Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This area is quickly looking like the Bay Area in terms of the people and companies it attracts as well as the real estate market. I always liked it here because it was an "easy" metropolitan area to live in - convenient, but not too congested nor expensive and just the right blend of urban and rural. Not so much when you're looking at houses at these prices.
The core cities and towns of the triangle will soon be attractive only to people who work in an industry that requires living nearby. Otherwise, you can find similar amenities and landscapes almost anywhere else in North Carolina for significantly less money. A friend of mine works in engineering and makes over 100k per year, but since he can work remotely, he's moving to Wilmington. It has the benefit of being near the beach, and also significantly cheaper. I work in automotive repair, which I could do anywhere for similar money. Being close to a tech company or university doesn't benefit me in any way, so why pay for it? I wonder how the service and sales industries will be able to attract workers when they can't afford to live here any longer. It's not like we have a great rail system that people can commute in from far out. I wonder how long this is going to be sustainable.
This area is quickly looking like the Bay Area in terms of the people and companies it attracts as well as the real estate market. I always liked it here because it was an "easy" metropolitan area to live in - convenient, but not too congested nor expensive and just the right blend of urban and rural. Not so much when you're looking at houses at these prices.
The core cities and towns of the triangle will soon be attractive only to people who work in an industry that requires living nearby. Otherwise, you can find similar amenities and landscapes almost anywhere else in North Carolina for significantly less money. A friend of mine works in engineering and makes over 100k per year, but since he can work remotely, he's moving to Wilmington. It has the benefit of being near the beach, and also significantly cheaper. I work in automotive repair, which I could do anywhere for similar money. Being close to a tech company or university doesn't benefit me in any way, so why pay for it? I wonder how the service and sales industries will be able to attract workers when they can't afford to live here any longer. It's not like we have a great rail system that people can commute in from far out. I wonder how long this is going to be sustainable.
I’m settled here in the Cary, and hope to never leave. My kids love it here, but I do worry about their prospects of affording to live here. We moved here from Naples, FL when they were small partly for their longterm future, should they choose to stay. It’s kind of a bummer that they may be pushed out by prices, anyway. I’ve got one grown kid currently renting in the area. We’ll see what the next few years bring.
Not really. It's a short distance to 55 and US-1, plus down the road from downtown Apex. Good location imo.
Location is really good, but it is not one of the coveted neighbors in Apex, a town I know quite well. I drive by the Perry Hills neighborhood a few times each week.
Perry Hills will gentrify, but there will be a lot of people in there that will never sell because they can't afford to trade up. So, in that way, it will be similar to the SF Bay Area for sure. Heck, even a few of my retired neighbors who moved to Raleigh area to help babysit their grandkids are now priced out of my current neighborhood (if they had to buy now). They are really lucky they bought before covid and I'm happy for them. A lot of that in SF too, many equity rich people, but otherwise struggling. At least they have prop 13 out there, we don't in NC.
Someone else mentioned SF Bay, an area I lived in and know of the various cities. Even if we look at Santa Clara, which is not one of the most coveted cities such as Cupertino, Mountainview, Palo Alto, Los Gatos, etc. It's still 3x the cost of here, comparing 3 story townhomes (apples to apples).
This area is quickly looking like the Bay Area in terms of the people and companies it attracts as well as the real estate market. I always liked it here because it was an "easy" metropolitan area to live in - convenient, but not too congested nor expensive and just the right blend of urban and rural. Not so much when you're looking at houses at these prices.
The core cities and towns of the triangle will soon be attractive only to people who work in an industry that requires living nearby. Otherwise, you can find similar amenities and landscapes almost anywhere else in North Carolina for significantly less money. A friend of mine works in engineering and makes over 100k per year, but since he can work remotely, he's moving to Wilmington. It has the benefit of being near the beach, and also significantly cheaper. I work in automotive repair, which I could do anywhere for similar money. Being close to a tech company or university doesn't benefit me in any way, so why pay for it? I wonder how the service and sales industries will be able to attract workers when they can't afford to live here any longer. It's not like we have a great rail system that people can commute in from far out. I wonder how long this is going to be sustainable.
I see what you are saying about SF, but we aren't quite there yet. A better indicator of where this area's prices are headed is to look at Austin, Tx. That market is wild, maybe even crazier than here! Price points in Austin are more similar to the triangle than SF.
I see what you are saying about SF, but we aren't quite there yet. A better indicator of where this area's prices are headed is to look at Austin, Tx. That market is wild, maybe even crazier than here! Price points in Austin are more similar to the triangle than SF.
Yes, Austin is comparable because it too is being overwhelmed with money from Big Tech. Austin is further down the road then we are, but we are both driving on the same highway and the Bay Area is at the end of it. The only thing that will mitigate our prices somewhat is our geography; its easier to build here. The same applies to Austin too, but it hasn't really slowed the price increases down much. At the end of the day, the driving force is the same, technology and it's sky high salaries compared to the other industries of our economy. It will create a class divide and homelessness crisis just like it has in SF and Austin. The middle class will be completely priced out.
Location: Chapel Hill, NC, formerly NoVA and Phila
9,782 posts, read 15,828,420 times
Reputation: 10894
Quote:
Originally Posted by Dire Wolf
Lol, no
Prices in the Bay are typically more like 3-4x area prices per square foot, and up. Way up
Agreed. Yes, housing costs are going up here. But this area is not anything like the Bay area. It's not even like cities like DC or Boston in terms of housing cost. Prices for homes are going up like crazy all over the country. Even if it's faster here, it won't catch up to any of those cities.
Anecdotal I know but this is the latest SFH sale in my North Raleigh Neighborhood.
- 2002: House built and sold for around $120K (1,500 sq feet w/ single garage).
- 2022: Orginal owner lists house for $350K.
- One Day later house sells for $377K CASH offer, sight unseen, no contigencies, closes in 15 days, buyer RE investment firm.
- After close the buyer replaces roof and AC (seller did not have to cover this).
- I expect the home to either be flipped or listed for rent by end of month.
(For context homes in the neighborhood were going for about $200K back in 2019)
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
