RALEIGH – Newly available data from the United States Census Bureau shows how much the housing stock of each county has expanded in the decade between 2010 and 2020, and a new analysis by Apartment List shows Raleigh to be among the 100 most populous metropolitan areas behind Provo. in third place is Utah and Austin, Texas, and just ahead of Boise, Idaho, with housing growth of 23.5%.
The report captures 9 million net new housing units from 2010 to 2020, a 6.9% national increase.
Source: apartment list
The report also notes that only 4 of the 25 largest metropolitan areas built enough homes during that period to accommodate growth in local jobs, and the authors find that what is considered “healthy” is a ratio of Residential units for jobs between 1 and 2, as more than one working adult can live in many households.
All five of North Carolina’s largest cities fall within this ratio range, according to the data set, with a region with eight counties of the triangle providing a ratio of 1.4 new jobs for each new housing unit.
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In the triangle, the eight counties region studied by the researchers, housing growth was 20.9% between 2010 and 2020, but 23.6% in Wake and Durham counties, beating other counties in the region, which averaged 14 .9%. .
Raleigh is also seeing an increase in rental rates, Apartment List found in a recent analysis of the rental market, up 7% year-over-year, although Raleigh falls short of the national average of 8.4% and the national average of 5.3% . Rental growth in Asheville, Cary, Charlotte, High Point, Fayetteville, Greensboro and Winston-Salem all outpaced rental growth in Raleigh year-over-year, the analysis found.
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