Wages are the number one factor in determining the value of rents which is why until recently New York City had the highest rents.
Today you might be surprised to learn that the Williston Herald (North Dakota) reports that Apartment Guide found that a 700-square-foot, one-bedroom apartment in Williston costs an average of $2,394 a month. The same apartment would cost $1,504 in the New York area, $1,411 in Los Angeles or $1,537 in Boston.
Raleigh-Cary enjoys some of the highest wages in the south but thankfully our cost of living is still very affordable. Below are both the current Median Rents and Income for Raleigh-Cary in 2014 according HUD.
The featured image in this post is the swimming pool at The Village at Marquee Station in Fuquay-Varina where monthly at this brand new new Southern Wake County Apt community where monthly rents can range from $880 for a 1 bedroom to $1310 for a three bedroom flat.
As you can see, it is very comparable to the cost of owning so you should consider carefully whether renting or buying is right for you. Here’s a great online Rent Vs. Buy Calculator that I found pretty helpful on the New York Times website.