Triangle Population Boom Pricing Some First-Time Home Byers Out of the Market

Affordable Housing Triangle Area

Affordable housing within the Triangle area is becoming harder and harder to come by for some buyers looking to enter the market thanks to a dwindling inventory of homes and more people moving to the area. Since 2010, Wake County's population has seen an increase of 23% while Durham County's population has risen 18.5% within the same time period.

According to the N.C. Housing Coalition's, affordable housing is clasified as 30% or less of a the total household budget. Last year, the average price for a home in Wake County was listed at around $302K pricing many first-time buyers or families out of the area.

According to recent data, home prices in Wake County are going up at a 6.3% annual compounded growth rate. On the other side, If area salaries aren't increasing at the same 6.3%, the number of housing units that are available for purchase are dramatically decreasing every year.

The area encourages growth and for developers to come in and invest in new projects, but this new development can also lead to displacing residents and pricing out recent local college graduates desiring to stay in the area. 

Post a Comment

Blog Archives

Posts By Category

All Categories Apex (3) Area News (36) Burlington (4) Buying (90) Chapel Hill (10) Durham (6) Home Improvement (4) Just Listed (1) Local Highlights (21) Main (4) Raleigh (4) Selling (12) Selling Your Home (8) Triangle Area (5) Triangle New Construction (9) Wake Forest (3)

Posts By Month

Grab Our RSS Feed
Home Value
Get your home's value

Our free service provides you with a detailed estimate of your home's current market value.

Learn More
Home Worth
Market Stats

Up-to-date statistics on the Raleigh, NC Real Estate market, including average listing price and more.

Learn More
Open House Map
Open House Map

Find your next home and learn about neighborhoods, current market statistics, and local schools.

Learn More