Everything else equal, I think we can all agree that living in a cheaper place is better than living in a more expensive place.
I’d much rather pay $500/mo in rent than $1,000. And I’d rather pay $2 for coffee than $5.
And while every neighbhorhood in Raleigh might be more expensive than living in rural North Carolina, there are certain neighborhoods that are definitely cheaper.
So what exactly are those Raleigh neighborhoods where your dollar goes a little further — you can get that one bedroom instead of the studio?
Instead of relying on public opinion and speculation, we wanted to get the facts straight and find out which neighborhoods in Raleigh are the cheapest.
What’s the cheapest neighborhood to live in Raleigh for 2020? According to the most recent census data, Northeast looks to be the cheaptest Raleigh neighborhood to live in.
At this point we should make it clear that you do get what you pay for — some of these neighborhoods might not be the best places to live in Raleigh. You could be sacrificing location or crime rates in return for more space and cheaper groceries.
Read on to see how we determined the places around Raleigh that deserve a little bragging rights or maybe you’re interested in the worst neighborhoods in Raleigh.
Once you’re done, you can look at the bottom of the story for a complete chart of every neighborhood we looked at from cheapest to most expensive.
For more North Carolina reading, check out:
- Best Places To Live In North Carolina
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- Cheapest Cities To Live In America
- Cheapest States To Live In America
How We Determined The Cheapest Raleigh Hoods In 2020
In order to rank the cheapest places to live in Raleigh, we had to determine what criteria defines “cheap”.
- Overall Cost Of Living
- Rent To Income Ratio
- Median Home Value To Income Ratio
We then ranked each neighborhood with scores from 1 to 18 in each category, where 1 was the cheapest.
Next, we averaged the rankings for each neighborhood to create a cheap neighborhood index.
And finally, we crowned the neighborhood with the lowest cheapest neighborhood index the “Cheapest City Neighborhood In Raleigh.” We’re lookin’ at you, Northeast.
Read on below to learn more about what it’s like to live in the cheapest places Raleigh. Or skip to the end to see the list of all the neighborhoods in the city from cheapest to most expensive.
The 10 Cheapest Neighborhoods To Live In Raleigh For 2020
The median income in Northeast comes in at $56,500 and the median home value is $154,814 for 2020.
The median income in South comes in at $42,477 and the median home value is $131,456 for 2020.
The median income in Southeast comes in at $43,932 and the median home value is $124,092 for 2020.
North Raleigh is an expansive, diverse, and fast-growing suburban area of the city that is home to established neighborhoods to the south along with many newly built subdivisions and along its northern fringes. The area generally falls North of Millbrook Road. It is primarily suburban with large shopping areas. Primary neighborhoods and subdivisions in North Raleigh include Bartons Creek Bluffs, Bedford, Bent Tree, Black Horse Run, Brier Creek, Brookhaven, Coachman’s Trail, Crossgate, Crosswinds, Dominion Park, Ethan’s Glenn, Falls River,Greystone Village, Harrington Grove, Hidden Valley, Lake Park, Long Lake, North Haven, North Ridge, Oakcroft, Shannon Woods, Six Forks Station, Springdale Estates, Stonebridge, Stone Creek, Stonehenge, Summerfield, Valley Estates, Wakefield, Weathersfield, Windsor Forest, and Wood Valley. The area is served by a number of primary transportation corridors including Glenwood Avenue U.S. Route 70, Interstate 540, Wake Forest Road, Millbrook Road, Lynn Road, Six Forks Road, Spring Forest Road, Creedmoor Road, Leesville Road, Norwood Road, Strickland Road, and North Hills Drive.
The median income in North comes in at $80,005 and the median home value is $266,389 for 2020.
The median income in West comes in at $49,446 and the median home value is $161,100 for 2020.
The median income in Northwest comes in at $78,719 and the median home value is $279,428 for 2020.
The median income in Southwest comes in at $38,691 and the median home value is $132,067 for 2020.
The median income in Wade comes in at $86,021 and the median home value is $387,250 for 2020.
The median income in East Raleigh comes in at $42,542 and the median home value is $175,225 for 2020.
Hillsborough Street is a business and cultural thoroughfare through Raleigh, North Carolina, United States. The street serves as a center for social life among North Carolina State University and Meredith College students.
The median income in Hillsborough comes in at $50,986 and the median home value is $256,791 for 2020.
Summing Up The Cheapest Places In Raleigh
If you’re measuring the neighborhoods in Raleigh where prices are low and it’s cheap to live, this is an accurate list.
As we mentioned earlier, the neighborhoods in Raleigh aren’t all cheap. Central takes the title of the most expensive neighborhood to live in Raleigh.
We ranked the neighborhoods from cheapest to most expensive in the chart below.
For more North Carolina reading, check out:
- Cheapest Places To Live In North Carolina
- Best Places To Raise A Family In North Carolina
- Best Places To Retire In North Carolina
- Richest Cities In North Carolina
- Safest Cities in North Carolina
- Worst Places To Live In North Carolina
Detailed List Of The Cheapest Neighborhoods To Live In Raleigh For 2020
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