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Lower income renters are getting priced out of all of Wake County, not just ITB. I am seeing it everyday. I show rental properties and I find myself driving out to neighboring counties (particulary Johnson and Harnett) very frequently, and I hear the same story every time, about how they can no longer afford to live in Wake County. The few properties left that are affordable go so fast you would hardly notice they were ever vacant.
Over the long-term, what it means is that companies that want to do business in Wake County will have to pay wages that attract enough workers to sustain. There's a point at which low-income renters decide they can't afford to live too far away, commuting to a job that won't even pay them enough that they can live within a reasonable drive. They will either seek higher wages in Wake or seek lower wages outside of Wake, forcing those employers to adapt if they want to sustain.
It happens to all cities during a growing economy.
What is your question? On what planet do workers see an increase in salary over a 22 year period? That's what you're asking, as worded. Really?
It is well documented that real wages (ie..when adjusted for inflation) have remained flat or decreased for the majority of American workers over the past 30 years. Sure; salaries may be "higher" and a job that paid 20k in 1990 may pay 35k now......but if 35k now gives the same purchasing power as 18k then; real wages are lower.
If you are talking about specific individuals then yes; a more seasoned worker should definitely have a higher income and purchasing power now than they did 20 years ago. But for someone who was a toddler in 1990 and is a young wage-earner now; generally speaking the wages they make give them less purchasing power than the individual who held their job 20 years ago.
It is well documented that real wages (ie..when adjusted for inflation) have remained flat or decreased for the majority of American workers over the past 30 years. Sure; salaries may be "higher" and a job that paid 20k in 1990 may pay 35k now......but if 35k now gives the same purchasing power as 18k then; real wages are lower.
If you are talking about specific individuals then yes; a more seasoned worker should definitely have a higher income and purchasing power now than they did 20 years ago. But for someone who was a toddler in 1990 and is a young wage-earner now; generally speaking the wages they make give them less purchasing power than the individual who held their job 20 years ago.
See my other posts in thread about taking charge of your career.
Lower income renters are getting priced out of all of Wake County, not just ITB. I am seeing it everyday. I show rental properties and I find myself driving out to neighboring counties (particulary Johnson and Harnett) very frequently, and I hear the same story every time, about how they can no longer afford to live in Wake County. The few properties left that are affordable go so fast you would hardly notice they were ever vacant.
IMO this is far from a recent phenomenon. Exit 312 did not just start getting buyers in the last 3-5 years. It's been for two decades or more. Yes, Wake is more expensive than it used to be, but this has been a long time coming and really since before the people in the article were even born. I have heard people tell me they could not afford it in Wake since the early 90s.
See my other posts in thread about taking charge of your career.
At the end of the day, someone still has to collect the trash and keep the toilets clean but it doesn't mean their jobs are any less important or they shouldn't be able to afford to live. A career doesn't necessarily define you as being a valuable person in society.
I can't get a lease on a Bentley for $299 per month either.
I have news for all of you. As ANY metro area expands, you end up with home affordability being pushed outward from the epicenter. That is called growth.
We have growth here. I like growth. Growth is good. If you don't like growth there are plenty of places not currently offering any. Don't come to an area known for growth and consistently praised in the media as a great place to live and complain that it is growing. That's just stupidity.
I'm here because I couldn't afford to stay where I grew up. In the end we are much happier here, but the initial interest was driven by affordability.
I refuse to apologize for the fact that I see a $500,000 home here as a bargain, because IT IS in comparison to the $500,000 home in the town where I grew up. $500,000 buys me triple the square footage and a tax bill 2/3 lower than I had. This does not make me an evil yuppie or a bad person or part of the evil 1%.
You want to live in a premium location? $150K is way more down payment than most people ever work with in their lifetime. Get a mortgage like the rest of us, or live where you can pay cash for your house. Your call.
If you don't want growth and rising property values, move somewhere stagnant and enjoy that quality of life.
Location: Sodo Sopa at The Villas above Kenny' s House.
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Welcome to my reality. I've posted numerous times about being priced out of itb Raleigh. It used to be cheaper to rent due to the older conditions of homes. That's what's changed most drastically within the last couple years. Those houses are being remodeled and sold or even the ones that aren't are experiencing large increases in rent. I have a good friend still renting in Belvidere Park( 750sqft) His rent 5 years ago $600,3yrs later $700 with no upgrades at all. Last week letter came with 30 day notice of new rent $850. Nothing has been updated or changed except the location.. What once was the hood is now the place to be. My rental house went from $725 to $1100 with minor upgrades in less then 3 years. I drive through South Park everyday and all I can think is "just you guys wait,it's coming".
At the end of the day, someone still has to collect the trash and keep the toilets clean but it doesn't mean their jobs are any less important or they shouldn't be able to afford to live. A career doesn't necessarily define you as being a valuable person in society.
That's a subject in itself, have you considered creating a thread to discuss it in the appropriate topic?
Welcome to my reality. I've posted numerous times about being priced out of itb Raleigh. It used to be cheaper to rent due to the older conditions of homes. That's what's changed most drastically within the last couple years. Those houses are being remodeled and sold or even the ones that aren't are experiencing large increases in rent. I have a good friend still renting in Belvidere Park( 750sqft) His rent 5 years ago $600,3yrs later $700 with no upgrades at all. Last week letter came with 30 day notice of new rent $850. Nothing has been updated or changed except the location.. What once was the hood is now the place to be. My rental house went from $725 to $1100 with minor upgrades in less then 3 years. I drive through South Park everyday and all I can think is "just you guys wait,it's coming".
But it's not exactly necessary to live ITB. Some would make it out to sound like it's some sort of societal hardship to live a 5 minute drive north of downtown.
"What has society come to if we can't live within walking distance of the bars! Let's petition the government and protest!"
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