Raleigh-Cary Region Cited Best for Home Ownership
If you’re considering a major relocation, then it makes sense to investigate the cost of housing and living in a number of urban and suburban areas. As most people know, renting can be expensive and owning your own home has a number of important benefits, including those related to taxes and cost of living. Harvard University recently published a report that said 25% of households spend over 50% of their income on rent! This makes owning your own home an attractive alternative. On the Internet, a site called nerdwallet.com did an analysis of several regions that have a set of important characteristics that favor home buyers. The Raleigh-Cary region topped the list of “best large metro areas for home ownership.” Read on to learn more.
Criteria Used in the Home Ownership Rankings
The rankings are based on three main criteria. First, an area must have homes available for purchase. A higher home ownership rate means that the area offers reasonable housing costs and a market that tends to favor buyers. Next, the area should have an affordable cost of living, based on median income and the monthly costs associated with owning a home. An area with higher median incomes and lower costs of living is more attractive to home buyers. The final criteria used in the study involves growth factors in the area that attract new residents, which is an indicator of a strong local economy. Find a handy cost of living calculator at http://www.nerdwallet.com/cost-of-living-calculator/.
Why Raleigh-Cary Topped the List
Raleigh-Cary is a fast-growing metro area with many conditions that are highly favorable to home ownership The region’s residents have access to top universities and medical centers. In fact, Research Triangle Park is one of the largest research facilities in the world, and the universities deliver a highly educated workforce. This, in turn, attracts top national companies such a MetLife. Residents of the region are engaged with their communities and enjoy four distinct seasons, along with access to recreational opportunities in both scenic mountains and at stunning ocean beaches and resorts.
The Numbers for Raleigh-Cary
The home ownership rate is 66.8%, while monthly homeowner costs are about $1500. The median monthly household income is just over $5,000, and home ownership cost as a percentage of household income is 29.5%. The region’s population growth comes in at 2.2%.
All these factors, and many others, combine to an overall 88% score for homeowners in the Raleigh-Cary area. Why not explore the possibilities in this vibrant region?