Raleigh's Cost of Living

Speaking of the Creamery… I saw an apartment listing posted today for one of the buildings on the block. It doesn’t say how long the lease period is, but if they’re still signing people in January it doesn’t sound like we’ll be seeing dirt move on this block for at least six months or a year.

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The low rent makes me think there might be an early termination clause

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INSANE to me that $1,200/mo for a 1bd and 900 sq ft is now considered “Low rent” - makes me sick.

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To be fair, it’s low rent for a reasonably prime downtown location. Not in a vacuum.

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I just mean that over a thousand dollars a month to rent bare minimum living requirements in America is sad to me. The fact that this is where we are, and that we’re even past the point of complaining about it and just accepting it because “well to be fair it’s in a nice location” blah blah blah. That’s all.

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Most downtown rent is that high, If you been to New York its millions.

That rent is insanely low for that amount of square feet and location. The Gramercy across the street is charging $1600 for 600 square feet. I’d imagine the cost is definitely taking the impending construction into account.

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Actually, as others are saying, that does sound on the lower end, probably a good deal as the location is in downtown. That should get booked up quick.

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Compared to other places in that area yes, I’m talking about the grand scheme of things, that over a thousand dollars a month could be considered “good priced” rent anywhere disgusts me, while meanwhile our wages have been largely stagnant (Nationally/statistically). This was just a simple “ugh the modern age sucks” response that’s just now needing to be over-explained lmao.

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Have you looked recently a rental rates in the entire city? This is the cheapest Appt for rent in the 27615 zip code (N. Raleigh) 1 bed room 1 bath 800 square feet $1,200. It’s only going to go up too. That price downtown is almost hard to fathom.

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All of you (@Jake @oakcityyimby @dtraleigh @Drew @xdavidj) are correct. That is an amazing price for downtown. But at the same time, it’s amazing (in a bad way) how much the price of rent has skyrocketed in recent years, especially when you consider the fact that wages haven’t (and probably won’t) see any type of increase on a mass scale any time soon.

By the time minimum wage is increased to $15 nationally, the average rent will probably be $2k/month out here. And by that point, everyone will be calling for $25/hour minimum wage. Our government has failed us.

The only solution is to invest in yourself and build up your skillset, so you won’t ever have to depend on minimum wage pay. Unfortunately that isn’t possible/logical for everyone.

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Yep prepare for the future invest in Bitcoin, NFTs, Real Estate.

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Even that’s risky though for the average retail investor (especially crypto and NFTs) as markets move in cycles. Some of the good crypto and NFT projects are even down 80-90% during this bear market.

I used to live at the apartment complex located at the Creedmoor/Lynn intersection of North Raleigh back in 2017-2018 time frame and it’s the same price range. Back then everything was under one grand for a one bedroom. Think this just further illustrates that place is underpricing their unit for sure.

I wouldn’t say that I am old (I am), but I was only making about $1200 gross a month coming out of college.

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I had between 2-5 roommates until I was 30, living in Boston and NYC, and when I finally got my own 1br apartment it was a 45m commute into Manhattan. It’s pretty much a rite of passage in big cities (which Raleigh is slowly but surely becoming!).

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My first apartment in Richmond was in a low-income complex (which I barely qualified for) for around $650 per month in 2004. Times have certainly changed.

My first apartment in Raleigh was $1250/mo for a 2 BR in Brier Creek in 2009. I’m making about 2.5x what I made then (my household income is probably like 4x what it was then), and my mortgage now certainly isn’t 2.5x or 4x that amount.
I don’t think downtown Raleigh rents are that nuts. Get a roommate or 2, if you feel the need to live right downtown. Or live somewhere less desirable and tighten your belt for a few years, and save up for a little townhome outside the city that you can build equity in. There’s options for almost everyone, but a brand new apartment in the most expensive area of the Triangle, that a grocery clerk living alone can afford, is probably not in the cards, and I’m okay with that.

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My first post college apartment in Raleigh was a 2/1 without A/C, a dishwasher, W/D, and all of the other things that people seem to expect in the Raleigh market today. My bedroom was on a corner with windows on both exterior sides for cross ventilation, but one of the windows was broken and nailed shut. #goodtimes

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After living ITB and renting through college and afterward, I moved OTB to buy my first condo. After several years there, I sold it and made enough equity money to put down on my next condo downtown. I agree that getting on the property ladder was a good idea, even if doing so meant not being in my ideal location initially.

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