Triangle Shines in Best Places for Home Ownership List

Holly Springs Water TowerThe Triangle continues to shine. It recently nabbed six of the top eight towns on the Best Places for Homeownership in North Carolina list. Nerdwallet finance, a data-driven company that helps consumers make financial decisions, recently analyzed the 59 cities in NC with populations greater than 15,000 to find the best value for your buck. The study focused on three ideas:

  1. Are homes available?
    • Low homeownership rates likely signal competitive inventories, more renter than buyer options, and expensive housing
  2. Can you afford to live there?
    • Areas with high median incomes and low cost of living are best
  3. Is the area growing?
    • Areas attracting new residents likely signal a robust local economy

Holly Springs was the overall winner, boasting a median household income of $89,187 and doubling in size since 2000. Homeownership costs are low at 22.4% of income and 88% of homes are owned rather than rented. Fuquay-Varina and Apex, each a neighbor to Holly Springs, were also on the list.

Also in the Triangle, Wake Forest and Clayton took the 4 and 5 spots, respectively. Both towns saw a roughly 10% population increase in the last 2 years.

And in the heart of Research Triangle Park, Morrisville finished strong at number eight. Seeing the largest population growth of any place on the list, Morrisville grew by 15% from 2010 to 2012 and has a median home value of $266,600. The Cary-Morrisville 27519 ZIP code recently topped the list for most popular relocation area in the Triangle as well.

The Triangle will continue to be a hot market for growth in the United States, as its population is expected to grow to 2.5 million by 2035 according to Capital Area Friends of Transit. RTP recently introduced a residential and retail development project in hopes to transform itself into a thriving social scene.  And the Federal Transit Administration has issued a first-step approval for a new light rail line to connect UNC-Chapel Hill and East Durham, as well as providing a rush-hour commuter train to RTP, Raleigh, and Garner.

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