Wake Forest, NC

Above Avg · 121

North Carolina · Population 51,199 · Updated March 2026

$1,458
Median Rent / Month
$120,777
Median Income
$435,000
Median Home Value
$1,783
Owner Costs / Month

Affordability

How far your income goes in Wake Forest

14.5%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in North Carolina

State-level tax rates that affect your costs

4.5%
Income Tax (Top Rate)
4.75%
Sales Tax
0.8%
Property Tax Rate

Estimated Annual Costs

$17,496
Annual Rent
$5,435
State Income Tax
$3,480
Property Tax (est.)

Cost of Living Overview

Wake Forest has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 121 (where 100 equals the national median), Wake Forest residents can expect to pay median rent of $1,458/month while earning a median household income of $120,777/year.

The median home value in Wake Forest, NC is $435,000, with typical monthly owner costs around $1,783 including mortgage, insurance, and taxes. The median rent-to-income ratio of 14.5% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

North Carolina has a moderate income tax rate of 4.5%. Combined with a 4.75% sales tax rate and 0.8% effective property tax rate, the overall tax environment is a factor in the total cost of living in Wake Forest.

Frequently Asked Questions

Common questions about living costs in Wake Forest

What is the cost of living in Wake Forest, NC?
The cost of living index in Wake Forest, NC is 121 (US average = 100). Median monthly rent is $1,458, median household income is $120,777/year, and the median home value is $435,000.
Is Wake Forest, NC affordable?
No, Wake Forest is more expensive than the national average with a cost index of 121. The rent-to-income ratio is 14.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Wake Forest, NC?
The median gross rent in Wake Forest, NC is $1,458 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $17,496.
What is the median household income in Wake Forest?
The median household income in Wake Forest, NC is $120,777 per year. This compares to the national median of approximately $80,000.
What are the taxes like in North Carolina?
North Carolina has a top income tax rate of 4.5%, a sales tax of 4.75%, and an effective property tax rate of 0.8%.