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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 01-16-2018, 02:59 PM
 
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With so many people moving to the area, is job growth keeping up? I know the Triangle has a lot of great companies but seems they’ve been there awhile...are new tech firms relocating, or local start ups, etc. Will Raleigh have enough good paying jobs for the influx of new people. What types of industries are being focused on to diversify the economy?
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Old 01-16-2018, 04:56 PM
 
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Hard question to answer, as there are many variables. How much job growth is enough? What about wage growth?

The short answer is yes job growth is keeping up, because job growth is what drives housing prices and housing starts. People wouldn't be moving to the area in the numbers that they are if not for decent job growth.

The raw numbers are:

The Raleigh MSA gained about 98,000 jobs between November 2012 and November 2017, and the Durham-Chapel Hill MSA gained about 33,000 according to the NC Dept. Commerce, Employment Security Division.

North Carolina's Demand Driven Data Delivery System

Here is a link to the Raleigh Chamber of Commerce's Targeted Industries that they hope to recruit:

Target Industries
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Old 01-16-2018, 06:09 PM
 
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I am intrigued by this question myself. Why is housing so cheap in places like Cary and Apex? Do people have long commutes? Is Chapel Hill considered an upscale community?
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Old 01-16-2018, 10:10 PM
 
Location: Raleigh, NC
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Originally Posted by goodlife36 View Post
I am intrigued by this question myself. Why is housing so cheap in places like Cary and Apex? Do people have long commutes? Is Chapel Hill considered an upscale community?
Chapel Hill has the best school system in the area - maybe state - and is home to the flagship state university (sorry NC State). It's a desirable place to live.

I don't think I would consider Cary cheap......
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Old 01-16-2018, 11:54 PM
 
Location: My House
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Quote:
Originally Posted by goodlife36 View Post
I am intrigued by this question myself. Why is housing so cheap in places like Cary and Apex? Do people have long commutes? Is Chapel Hill considered an upscale community?
Cheap compared to what? CH is more expensive because taxes are higher. Homes aren't really that much more than they are anywhere else, based on my general scans of the areas in question.

Apex is usually less than Cary, but it's further out from RTP and the center of the Triangle. Holly Springs is usually less than Apex because it's even further out.

In the most desirable neighborhoods in CH, Durham, Raleigh, or Cary, you will find homes of roughly the same price for the same age home, square footage, and level of upkeep.

Again, in the most desirable areas.

You cannot compare a house in Raleigh that has less square footage, is older, has not been updated, and is in assigned to lower-performing schools to a home that's larger, newer/more updated, and is in Chapel Hill.

You have to compare apples to apples, not to tire irons.
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Old 01-17-2018, 01:27 AM
 
Location: River's Edge Inn, Todd NC, and Lorgues France
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Originally Posted by goodlife36 View Post
I am intrigued by this question myself. Why is housing so cheap in places like Cary and Apex?
Compared to what ?
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Old 01-17-2018, 03:34 AM
 
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I am comparing it to Nashville, TN (Franklin). Are Apex and Cary considered bedroom communities?
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Old 01-17-2018, 04:08 AM
 
Location: Cary, NC
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Originally Posted by goodlife36 View Post
I am comparing it to Nashville, TN (Franklin). Are Apex and Cary considered bedroom communities?
Somewhat, but in the last couple of years, particularly in Cary, more residents work in town than leave town for work.

Definitely, Raleigh is the hub of the area, though.
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Old 01-17-2018, 06:30 AM
 
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Prices are, of course, all about supply and demand. Demand has been strong for awhile, but we've had lots of room to grow, so prices stayed in check. You had very few areas that commanded a location premium (nice older neighborhoods close to Downtown Raleigh, aka "Inside The Beltine", being the main one, but also proximity to certain schools being another). With downtown Raleigh now extremely desirable, new construction being pushed further away from job centers, etc. things are starting to change a lot. Cary, for instance, which used to be able to just annex land and continue its growth, is low landlocked and will eventually run out of large amounts of developable land. We are actually starting to see infill and tear downs in Cary.

As for jobs, unemployment is under 4%, well below the "full employment" number. And things are more robust that they used to be when a handful of large companies (IBM/Nortel/Glaxo/Sas) dominated the area and we lacked a lot of the small and medium companies we now have.
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Old 01-17-2018, 06:58 AM
 
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Originally Posted by goodlife36 View Post
I am comparing it to Nashville, TN (Franklin). Are Apex and Cary considered bedroom communities?
Median home price in Franklin is $427,000, in Cary its $410,000. Pretty minimal difference.
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