Unless you end up working in Raleigh, you probably don't want to live there -- traffic in/out of the city is a hassle. I can't really speak to the city itself though have been to some nice events there lately. There are nice old neighborhoods near (and very bikeable) to NCSU, but I have no idea of cost.
I beg to differ. I love Raleigh and what's been happening in and around downtown in recent years. For Mustachian areas, I would look to the areas just west of the downtown and a bit south-ish. There's tons of homes that need a little love but have great potential if that appeals to you. I also like the feel of these neighborhoods and I think that they're going to be really really cool in a few years. There's the small market on the weekends at Rebus Works, a nice brewpub, a really great bakery, Boulted Bread, that just moved in and other new things popping up all the time. The area also has a DIY vibe to it. You'll find people raising chickens in their backyard and growing veggies. I find most of the downtown and surrounding areas to be very bikeable. You may also find relatively inexpensive housing around the Cameron Village area, although you're abutting student housing/rentals in the area for better or worse. You might also find affordable housing near Mordicai/Person Street areas, which has also seen the recent arrival of new stores, restaurants, bars, coffee shops, and a promising looking bakery.
As you move north of downtown, things get very expensive (for the area). The Inside the Beltline (from just north of downtown up to 440) is notorious for being old money and insular. (There's a parody Twitter, the ITB Insider, with its fictional author William Needham Finley IV, that captures the vibe of these neighborhoods well.) Beyond that is North Hills, which is young family central. Beyond that is suburbia and it's not so great for walking or biking, unless you're near greenway trails (another great Raleigh feature).
Durham is probably the most Mustachian and some really cool things are happening in Durham. There's a strong and growing creative class there (which you'll also found in the pockets of Raleigh I mentioned and in Carrboro, but on a small scale). It's amazing to see the change in that city. Chapel Hill/Carrboro is nice, but small, which drives prices up outside of student housing areas. Still, I prefer Raleigh. With the arrival of Red Hat's headquarters and Citrix in downtown, it's developing rapidly. I think that the fixer uppers not far from downtown could be a really excellent investment.
Cary, stuck in the middle of all three, is suburbia in all it's splendor - big box stores, chain restaurants, neighborhood islands surrounded by busy roads, etc. Blah.