RALEIGH – If Raleigh’s ever-changing skyline doesn’t tell you how much North Carolina’s capital is changing then two new reports might help convince you how major the changes sweeping the area are.
The city is not only growing in population but changing in many ways.
And home buying statistics show that ownership is trending younger than most other cities.
These are just two of several reports pointing to Raleigh and the Triangle area as hubs for growth and innovation, including the No. 2 “Tech Town.”
Raleigh came in ninth among 50 metros studied for a report from housing information site ApartmentList.com. And the Triangle’s continuing emergence as a technology hub from Raleigh to Durham-Chapel Hill and adjacent areas contributed to the changes.
“While the 2000s ended with one of the worst financial crises in modern history, the 2010s were characterized by the longest economic expansion on record. This was also a decade in which the Millennial generation came of age, entering and transforming the labor and housing markets. While change was widespread this decade, it manifested differently in different parts of the country,” writes Chris Salviati, a housing economist at ApartmentList.
“As this analysis shows, the economic effects of the technology industry have also reshaped many of the nation’s largest metropolitan areas. The metros on this list are largely comprised of two groups: (1) existing tech hubs that have had to navigate continued growth over the course of the decade, and (2) smaller tech hubs that have emerged over the course of the decade to compete for top-tier talent and capital investment.”
Specifically about Raleigh and its ranking, the report explains:
“As the core city of North Carolina’s Research Triangle, Raleigh has one of the nation’s most highly educated workforces but remains relatively affordable in terms of housing costs.
“This increasingly rare combination has made Raleigh a magnet for college-educated workers looking beyond the pricey coastal hubs.”
Interestingly, telecommuting was a key factor.
Based on a review of various employment and other data, the report ranks Raleigh No. 1 for “highest share of workers who work from home.”
Raleigh came in No. 2 for population growth – up nearly 18 percent between 2010 and 2018.
And high-paying jobs helped household income climb to “at least six fugures: for nearly 36 percent of households from 25.1 percent in 2010.
Nashville topped the list of most-changed metros followed by Portland, Oregon, and Austin, Texas.
Criteria for the study included:
- Total population
- Homeownership rate
- Median home value
- Median rent
- Share of building permits comprised of multi-family
- Share of population identified as white
- Share of adult population with a college degree
- Share of households earning $100,000 or more
- Share of households that include a married couple
- Share of households with children under 18
House buyers are younger in Raleigh
Home buyers in Raleigh tend to be younger than in much of the country, according to a new report from Charlotte-based LendingTree.
“The average age of a homeowner across the nation’s 50 largest metros is 55 years old,” LendingTree reports. “There is no metro in our study where the average age of homeowners is less than 50 years old. This high average age is due in part to the numerous obstacles that younger homebuyers must face, from lack of savings to poor credit.”
Raleigh, however, ranks No. 3 on the LendingTree report, just behind Salt Lake City and Austin.
No. 3: Raleigh, N.C.
- Average homeowner age: 52.5
- Average age (total population): 37.2
- Median home value: $75,165
- Median home-price growth (2009-2018): 40.7%
- 2009-2018 wage growth (2009-2018): 28.1%
Data used came from the 2018 American Community Survey with one-year estimates, LendingTree says.