ZIP Code · NC

ZIP 27604

Part of Raleigh, NC

Pop. 44,514·Wake County·141st most expensive ZIP in North Carolina

Median rent (all units)

$1,576/mo

Year-over-Year

+2.7%

Month-over-Month

+0.1%

vs US Median

-$356

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 27604 · $1,576

More affordable than 67% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,500

1 BR

$1,570

2 BR

$1,720

3 BR

$2,160

4 BR+

$2,890

Research median

$1,720/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

February. Asking rents in ZIP 27604 usually run 0.8% below trend in February and 1.1% above it in August, about $30 a month apart at today's median. Based on 11 years of data.

Compared with the peak

Rent in ZIP 27604 is at its highest level since Zillow's records here began in January 2015.

Past year vs. the rest of North Carolina

Rent in ZIP 27604 changed +2.7% over the year to September 2026. Across the 190 North Carolina ZIP codes Zillow tracks, the typical change was +2.6%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 27604 rose 39.5% while median household income rose 10.2% ($63,850 to $70,375). Rent outpaced income.

Since before the pandemic

Rent in ZIP 27604 is 37.4% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 7 months in a row, and rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($70,375) is $1,759 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,720); a 3-bedroom is $2,160.

Rank in Raleigh

8th cheapest of 15 ZIP codes in Raleigh.

Cheaper nearby

ZIP 27609, 4 miles away, rents for 12% less ($1,381/mo), about $2,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 27604. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$18,912/yr

At $1,576/mo median

Location

CityRaleigh

StateNC

CountyWake County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.7% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.7% YoY, +0.1% MoM), not inventory.

Demographics

Who lives here

ZIP 27604 (Raleigh, NC) is roughly split between renters and owners, 39.9% of residents hold a bachelor's degree or higher.

Population

44,514

Median income

$70,375

Median age

36.6

Renters

45.2%

Age distribution

20.6%

26.6%

28.5%

12.8%

Under 1820.6%

18–3426.6%

35–5428.5%

55–6411.5%

65+12.8%

Gender

46.8%

53.2%

Male46.8%

Female53.2%

Race & ethnicity

41.6%

30.3%

19.7%

White41.6%

Black30.3%

Hispanic19.7%

Asian8%

Education (25+)

23.6%

26%

39.9%

No HS diploma10.5%

HS diploma23.6%

Some college26%

Bachelor's+39.9%

Housing tenure

54.8%

45.2%

Owner54.8%

Renter45.2%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 27604 in Raleigh, NC has changed in 5 years

Rent

$1,233 → $1,576

up 27.8%

Income

$71,126 → $70,375

down 1.1%

Population

44,856 → 44,514

down 0.8%

Renter share

43.7% → 45.2%

+1.5 pts

Bachelor's+

41% → 39.9%

-1.1 pts

Since 2021, the typical rent in ZIP 27604 in Raleigh, NC has increased from $1,233 to $1,576, a 27.8% change over five years. Census figures show median household income at $70,375 today, compared with $71,126 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. Renters now make up 45.2% of households, compared with 43.7% five years ago. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

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Local insights

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About renting in ZIP 27604

Last updated: October 17, 2026

ZIP code 27604 covers Raleigh, NC. The median rent here is $1,576/mo as of October 2026. A 1-bedroom rents for a median of $1,570/mo. A 2-bedroom rents for a median of $1,720/mo.

At 27% of local median household income ($70,375/yr), ZIP 27604 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 27604?

To keep rent at or below 30% of gross income, you would need to earn at least $63,000/year (about $30/hour full-time) to afford the median rent of $1,576/mo in ZIP 27604. The local median household income is $70,375/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 27604?

Rent in ZIP 27604 has risen 2.7% over the past year as of September 2026. That is the highest level since Zillow's records here began in January 2015.

When is the cheapest time to rent in ZIP 27604?

Asking rents in ZIP 27604 are usually lowest in February, about 0.8% below their yearly trend, and highest in August, about 1.1% above it. At today's median that is a gap of roughly $30 a month. This pattern comes from 11 years of Zillow rent data.

Has rent outpaced income in ZIP 27604?

Yes. From 2019 to 2024, rent in ZIP 27604 rose 39.5% while median household income rose 10.2%, from $63,850 to $70,375. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 27604 compare to other ZIPs in North Carolina?

ZIP 27604 is in the middle among North Carolina ZIP codes for rent, ranking #141 of 230 at $1,576/mo. Over the year to September 2026, rent in ZIP 27604 changed +2.7%, against a typical +2.6% across the 190 North Carolina ZIP codes Zillow tracks.