OK....
Chapel Hill isn't in Raleigh, Chapel Hill in Chapel Hill (psychotic NC resident here!

) .
If you're moving to the Triangle area (Raleigh, Durham, Chapel Hill--NC State, Duke, UNC are the respective colleges), I'd suggest living IN Chapel Hill. Why??
There is more to do in Chapel Hill. Parties are better, food is better, music scene is better--it's a much younger crowd. Raleigh is more of a regular town than a college town and it can get boring. Plus, it's not as attractive a city as Chapel Hill is. Raleigh is only 30 minutes away from Chapel Hill for big concerts and NHL Hockey but given the choice I'd live in Chapel Hill any day. Plus, my bet is that you can find cheaper rents in Chapel Hill, and there's much better public transportation there too. I can't begin to describe how much better Chapel Hill is than Raleigh. I mean, Raleigh's great too, but if you had a choice....