2024 Update! Pros & Cons of Raleigh, North Carolina

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Are you considering a move to the Raleigh, North Carolina area in 2024?  This blog will help determine if it’s the right place for you.

I’m Alison Wojnarowski with the W Real Estate Group here in Raleigh, and in this blog, we will talk about both the pros and the cons of living in Raleigh, North Carolina in 2024.

There’s been quite a bit of change in Raleigh over the past few years, like many cities around the country, but Raleigh was still recently voted as the #3 best place in the country.  Let’s take a look why (see video below as well).

Pro #1 - Relative Affordability

First up is that Raleigh is still relatively affordable when compared to the rest of the country.  Wait!  Hear me out.

Starting with home prices, Raleigh did increase greater than the national average between 2020 and 2022 at 40% (US increase was 31%), which was the 25th in the country.  

But between 2022 and Q3 of 2023, Raleigh’s housing market has actually cooled off quite a bit in relation to the rest of the country, as the median price has increased 3.9% from $460k to $478k.

For comparison, there were 107 metro areas in the US that increased greater than 3.9% during this time, 25 of which increased over 10%!

In looking at a recent cost of living study performed with October 2023 data, Raleigh’s housing costs, which include rentals, are actually below the national average at 91.6%, and our overall cost of living is 96.8% of the national average (Cost of living Index - The Council for Community & Economic Research 2023 Third Quarter Data Published October 2023).  

Couple that with NC being near the top in country in sales tax (4.75% - 15th), Gas Tax (38.75 cents/gallon - 13th), and property tax (0.78% average, 18th), and we are pretty affordable when going up against other cities and states.

So while you may hear complaints that Raleigh is no longer affordable, the truth is, prices increased everywhere over the past few years, and the numbers show that Raleigh is still affordable relative to the national averages.

Pro #2 - Job market

Next up, Raleigh’s job market has also remained hot, as it was the 5th hottest job market in the country this past year, and there’s no signs of it slowing down with a continued increase in the number of jobs, a low unemployment rate, (3.0% - https://www.bls.gov/eag/eag.nc_raleigh_msa.htm), and the expectation that Raleigh will continue to attract companies and jobs with its’ strong labor pool.  This is due to its’ world class universities, friendly corporate tax rates and incentives, and high quality of life for employees.

This strong job market has led to Raleigh’s average salary increasing by 14.7% from $61,360 in 2020 to $70,628 in 2022, the 22nd greatest percent increase in the country.

Raleigh is known largely for its’ draw to tech companies, as it’s right next to the world famous Research Triangle Park, which has attracted companies like IBM, Microsoft, Apple, Google, and more.  It also has many jobs in business, education, healthcare, and is a fast emerging hub for start-up companies.

So Raleigh’s job market is definitely one of its’ main pros, and there’s no sign of it slowing down.

Pro #3 - High Quality of Life

Next up, one of Raleigh’s best qualities is the amazing lifestyle it provides for its’ residents as it always scores highly in quality of life surveys and rankings.

If you love the outdoors, Raleigh feels like you are living in a forest as there is green everywhere (currently rank 4th in the country in tree canopy percentage at over 54% of our land area) with over 200 parks and 120 miles of paved greenway trails in Raleigh alone.  

Even more parks are currently on the way, but what’s more impressive is that several of Raleigh’s suburbs have arguably even better park systems.  And one of its’ best benefits, it's just 2-3 hours from both the beach and the mountains.

There are plenty of both large and small entertainment venues for shows, concerts, and more, and there are always multiple activities and events going on throughout the area to enjoy.  And Raleigh has big plans to continue adding to its’ offerings to keep up with its’ rapid growth.

College sport lovers will enjoy the intense rivalries of Duke, UNC, and NC State, along with the one-of-a-kind tailgating that we are known for, and the NHL’s Carolina Hurricanes are beloved by the city.

Mix all of that with an amazing variety of weather that doesn’t get too hot, cold, rainy or snowy, and you can see why Raleigh scores so high in this category.

Pro #4 - Small Town Culture

And the last pro to highlight is the fact that Raleigh continues to be rooted in its’ small town culture despite its’ rapid expansion.  

You see this through developments and entertainment venues honoring the history of the infrastructure that came before it, the thriving success and celebration of small business, and Raleigh’s welcoming feel rooted in its’ southern hospitality.  

And while Raleigh’s entertainment does provide big city offerings, much of its’ entertainment and events have a smaller town, family feel to them.  

With all of that said, it’s easy to see why Raleigh is known to be such a great place to raise a family.

So, those are the pros of living in Raleigh, but let’s take a look at some of the cons.

Con #1 - Infrastructure

First off, Raleigh was not initially built with the idea that it would be so big, so many of its’ roadways struggle with the daily traffic, and there are no other real mass transit options beyond buses.

Raleigh’s traffic has been noticeably worse with the influx of residents, and all of the roadway construction only makes it worse.  With no changes, Raleigh residents are projected to spend an extra 26 minutes in traffic by 2050.

Raleigh does have an aggressive plan to combat this congestion that includes significant roadway improvements and a rapid bus transit system, but funding is always a concern.

Considering these issues though, Raleigh scores well nationally as it's ranked #2 in the country for best cities to drive in, so people who relocate here from other cities probably consider Raleigh’s driving situation a pro.

Con #2 - It’s Spread Out

Next up, Raleigh is a very spread out city.

You will no doubt need a car in Raleigh, as one thing I hear from those who relocate here is how spread out Raleigh is for those who are used to the vast majority of entertainment being in their downtown districts.

Downtown Raleigh does have its’ fair share of food and entertainment options, and has plans to rapidly grow in this area over the next 5 years, but it has pockets of entertainment literally spread throughout every corner of the city and its’ suburbs.  

The pro of this is that it reduces the congestion in downtown, but the negative is that you do need a car, and sometimes have to pay more attention to where events are happening that particular day.

Con #3 - Big Entertainment Lacking

Speaking of entertainment, Raleigh’s pro of having a small town feel is also a con for those who enjoy big city entertainment, as Raleigh could certainly use more.

As mentioned in the pros, Raleigh’s entertainment will not have the same feel as major city entertainment with massive nightclubs, endless bar hopping options, and major sports teams.

So for those who need that style of entertainment, Raleigh may not be for you; But, Raleigh does still have good nightlife and entertainment options, just know that much of it will have that smaller town vibe.  

Con #4 - Food Diversity

The last con is the lack of diversity of food offerings in Raleigh.

I honestly don’t get this one, but I hear all the time from those who move here how Raleigh lacks diverse and authentic food offerings.  

Whenever I’m downtown, the one thing I seemingly notice every time is how many restaurants have different cultural themes and unique offerings.  There are so many boutique style restaurants and there are many more planned over the next several years.

But I believe people feel this way because these restaurants are not always in your face due to Raleigh’s spread out nature, and the longer you live here, you discover that Raleigh has more than you realize.

If you found this blog helpful, please take a look at some of our other blogs that provide more details on some of these pros and cons of Raleigh.  You can also visit our Relocating to Raleigh YouTube, Instagram, Facebook, and TikTok pages for more content on Raleigh as well.

If you find that Raleigh is the right place for you, our team specializes in relocations and would love to help you find the perfect spot in the greater Raleigh area for you.

Please don't hesitate to reach out!

Alison Wojnarowski

Team Leader - W Real Estate Group

Email: alison@wgroup-kw.com

Mobile:  919-504-5265

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