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I understand that Raleigh is one of the best places to live according to the magazines and all, but does anyone else think that the cost of living is getting out of control? I moved down here from upstate NY in 2000 out of college to take a job with Nortel, which I no longer have. When I moved here my wife and I rented an apartment in Cary while looking for homes. At the time you could get into cary/Apex for 250,000. Now it looks like you can't touch anything for at least $300,000 - $400,000. I know real estate appreciates, but companies don't give people raises that are that significant. is it me or is this place getting out of control?
Sometimes I think I'm nuts but I'm right there with you. Apparently, compared to other housing markets Raleigh is "affordable." However, you are right I feel like it's getting really expensive around here now. I moved here from NY 5 years ago to an apt in Cary and at that time, we could have gotten a house in the area around 150K. We waited 3 years to buy and felt totally priced out of the market and ended up in FV for that price. I have the same the job I got when I moved here and my salary sure has not increased enough to justify the prices around here.
I would like to move again in a year or so but do not want to drop 250K on a house. Can I afford it? sure. But would that be insane? yes. Why? Fear of the unknown! Me and hubby each make 50K but what if one of is out of work or loses a job? That means we need to be able to live on 50K for a while and that means we need to spend no more than 150K on a house which is almost impossible. I am actually considering relocating again to a more affordable/less congested area if we have to some day.
I'm in the same boat. I moved to Texas around the time that you graduated from college. Now I'm moving back to NC and prices in the Triangle are not what I remember them to be. Que sera.
When you get folks moving in from NY, CA, etc. where half a million dollar homes are the norm, prices do this. And yeah, I feel it's getting out of control. We were lucky to get a house as close to RTP as Holly Springs -- I imagine in 3-6 years from now, even Fuquay-Varina will be too expensive for the non-richies.
We also live in FV. I loved living in Cary with the convieniences and all. It seems a lot of people are in the same boat. When I got laid off at Nortel times were tough for a while, even being in RTP tech jobs are still hard to come by. Now with a baby and all there's no way we could go to a $400,000 house with no yard. And taxes! The taxes are as high as upstate NY in Cary/Apex/Raleigh. Maybe it is time to relocate. The people moving from CT, LI, NYC, CA, etc think it's a bargain adn to them it is. I'm starting to think this place isn't for me anymore!
The media says that the housing bubble has burst all across the country, but what about here? Are we in a buyer's market now or a seller's market? Are there micro climates to consider? For instance, are there houses in one cost bracket where competition is fierce, but the houses in another bracket are languishing?
MrsSteel, I am wondering the same thing. Everywhere you look they're clearing land to put up more high dollar prices. You don't see any homes for $220,000 - $280,000 anymore!
You might have to move farther from work...to get the prices you want. No matter what the housing bubble does, demand in a given area/pocket will keep prices higher than elsewhere. I heard that north Raleigh might be the next area of expansion for RTP commuters where quite affordable, really nice housing still exists.
We live near northern Wake county and I can get to RTP in 30 mins (non-commuting traffic). I've spent as much as an hour and more commuting to work up north where we used to live. It's doable, if you want to return to a nice home with a less stressful mortgage. As they say, you don't get something for nothing...you have to pay a higher price in dollars for a house (and taxes) or pay in your time on the road (and car maintenance, and all that). I think for a lot of people it's a matter of personal choice. Some don't mind driving, others hate it. Generally, the farther out you go, the less expensive the housing will be. The trick is to find a neighborhood you like at the price you feel comfortable with.
Compared to the North the prices here are still good, but the gap isnt as wide as just 2 years ago where it seemed like a steal to move here. This area did not have a bubble to burst, north, cali and florida and some others had a bubble that actually is still bursting.
Anywhere where you get this much growth you will get the same result as you are seeing, rising cost in all area, mostly housing then taxes.
This is nothing new to anyone from the north. I have seen it happen many times and trust me it will continue.
It is getting harder and harder to keep housing affordable for any decent amount of time in the same area. If a builder can sell a house for 500k, thats what he will do, it is buisness.
I do myself notice that more and more builders seem to be building higher end homes more and more.
also while people from all over are moving here, there are nowhere near that amount of jobs moving here. There is a housing boom not a job boom (there really isnt a job boom anywhere)
This entire process will eventually come full circle as people feel the hit more and more that the housing prices have gone far past wages.
The one things that wake has right now IMHO is that there are alot of nice people here, even if the north had lower prices I still would rather be here. If anyone doesnt think that this situation can come full circle in the triangle, look at other area that said the same thing 5 years ago.
Also many "reports" (often in accurate and dont take into account a local market just a state) simply compare a state to the rest of the US. Even when a report comes out about the median price of a new home, it is still way under the most common areas where life exists.
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As they say, you don't get something for nothing...you have to pay a higher price in dollars for a house (and taxes) or pay in your time on the road (and car maintenance, and all that). I think for a lot of people it's a matter of personal choice. Some don't mind driving, others hate it. Generally, the farther out you go, the less expensive the housing will be. The trick is to find a neighborhood you like at the price you feel comfortable with.
I am from Nj and...
