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Report: Raleigh immigrants are building bigger homes for less money

Raleigh – An analysis from real estate data firm Zillow says the average long-distance mover or mover who leaves one metropolitan area in search of a new place. Moved to the Raleigh zip code, where the median home value was down nearly $70,000 from the median house price in Raleigh. the zip code from which they depart

And the house they bought in Raleigh was much bigger, on average 370 square feet, more than the house they left behind.

These figures are based on migration data from North American Van Lines and are being published as Triangle prepares for an influx of high-paying tech jobs from companies such as Apple, Google, Fidelity and more biotech companies.

“When many new jobs are added in a region, It will naturally attract new homebuyers,” Zillow Principal Economist Chris Glynn said in an interview with WRAL TechWire. “What makes Triangle so satisfying is that it has affordable housing. strong economy world-class university and good quality of life

“We see evidence of that growth in the housing market,” he added.

Not that Raleigh houses are cheap. In fact, prices are going up fast.

Zillow data shows typical Raleigh homes are now valued at $327,048, up 1

2.3 percent, or $35,700 in April last year, and 1.5% since March. That surpassed the national average that Zillow tracks. Nationally, home values ​​rose 11.6 percent compared to this time last year, Glynn said.

Shock sticker housing: Triangle house prices soar 10%, rents up 6.8% in just a few months

“It is likely that the addition of new jobs will contribute to strong overall housing demand. Although the impact on home value cannot be distinguished,” says Glynn, “we know Triangle is at the intersection of two powerful demand trends in housing: affordability and sunlight.”

Zillow called the ongoing convergence of social, demographic and economic factors fueling growing housing demand for “Great Reshuffling.” more than before that people are considering moving out of the big cities with high housing costs and prices Compared to other markets across the country, their data analysis shows that the five markets with the most outbound movements are Chicago, New York City, Los Angeles, San Diego and San Fran. Cisco

meanwhile People who moved from Raleigh to other metropolitan areas see the opposite

For homes that average 272 square feet, these movers must be in a zip code where the median home value is more than $51,000 higher than the neighborhood in which they depart.

Jeff Tucker, senior economist at Zillow, said: “The mid-range, affordable metro area across the Sun Belt sees a lot more people coming than going. Especially from larger, more expensive cities further north and on the coast.” “The pandemic has spurred first-time buyers in millennials. Many people can work from anywhere.”

The corresponding Zillow study also found that Charlotte was one of the top three regions with the highest net inbound movements in the first 11 months of 2020. Many of these outbound movers are from the New York City metropolitan area.

Housing pain: Apple, Google, other projects will ‘stretch’ tight Triangle market, experts say

Zillow survey data shows that 7 out of 10 people are comfortable moving. When vaccine distribution is widespread, and 11% of people say they have moved during the pandemic.

Glynn said, “Remote and flexible work arrangements have made places like Raleigh a realistic destination for households looking to spend less on housing and enjoy year-round outdoor living.”

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