Millennials are out of school and working now, and for many of them, they feel that now is the right time to put down roots and buy a house. A trend that the top real estate agents Raleigh NC have seen is that more and more millennials are considering the Raleigh real estate market.
In fact, in 2016, Wake County – the county which Raleigh is the seat of – was named the number 8 real estate market in the country for millennial homebuyers. This came as no surprise since the county has many desirable neighborhoods, including Raleigh and others.
In recent years, the number of millennials who have bought homes in Raleigh has been steadily increasing. Many top-selling real estate agents Raleigh NC has to offer even claim that as many as 60 percent of the total market is made of millennials.
So, why is the Raleigh real estate market so attractive for millennials who are buying homes? We take a look at the reasons below:
Raleigh Is Affordable
Raleigh is a great city to live in, and one of the reasons is because it is very affordable, especially when compared to other major cities in the country. The housing market in the city has several affordable investment properties thanks to the supply-demand balance.
Considering the fact that Raleigh is the seventh-best city for homebuilding prospects, this comes as no surprise. So, even though more millennials are looking for homes to buy and the demand is increasing, the supply is also growing along with the demand.
Appreciation Means Great News for Investors
Currently, the Raleigh real estate market is very affordable and relatively inexpensive, but market estimates project that it will increase in the coming years. However, any top real estate agent in Raleigh knows that this is common and natural for any market that is performing so well. Besides, the increase in prices is great news for property investors. If you buy now while the prices are still affordable, you can sell them later on when the prices appreciate and get huge ROI.
Raleigh Has a Strong and Stable Economy
One of the reasons why so many millennials are flocking to Raleigh to buy houses is because of the city’s economic prosperity. Raleigh has a highly educated population, with more than half of its adults having a bachelor’s degree. This is much higher than the national average of 2 percent. The city also has plenty of job opportunities, and this balance between the highly educated population and the strong job market has resulted in a low unemployment rate.
Raleigh Has A High Millennial Population
Raleigh has seen and will continue to see an influx of people who are migrating to the city, and a majority of these migrants are millennials. This comes as no surprise considering the number and quality of universities in the area, the many job opportunities, and the overall affordability of the city. So, millennials are moving in fast into Raleigh, and are buying homes even faster.