Top 10 reasons to buy your first home in the Triangle area
From a thriving job market and excellent schools to beautiful parks and cultural attractions, the Triangle, North Carolina is a vibrant area with something for everyone. It’s no wonder Raleigh’s population grew to 1,591,000 in 2023 and is the second largest city in the state.
If Raleigh, Durham or Chapel Hill are already on your radar, or you’re just starting to research the area, we’re here to help with the top reasons why you should consider calling the Triangle home. Whether you're a young professional, a growing family, or an outdoor enthusiast looking for adventure in your own backyard, the Triangle has everything you need to make your next chapter a success.
Now, before we uncover the top 10 reasons to buy your first home in the Triangle, it’s important to know that achieving your homeownership dream could be more attainable than you think. Ownify reimagined the path to homeownership through fractional ownership, providing new opportunity for first-time homebuyers through a low down payment and cash offer needed to compete in a growing market. With the powerful partner you need to make your dreams a reality, there’s more reason to get excited about the vibrant Raleigh-Durham-Chapel Hill area. Here are a few of our favorites:
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Top School Districts
Raleigh is home to some of the best schools in North Carolina, making it an excellent choice for families looking to buy their first home. The Wake County Public School System, which serves the Raleigh area, is the largest school district in the state and one of the best in the nation. In fact, the high school graduation rate is over 86%, and the district boasts highly qualified teachers and modern facilities. Additionally, the Raleigh area offers a few prestigious private schools, including the Ravenscroft School and Saint Mary's School. With a wide range of extracurricular activities, students can engage in sports, music, robotics, debate and more, and families can feel confident that their children are receiving a top-notch education that will prepare them for a successful future.
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Strong Appreciating Home Values
With strong growth over the past several years, Raleigh’s housing market is booming, and home values are on the rise. At the end of 2022, the median sales price of a single-family home was $413,500. And as of January 2023, home prices increased 2.6% compared to 2022 with over 7% YoY appreciation rate. It’s clear that the Triangle area is outperforming other parts of the country, with major cities like San Diego, Austin and Seattle all showing over 1% decrease in home values across the board. For those looking to buy a home in the Triangle, the strong appreciation home values are a positive sign of a strong and thriving real estate market, making now the perfect time to buy, start building equity, and see a strong return on investment.
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A Booming Triangle
The Triangle is booming, with Raleigh, Durham and Chapel Hill all thriving. With top-tier research universities, health programs, startup businesses and others increasingly putting down roots in the Triangle, it is quite possibly one of the most recession-proof locations in the U.S. Research Triangle Park (RTP) has been instrumental in driving the economic growth of the Raleigh-Durham-Chapel Hill area as the largest research park in the U.S. and home to over 250 businesses. Ranging from startups to large multinational corporations, RTP businesses span industries such as technology, biotechnology, pharmaceuticals, and more, attracting top talent and supporting an ecosystem for innovation and entrepreneurship.
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A Great Place for Families
With a number of great neighborhood options, such as North Hills, Five Points, Brier Creek, and Wakefield, to name a few, Raleigh is an ideal place for families. It was ranked #6 among 150 metro areas across the U.S. in the U.S. News and World Report Best Places to Live and the Best Place to Live in North Carolina for this year. With analysis of value, job market, quality of life and overall desirability, Raleigh is noted for its diversity, strong sense of community and family-friendly amenities such as green spaces, museums, festivals and more.
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Rent is on the Rise
Rent is skyrocketing in Raleigh with an annual rent increase in North Carolina up 12% from December 2021 to December 2022, one of the top 10 largest annual rent increases in the country. Additionally, the median rent increased 24% in the Raleigh-Cary metropolitan area from December 2021 to December 2022. On top of the rising rates, more and more people are relocating to the Triangle from out of state – due to many of the reasons listed in this blog – which makes transitioning from a renter to a homeowner increasingly important. Through homeownership, residents can gain control over monthly payments and achieve stability in monthly budgeting. With Ownify, homeowners gain even greater predictability, with fixed monthly payments for the first five years and no surprises - insurance, taxes, and repair costs are all covered by Ownify.
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Beautiful Weather
Imagine a city where you can experience all four seasons: the beautiful sunshine in the summertime, the crunch of the vibrant foliage in the fall, a few snow flurries in the winter and the blooming flowers in the spring. When you buy your first home in Raleigh, these seasonal dreams will be brought to life in full color. Raleigh boasts an abundance of beautiful natural areas and opportunities for outdoor adventure, like the city's parks system which includes over 200 parks and 100 miles of trails with ample opportunity for hiking, biking, and exploring. Plus, the nearest beach is only a two-hour drive away.
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Job Opportunities
The job market in Raleigh is like no other. With an impressively low unemployment rate of 3.2%, it’s ranked in the top three hottest job markets in the U.S.. Major headquarters are making Raleigh their new home, like Fidelity Investments, which announced the creation of 1,700 new jobs in North Carolina, the majority of which will be in the Triangle. Not to mention Apple is set to bring 3,000 new jobs to Wake County, and Google is creating 1,000 new jobs in the area. This doesn’t even begin to include the major universities in the area or the many startups in Research Triangle Park all providing additional job opportunities as well.
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Nightlife, Culture and Entertainment
Raleigh offers a vibrant nightlife, culture, and entertainment scene. The city has diverse arts and culture experiences, with museums, galleries, and theaters showcasing everything from classic to contemporary art and performances. The North Carolina Museum of Art and the Contemporary Art Museum of Raleigh are just two examples of its appealing cultural destinations. Additionally, Raleigh is home to live music venues, including the Red Hat Amphitheater and The Ritz, which regularly host top national and international acts.
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Cost of Living
Raleigh is known for its relatively low cost of living compared to other major cities in the U.S. For example, it’s approximately 15% less expensive than Seattle, and compared to other tech hubs like San Francisco, Raleigh has 20% lower consumer prices. Overall, the cost of living is on par with the national average, making it generally more affordable than other large cities. The city’s convenient and affordable public transportation system combined with its strong, growing economy provides ample job opportunities and helps to support a comfortable standard of living for residents.
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Higher Education
Raleigh is the second most educated city in the country and is home to world-class universities including North Carolina State University, Duke University, and the University of North Carolina Chapel Hill. These top-tier research universities bring in approximately $3 billion annually in federal R&D funding and have been the foundation for numerous startups. In total, Raleigh has 10 universities and colleges all within a short commute from Research Triangle Park, providing ample educational opportunities.
From beautiful scenery and safe neighborhoods to educational and job opportunities, Raleigh is a desirable location to call home. At Ownify, it’s our mission to support first-time homebuyers in achieving their American Dream in the thriving Triangle area. We reimagined the path to homeownership to make it achievable on fair terms. With zero debt and no surprises, you can become an owner the day you move in, and build equity every month.
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