Careers Lead Raleigh's Economic Boom
Raleigh has been a North Carolina destination since its birth as the state’s capital. Over the decades, as Raleigh has evolved, it has grown into a more modern destination and a hotspot for tech companies, research organizations, trendy restaurants and small businesses. The rest of the country is waking up to the fact that Raleigh is a great location whether you are going to college, relocating for work, buying a home, starting a family or looking for a fun city in which to retire. On average there are 63 new people moving to Wake County per day, making it the 3rd fastest-growing county in the entire country (WRAL). With a lower cost of living compared to other growing cities, and the many opportunities Raleigh + its surrounding towns has to offer people of all ages, why would you not want to live in the Triangle?
A large portion of these new residents are younger and are relocating for jobs that tend to pay well compared to the national average. This is in part what has led to Raleigh becoming an expanding market with a vibrant, professional workforce. The city’s continued growth means our potential is being realized on a daily basis, bringing the vision for a future as a thriving metropolis to life!
From a career perspective, Raleigh is outpacing other comparable cities. The Triangle was ranked “the number one research triangle in North America and remains one of the most successful science parks across the globe (Research Triangle Regional Partnership).” The research sector is home to 300+ companies and 50,000+ employees. The park provides job seekers with the opportunity to earn more and provide themselves and their families with a better lifestyle. Owning property is not a pipe dream for these workers either, and renting provides a much more comfortable margin as well. Here is a closer look at the average cost of rent for a 1-bedroom apartment in Durham compared to other cities around the U.S. per Alcove:
Durham, NC - $919
Raleigh, NC- $975
Atlanta, GA- $1086
Washington, DC- $1469
New York City- $1291
Denver, CO- $1265
Houston, TX- $992
San Francisco- $2639
Los Angeles- $1545
Raleigh has not always been viewed as a top destination, but that image is quickly changing. Now, many residents say it has the vibe millennials and other generations want. According to CNBC, the most important factors when looking where to move after college are “things such as demographics, job opportunities, availability of activities outside of work and how much of your income will go towards rent.". Well, we have job opportunities covered and not just in the field of research. Top companies such as Apple have invested heavily to carve out new headquarters around The Triangle. In Apple's case alone, its $1 billion investment is projected to create 3,000 new jobs over 10 years with an average salary of $187,000 per year (Duke Chronicle).
So, once someone has the dream job and plots the move to Raleigh, there has to be something keeping them here, right? According to a few different lists, Raleigh-Durham is a top city to call home. Raleigh, NC earned the top spot on Bankrate's list of "Best Places to Live in 2022." Based on the Bankrate metrics, Raleigh received top honors for its ratings in several metrics including: Affordability, Diversity, Job Market, Safety and Wellness -- not to mention entertainment like NC State football, Carolina Hurricanes hockey, Red Hat Amphitheater concerts and the North Carolina Museum of Art. Locals will also be proud to know that HGTV ranked Raleigh-Durham #2 on their list of Best Cities to Live in the US thanks to, “the combination of the schools, quality of life and strong economy” (HGTV). Another feather in Oak City's cap - it is also on the list of the most climate resistant cities in the country. According to Architectural Digest, Raleigh ranks #2 of the most climate resistant cities in the country thanks to "the city’s mild weather, excellent air quality, low risk, and high readiness."
With job prospects and a well established local economy drawing new residents, and all the amenities and quality of life residents could ask for, it's no surprise our area has a real estate market that is hotter than the sun. Here in Raleigh, the market is hot, white hot. According to Insurify, Raleigh is ranked the most competitive real estate market in the country. Major real estate data company Zillow crunched the numbers and announced that Raleigh was the #3 hottest housing market in 2022.
It can be an attractive prospect for a lot of folks from more expensive cities to come to Raleigh, Durham, Cary, Wake Forest, etc. for a higher paying job, a lower cost of living, plenty of local amenities. The combination of well-paying jobs and a growing population creates a great and active real estate market for current homeowners and also for those coming to the area for the first time as home values are on an upward trajectory. In the first half of the year, supply was not able to keep up with the demand for homes, causing homes values to appreciate a steep rate. Since the beginning of 2022, home values in Raleigh have increased by 12.8%, with average home prices jumping from $481,165 in January 2022 to $542,827 by June (Triangle MLS).
For those looking to buy, a recent increase in housing inventory has opened the door to owning the home of your dreams in Raleigh. Expect (slightly) less fierce competition moving forward. And as mortgages trend back down, it will be the opportune time to take advantage of one of the hottest real estate markets in the country. Give us a call to navigate your home buying or selling journey - because it is a great day to buy real estate!
Contact Rich Realty Group: 919-697-5320 | firstname.lastname@example.org