listings through June.

The shift stems from a modest rise in listed homes combined with mortgage rates that have held near 6.2 percent since early spring, while landlords in the same corridors have kept asking rents steady or raised them to cover higher insurance and maintenance bills.

Buyers looking at Preston Village in Cary or the downtown grid in Apex can compare a $465,000 purchase price against current rental rates near $2,950 a month; the resulting principal-and-interest payment plus taxes and insurance lands around $2,680, a clear reversal from 2024 patterns when ownership carried a premium.

Where the numbers flip

Further east, the Brier Creek neighborhood along the Durham County line shows the same crossover for homes near the shopping district and the adjacent Wake County library branch. Local agents at the Raleigh Regional Association of Realtors report multiple contracts written last month where buyers locked in payments lower than the prevailing lease rates posted on the same blocks.

Market data released last week placed the median sale price for single-family homes in Apex at $485,000 as of June 30, with average rents for comparable properties listed at $2,900; the 30-year fixed rate used in those calculations was 6.2 percent on July 1.

Practical moves for households watching the gap

Anyone weighing the switch should pull a current mortgage pre-approval from a lender familiar with Wake County filings and run the exact tax and insurance numbers for the target address before making an offer. Checking recent closed sales on the same street through the county’s online portal gives the clearest picture of where the monthly advantage holds.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.