A study done by Harvard University late last year determined that more recent college grads, are living at home, or renting. Once they are employed, many are finding that rents are going up, and this fact is making home ownership a great option for affordable housing. Recent College grads are continuing to find that buying a house is still cheaper than renting.
I’m happy to report this month that Raleigh’s Number One!
The folks at NerdWallet (who “hire nerds to analyze complex decisions”) recently analyzed the top 100 largest metro areas to determine which have “characteristics that are favorable to home buyers.” The #1 “Large Metro Area for Home Ownership” is Raleigh/Cary, followed by Charlotte, Salt Lake City, Indianapolis, and Nashville. What does that mean, exactly?
The study focused on three main areas, answering the following questions:
1. Are homes available? The Study looked at the Raleigh Metro area’s home ownership rate, to determine the availability of homes. They figured that a low home ownership rate is likely a signal of competitive inventory, more options for renters rather than buyers and expensive housing. Areas with a high home ownership rate led to a higher overall score, and here – The Raleigh Metro Area is one of the fastest growing and most affordable areas on the list.
The conclusion being the Triangle is a great place to purchase a home, with a Home Ownership rate of 66.8%. Residents have access to top universities – Duke University, University of North Carolina and North Carolina State University – medical centers and Research Triangle Park, one of the largest research facilities in the world, which recently announced a 400 acre expansion. This report concluded that although there’s more competition in the first time home buyer price range, in the Cary and Raleigh area – buying a house is still cheaper than renting
2. Can you afford to live there? The study looked at median household income and monthly homeowner costs to assess whether residents could live comfortably in the area. In the greater Raleigh, NC area, the Median Monthly Homeowner cost was only 29.5% of the median household income – giving us a relatively low-cost of living. Additionally, the supply of a highly educated workforce attracts companies like MetLife and Citrix to the area, contributing to an already thriving economy and stimulating job growth. Overall the Employment growth, addition of high Tech jobs, meant that those who work and live in Raleigh also have a great opportunity to expand their job skills, and move up within their field – without having to relocate.
3. Is the area growing? The study also compared the Raleigh Metro area to other similar communities in terms of population growth to ensure that the area is attracting new residents and showing signs of solid growth. The population in the Raleigh / Cary Region grew from 2011 to 2012 by more than 2.2% – which is likely a signal of a robust local economy, which is another attractive characteristic for home buyers. Home Ownership and available jobs have always been great indicators of a solid real estate market. The study also cited that, “With its four distinct seasons and geographic location halfway between the mountains and the beach, the area offers lots of opportunity for recreational activities.” We agree! In Raleigh NC you will find innovation, think tanks, user groups and constant learning in all facets of the Community, making an interesting and vibrant place for those relocating to the Raleigh / Cary area.
Wilmington, NC was recognized as one of the small-sized Metro Areas for Home Ownership by the study.
No matter where you are considering a home in North Carolina, we would love to help you with your mortgage needs. We focus our attention on first time home buyers and down payment grants offered through the NCHFA. However, we also offer the best mortgage rates, and many of our clients are folks who are either moving up to a larger home, or moving to this area to be near their family… remember, buying a house a house is still cheaper than renting in Raleigh, NC.
The best time to buy a home in Raleigh NC and Cary, NC is right this minute. If you’ve been on the fence – hop off. Mortgage payments are not likely to be this low for many years to come! Buying a house a house is still cheaper than renting in Raleigh, NC.
So what are you waiting on? Tired of Renting? Buy a House!
When you buy a house, you get a RAISE! (It’s TRUE! Check out the Tax Advantages of Home Ownership!) Call Steve and Eleanor Thorne, 919-649-5058! We are in Cary NC. For more details about this study, and to let us show you why buying a house a house is still cheaper than renting in Raleigh, NC.