There’s a couple million of us living here (and growing every day!) who apparently can afford it, or we’d have moved away. 
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Just saying it seems expensive to me, but guess I’m just what they call a “tightwad”. Then 40+ years ago my 2 br apartment near NCSU was only around $125 and have lived in my own house for 40+ years. There is no way I would move to Raleigh or most other booming cities if I can help it.
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Right but you’re not living in Raleigh, so you’re not counted as one of the people living here who can afford it that I mentioned. I mean I’m sure you could afford it, but maybe find it a waste of money given your priorities. Which is completely fair, and that’s true for everyone. I’m not gonna buy a 100,000 Mercedes just because I could technically afford to make the payments, because I wouldn’t have much left to do everything else.
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My first 2 bedroom apartment in Raleigh off Hillsborough in the 80s cost me and my roommate $275 a month total. It was a old apartment without AC, a dishwasher or washer & dryer.
I haven’t purchased real estate in nearly 20 years and hope that I don’t have to make another purchase before the end of my life. I just want to pay off what I have before I retire.
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Of reasonably desirable places to live, Raleigh is still quite affordable in comparison. It was dirt cheap when I moved here in 2004 - and that was one of the reasons I came here from CT.
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Back in 1842, I bought a log cabin for a nickel…
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Just look at that 10 year price development. I rented in Chapel Hill close to Franklin Street a 1bed/1bath for $625 in 2012/2013. Probably 3x that now?
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In its rankings, U.S. News & World Report evaluates the impact that cost of living, median monthly rent, median home price in relation to the national median, and quality of life have on a city, which generates a well-rounded figure for anyone looking to relocate.
Okay, before we keep debating whether or not Raleigh is affordable, one thing is jumping out at me in this paragraph: why wasn’t median income factored in? Am I missing something here? That seems like a pretty critical component to this conversation.
Edit: like, I’m sure the median income here is pretty decent, but that doesn’t mean it’s keeping up with cost of living.
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Chuck’s presentation this morning was heavy in housing policy. He compared the housing industry (secondary markets for mortgages, mortgage backed securities, federal reserve policy) is like a car that hit ice and has been over correcting so much it’s now spinning out of control and no one knows how it will end. One thing’s for sure, 30 year mortgages, which were an instrument to get us out of the great depression, have reached the end of their useful lifecycle. We will either start to experience the deferred pain from all the bubbles along the way, or we’ll kick the can further down the road and start issuing 40 and 50 year mortgages as inflation takes over
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You’ll be dead before you pay it off, but at least you’ll “own” property!
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Why do you think they call it a mortgage. It’s a mort (death) gage (gauge). It’s a death-gauge.
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https://www.rent.com/research/average-rent-price-report/
It looks like Raleigh had the highest year-over-year rental increase
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Sheesh, higher median rent than Charlotte. That’s insane.
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Wow we need more residential units, who could have predicted this. Mind boggling stuff.
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Obviously we have a lot of projects coming, but honestly makes me surprised there aren’t even more en route. Obviously the demand is there.
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Do we, really, compared to the other main high growth centers? Our building pace feels a bit anemic imo for a city growing at Raleigh’s speed.
realtor states there are 53 dwellings between 200k and 300k. well below median.
Median Incomes in Wake are higher.
Well…for me I can no longer afford to live in Raleigh anymore, So I decided to move to Greensboro in a few months. Going to buy a house there, I find Greensboro very affordable to live and I have lived there years ago.
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It’s because Raleigh is cooler, better, prettier, nicer, and just overall better. And the people who live here are better.
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