Two of North Carolina’s biggest cities, Raleigh and Charlotte, are destined to get even bigger according to a new study published by Forbes magazine. Forbes recently named the next biggest boom towns in the United States, with Raleigh taking the No. 2 spot and Charlotte tying for No. 8. According to Forbes, these cities “are destined to grow and prosper in the coming decade.”
Forbes, with the help of Mark Schill of Praxis Strategy Group, took the 52 largest metro areas in the country and ranked them on various data points that indicate past, present and future vitality. These data points included job growth and a range of demographic factors, such as family formation and population growth, as well as the city’s attractiveness to immigrants as places to settle, make money and start a business. Together, these data points created Forbes’ list of The Next Biggest Boom Towns in the U.S.
According to the data, Raleigh has it all. The city boasts a high rate of immigration, including that of educated workers, and it has seen a healthy increase in population and the number of children. Raleigh’s job creation record is also among the best in the nation. In fact, Raleigh experienced the second-highest overall population increase and the third-highest job growth over the past two decades in the U.S.
Raleigh has also been named the No.1 city for raising a family by Forbes. This can be attributed to its low crime rate and low cost of living relative to the area’s rising level of income. In addition, the city’s affordable housing opportunities and short commute times are particularly attractive to recent college graduates and millennials who are looking to start families. Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR #2146) has recently explored the millennial generation housing trend, which you can read more about on the National Builder Division blog.
According to Zillow, the median list price for homes in Raleigh is $210,000, while the median sale price is a little lower at $191,800. Currently, the median household income is $46,612, which is slightly better than the national average.
The city of Charlotte’s high ranking can be attributed to its commitment to building infrastructure, such as roads and cultural institutions, which are primary components to future growth. The city is also home to a bustling airport that serves major national and international routes.
Charlotte also boasts low housing prices and short commute times. The median list price on Zillow for homes in Charlotte was $189,000, while the median sale price was $201,000. The median household income was only slightly higher than that of Raleigh’s at $46,975.
If you’re ready to begin your home search in North Carolina, Starkey Mortgage can help you begin the loan approval process now. For more information on obtaining a new home loan, please contact Debra Watt, Senior Vice President and Regional Manager (NMLSR #346277, NC License #I-149994), at 704-246-0132 or dwatt@starkeymtg.com.
Equal Housing Lender. 10800 Sikes Place #110, Charlotte, NC 28277. Branch NMLSR #93518, Branch License #L-112550-102. SC License #MLB-93518. Phone: 704-246-0132.