Welcome to Raleigh! Serving alongside Durham and Chapel Hill as anchors of the Research Triangle, this city’s rich history and hot residential market make it highly desirable for soon-to-be city dwellers. With its picturesque oak-lined streets, vibrant energy, and institutional innovation, Raleigh is the perfect combination of beauty and brains.
Living in Raleigh is undeniably exciting, but it often comes with a hefty price tag. The diverse culture, lively social scene, and endless entertainment options usually warrant higher housing costs. But, while finding an apartment near the action might seem expensive, it is possible to work, play, and live affordably in Raleigh.
In this guide, we’ll share our tips and tricks for paying less and living more in Raleigh. Specifically, we’ll share insight on Raleigh’s most affordable neighborhoods, including:
Lake Park Condominiums
- Average rent in Lake Park Condominiums: $1,016/month
- Average rent in Raleigh, NC: $1,402/month
First up for the most affordable neighborhoods in Raleigh is Lake Park Condominiums. Known for its stunning views of Lake Johnson and tight-knit community feel, this quaint neighborhood is perfect for renters seeking a tranquil escape just outside of Downtown Raleigh.
Lake Park Condominiums is also recognized for its proximity to NC State University, making it a popular off-campus living option for students. By car, it’s only about a five-minute drive to campus. While on foot, it’s about a 40-minute walk. That said, this area’s affordable prices come as no surprise, as they’re intended to accommodate student renters’ budgets.
Pine Ridge
- Average rent in Pine Ridge: $1,039/month
- Average rent in Raleigh, NC: $1,402/month
Next on our list is Pine Ridge, a very small community about seven miles north of Raleigh’s urban center. Here, you’ll get a quiet, suburban feel at a great price. However, due to its small size, Pine Ridge’s rental options are more limited.
If you can’t find an available listing in Pine Ridge, consider venturing to one of its neighboring communities. Shamrock Meadows, which is featured later in our list, neighbors Pine Ridge and offers comparable homes and prices. Regardless of whether you’re directly in Pine Ridge or on its outskirts, you’ll still experience the convenience of living near popular dining options and major shopping centers like Triangle Town Center.
Somerset Place
- Average rent in Somerset Place: $1,054/month
- Average rent in Raleigh, NC: $1,402/month
Another affordable option to consider is Somerset Place, a well-kept, single-family and townhouse community in North Raleigh. Like Pine Ridge, this area is quite small. However, its size and prices, of course, appeal to many renters, particularly those who value secluded suburban living.
Residents in Somerset Place not only enjoy its affordability but also its convenient location. They’re only a short walk away from the Spring Forest Road Park, a drive away from the Crabtree Valley Mall, and have easy access to the I-540 and I-440 highways. If you want an appealing blend of serenity, affordability, and adventure, then Somerset Place might be the place for you!
Shamrock Meadows
- Average rent in Shamrock Meadows: $1,105/month
- Average rent in Raleigh, NC: $1,402/month
As mentioned earlier in our list, Shamrock Meadows is a great option for Raleigh’s budget-conscious renters. Found in North Raleigh, this charming, tight-knit community boasts a handful of apartment and single-family home listings, many of which are priced below the city's average rent cost.
But affordability isn’t the only perk to living in Shamrock Meadows. Here, you can take advantage of the area’s homey, small-town feel while still enjoying easy access to Downtown Raleigh. Not to mention, you’ll also have several local amenities at your fingertips, like the Green Road Community Center and Durant Nature Preserve.
Fairview Acres
- Average rent in Fairview Acres: $1,112/month
- Average rent in Raleigh, NC: $1,402/month
Last on our list is Fairview Acres. Though it boasts the highest rent of all our featured neighborhoods, this area is still very affordable compared to most of Raleigh’s residential areas. Listings here rarely exceed a rent of $1,400 a month. However, that doesn’t mean Fairview Acres falls short on quality or appeal.
Unlike many others on our list, Fairview Acres isn’t located north of the city. Rather, it’s about seven miles west of Raleigh’s urban center. Living on this side of town provides many benefits to renters, including larger properties, more green space, and quieter surroundings.
Explore Affordable Apartments for Rent in Raleigh on Apartments.com
Whether you’re dropping in for a short-term lease or hoping to set down roots in Raleigh, Apartments.com has the tools to help you find an apartment easily. Navigate housing across Raleigh neighborhoods with our customized search engine. And once you find the perfect location, narrow your search even further by setting a price range that works for you.
No matter the budget, affordable rental options in Raleigh are endless with Apartments.com. Ready to get started? Pay less, live more, and rent on in the beloved North Carolina Triangle.
*Apartment rent data provided by CoStar Group’s January 2025 reports
This article was originally published on June 27, 2022, by Sarah Catherine Fordham.
FAQs
What is the cheapest area to live near Raleigh, NC?
According to data from Apartments.com, Lake Park Condominiums is the cheapest area to live near Raleigh, NC. The average monthly rent here is $1,016, less than Raleigh’s overall average of $1,402.
What salary do you need to live comfortably in Raleigh, NC?
To live comfortably in Raleigh, NC, you need a monthly salary of at least $4,673 per month or $56,076 per year. This income allows you to allocate 30% of your earnings to rent, which averages $1,402 per month in Raleigh.
Is it cheaper to live in Durham or Raleigh?
According to data from Apartments.com, living in Durham is slightly cheaper than living in Raleigh. As of May 2025, the average rent in Durham is $1,399 per month, while the average rent in Raleigh is $1,402 per month. This means that Durham is more affordable, but not by an exorbitant amount.
