As a former New Yorker and current Virginian, I have grown addicted to the warmer waters of the outer banks. I have only been to Cape Cod 3 times during the summerand last August was our most recent trip. As a true beachophile, I can assert without question, that if you want to swim in the ocean, the waters of cape cod seem freezing- step in the water and feel numb freezing. In contrast, the outer banks water temp is warm and soothing and one can stay in the water for long stretches of time. While I have not experienced jellyfish probs at the OB, hurricanes are a reality. Regarding prices, it is DEFINITELY cheaper to rent in NC, especially if you are looking for an oceanfront property. There are fancier restaurants on the Cape and lobster, of course and the unmistakeable New England charm, but if you want to swim and are not looking for towns and restaurants- I vote for OB-.