Thinking about moving to Raleigh?
You’ll be in good company. Between 2010 and 2016, more than 54,988 people have moved to Raleigh, an increase of 13.6%. New residents are attracted to Raleigh’s sizzling tech sector and excellent quality of life.
One might say that there are three ingredients to Raleigh’s success: education, tech, and the outdoors. As one corner of the Research Triangle, Raleigh is close to several major educational institutions, including Duke University in Durham, the University of Carolina at Chapel Hill, and North Carolina State University. This highly-educated population has helped lure tech companies into the area, providing for a booming economy. Finally, the Piedmont region of North Carolina is covered in thickly-forested hills and shot through with rivers, making for great hiking,
biking, rafting, and more.
Raleigh is home to 458,880 Raleighites. With an area of 142.9 square miles, Raleigh has a population density of 3,211 persons per square mile, which makes it less dense than many other cities of comparable size.
The Raleigh, NC Metropolitan Statistical Area boasts a population of 1,302,946 people, of which Raleigh proper’s population makes up 35%.
One of the drawbacks of all of Raleigh’s growth and livability are its relatively high housing prices. The median home value in Raleigh is $222,300, 11% above the US median value, according to Zillow. The median price per square foot in Raleigh is $128. Over the past 5 years, home values in Raleigh have increased by 5%.
Renters in Raleigh may have an easier time finding affordable housing. The median rent in Raleigh is $1,401 per month, which is 2% lower than the US median. Over the past year, rental rates in Raleigh have increased by 2.0%.
The Raleigh economy is on fire. The Raleigh metro area’s GDP grew by 29% between 2010 and 2015, from $59 billion in 2010 to $76 billion in 2015, a total increase of $17 billion. The metro area has a per capita GDP of $58,142. According to the US Census Bureau, the median household income in Raleigh, NC is $63,363, 8% higher than the national median. Raleigh’s unemployment rate is 3.7%.