Better, Not Bigger: What the Triangle Region Offers
Posted by RealEstate_Guru
The real estate scene’s best kept-secret might just be the Raleigh-Durham NC Triangle region. Despite a size that’s much smaller than other metropolitan areas that have a similar profusion of cultural amenities, the Triangle thrives. Raleigh has attracted a number of celebrities who make their home there, including Olympic champion Kristi Yamaguchi, Dexter star Michael C. Hall and singer Clay Aiken, whose dog was even named Raleigh!
Here’s the Proof
A recent study looked at 100 of the country’s largest cities and ranked them based on 16 essential criteria that people consider when evaluating an area to which they might move. The criteria included typical categories like educational opportunities, per capita income, poverty level, school performance and even air quality. However, special attention was paid to recreational amenities, including parks, restaurants, bars, and cultural institutions like museums. In addition, the number of inhabitants with a bachelor’s degree or higher, public school performance was considered. Other factors included were unemployment rate, crime rate and foreclosure rate. The data for this compilation came from reliable sources like the US Census Bureau and the US Bureau of Labor Statistics, as well as from several respected private sources. The result? The Triangle region topped the list!
More Encouraging News
In addition, the Raleigh-Durham-Cary region enjoys exceptionally low crime rates. Cary, for example, had only 85 violent crimes per 100,000 people. There were just 25 robberies per 100.000 people, which is more than 10 times lower than the national average. Violent crime includes aggravated assault, forcible rape, non-negligent manslaughter and murder. After all this was considered, the Triangle region attained the top ranking. There couldn’t be a better time to buy a house here!
A Myriad of Positive Reasons to Live in the Region
The housing market in the Triangle, based on mortgage rates and other factors, indicates that home buying is exceptionally affordable at this time. In fact, the market is better than it has been in decades. Also, the ratio of house prices to yearly rents is highly favorable to home buyers. In addition, most buyers have little trouble finding affordable mortgage rates. When the cost of a home is compared to its projected growth in value over time, a lower ratio means that owning a home is more attractive and attainable than renting. This home-price-to-annual-rent ratio has declined by about 7% in recent years. Mortgage rates are important as well, and presently are exceptionally low, allowing buyers to get more house for their money. The latest 30-year rate is less than half the average since 1971.
So, when prices are low and loan rates are cheap, buyers are encouraged to jump in.
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