RALEIGH – The Triangle is the sixth best place to live in the United States, according to a new analysis from US News. But the region dropped from publication second place a year ago.
The ranking measures factors for quality of life, the labor market and economy, as well as value and what the publication calls ‘people’s desire to live there’.
Of these measures, the region scores highest on value with a score of 7.1 and lowest on desirability with 6.3. According to the report, the region scored a 6.8 for quality of life and a 6.7 for the labor market and the migration balance.
“Raleigh & Durham offer better value than similarly sized metro areas when you compare housing costs to median household income,” the report reads.
But those housing costs are rising.
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Affordability of housing a concern
On the housing market in the region, the price increase remains greater than the national average. With mortgage interest rates rising and home prices soaring, housing affordability is at an all-time low, according to the latest Triangle Multiple Listing Service (TMLS) reports, which WRAL TechWire obtained on request.
“Affordability has taken a double hit. Prices are rising and rates are rising, putting pressure on the index and buyers,” said Matt Fowler, the executive director of TMLS, in an interview with WRAL TechWire. “Currently at 71, the index is at an all-time low.”
While house prices and mortgage interest rates are rising in the region, the Triangle still appeals to many people considering moving from areas with a higher cost of living, whether it’s a personal or hybrid job, retirement or working from home. to work. And so are those considering the region for an early career, as both Durham and Raleigh were recently ranked in the top 20 cities for starting a career.
“From a workforce development and talent attraction standpoint, a major difference between the Triangle region and Austin is the cost of living,” Ryan Regan, vice president of economic development at the Greater Durham Chamber of Commerce, said in an interview with WRAL TechWire. week. “It’s true that house prices and the total cost of living are rising everywhere, but compared to our similar subways, it’s easier to establish yourself and your career in the Triangle area.”
It’s More Expensive Than Ever To Buy A Triangle Home And Interest Rates Are Soaring
Other regions, other rankings
Overall, the Triangle scored a 6.7. In comparison, only one area scored higher than a 6.8, and that was Huntsville, Alabama, which scored a 7.0 overall with a value rating of 8.5 and topped the list of the best places to live.
The other cities topping the Triangle on the list were Colorado Springs, CO, Green Bay, WI, Boulder, CO and San Jose, CA.
While the region dropped four places in the rankings, other regions saw more dramatic changes year on year.
“A lot of the commotion we’re seeing at the top of the rankings this year is a result of changing preferences,” Devon Thorsby, real estate editor at US News, said in a statement. “People who move across the country today place greater emphasis on affordability and quality of life than on the job market, which is falling behind in many ways as remote work options have become more standard.”
According to US News, the Triangle is the 20th fastest growing place in the United States and the 22nd best place to retire.
The publication ranks the Triangle first in the state, followed by Charlotte, Hickory, Asheville, Winston-Salem, Greensboro, and Fayetteville. No other cities in North Carolina are ranked in the US News report.
Charlotte was ranked sixth in the nation in the US News report 2020-2021.
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