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The problem with mapping wealth via Zip Codes is the sometimes strange ways that Zip Codes are shaped. Take 27603 for example. Not only does it cover much of DT Raleigh, it extends south all the way down to areas east of Fuquay-Varina.
More established areas/zips are far less homogeneous than West Cary.
Totally agree with you! I found it interesting, perhaps not surprising that those areas of Cary were noted. When I think back to first moving here 41 years ago, never would I have imagined the growth and influx of wealth we've seen. But I must say, I do like the variety of offerings - arts, food, shopping, etc., and getting to be around people from just about everywhere. I think we live in pretty nice area!
North Raleigh, especially all of the newly developed subdivisions outside I-540 is where all the wealthy people seem to be flocking based on all of the multi-million dollar homes popping up everywhere there. There is no multi-family housing.. Strictly large estates for the most part seems to be the trend.
In another 5 - 6 or so years probably most of the remaining undeveloped areas in-between I-540 and Falls Lake will be get fully developed and quickly settled. Those zip codes in 27613, 27614 and 27615 will be cemented as the most affluent by far in the entire Triangle. Sorry Cary!
House pricing was just one factor in their equation.
North Raleigh, especially all of the newly developed subdivisions outside I-540 is where all the wealthy people seem to be flocking based on all of the multi-million dollar homes popping up everywhere there. There is no multi-family housing.. Strictly large estates for the most part seems to be the trend.
In another 5 - 6 or so years probably most of the remaining undeveloped areas in-between I-540 and Falls Lake will be get fully developed and quickly settled. Those zip codes in 27613, 27614 and 27615 will be cemented as the most affluent by far in the entire Triangle. Sorry Cary!
No multi-family housing because of the watershed zoning here. There's a 1 house per acre limit in the Falls Lake watershed zones...which most of 27614 falls into.
I think it's nearly impossible to accurately measure "Intellectual wealth" or "Investment income" unless they hacked into everybody's bank accounts as well as brains, literally
But that article overall did a a decent job in trying to paint a clear picture that provides numerous factors to uphold their findings... But they are not 100% accurate, and can easily be picked apart.
If I was doing a similar report... Just have to look at the housing situation to get to the bottom line. That tells you the whole story as big houses on big properties = big taxes which require big spenders, aka wealth.
I don't see it that way. Look at the housing bubble from years past. People overbuy because they can get loans to do so. Nothing to do with personal wealth. On the other hand, lower cost housing with the same income means more personal wealth.
I'm sure you can find 1 out of 100 wealthy individuals or even "millionaires" living in small 1 or 2 bedroom cottages/ranches somewhere saving up their money or got it all locked up in investments, but most of the other 99 or so will be living in areas where they know and feel they belong to. That's just what we all do. Everybody knows where their place is, and where it isn't. Not rocket science
Those pricey subdivisions only have two types of folks; the real deal and the wanna-be's.
As for loans and over-buying, it has always been a problem, and will continue to be so since there are many loopholes in the financial systems. Just part of life.. The smart ones do manage everything well and have a good decision-making process when it comes to long-term investments such as housing, lifestyle, etc.
You are right about this. I agree with you too on the north Raleigh location, i.e. 27614 location. I have a few colleagues who live there and they love how close they are to the airport via 540, Brier Creek, Crabtree Mall, and RTP.
You are right about this. I agree with you too on the north Raleigh location, i.e. 27614 location. I have a few colleagues who live there and they love how close they are to the airport via 540, Brier Creek, Crabtree Mall, and RTP.
I loathed living in 27614. I hated the drive from out near Wake Forest to RTP.
I've lived in most of Wake County at one time or another. Parts of Franklin, too. I was born in Wilson and lived briefly in Nash as a kid.
I've just never been keen on the NE/E/SE sides of Wake.
I find access easier from the NW/W/ITB areas when I'm thinking airport, RDU, and the downtown areas of Raleigh, Durham, and CH/Carrboro.
I know there are people who think it's great, but I suspect that as the population here becomes denser, that seemingly short drive will dramatically increase.
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