North Carolina has had an influx in its population over the years. The Census Bureau data showed that the past decade saw the state’s population increase by 900,000. This trend is expected to continue for 2022 and beyond. Many of the cities within the state are becoming hotspots for a growing number of leading industries and large corporations.
Following its impressive rise in population, many wonder how and why the property market in North Carolina will thrive in the future. These are some of how the Tar Heel State’s property market is anticipated to succeed for the rest of the year.
Reasons People Are Relocating
North Carolina is becoming a popular spot for millennials. The state has several bustling cities attracting many younger generations. The past year saw a 9.41% increase in the total of 25-39-year-olds moving to North Carolina. This figure is anticipated to rise, and the overall capacity of people relocating to the state. Everyone has a personal reason for moving to the state. However, there are a few common reasons why people move to North Carolina, and it is some of these reasons may contribute to the thriving property market. Here are a few reasons why more people choose to move to North Carolina.
Job Opportunities Available
Some of the state’s cities are home to numerous well-known brands, many of which recruit new talent to their team. North Carolina’s leading employers operate in high-wage growth industries. These industries include manufacturing, biotechnology, and pharmaceuticals and also aerospace and defense.
In addition to this, Charlotte is known for being a financial hub. However, it has recently been a popular spot for numerous IT businesses. It is making it a city that is slowly rivalling the likes of Silicon Valley, home to countless technology companies. With such a diverse range of industries to find employment in, it is unsurprising that a rising number of millennials are moving to North Carolina.
Exceptional Education
For families looking to move to a new state, North Carolina is one of the top choices to consider. The state is home to some of the nation’s top universities and colleges. Featured in the list is a well-known, competitive school Duke University. It is a premier research university that continuously ranks exceptionally high amongst many other top colleges and universities.
In addition to highly ranked colleges and universities, there are plenty of outstanding schools to choose from across the state. Certain areas of North Carolina are tailored more towards families and those looking to raise a family. They have plenty of places to explore and opportunities for young people.
Reasonable Cost Of Living
Overall, North Carolina is considered an affordable place to live. Homes for sale across the state are reasonably priced. In some of the larger metro areas of the state, it is possible to find reasonable house prices to choose from. The cost of living in the state is also lower than the national average. On top of all of this, residents in North Carolina enjoy having to pay less in taxes, primarily in property taxes, compared to other Americans. North Carolina’s property tax rate is below the national average.
Popular Areas Of North Carolina
Aside from the endless list of exceptional opportunities available to North Carolina, the numerous cities located within the state draw new residents in. Each state area has certain qualities that other parts do not have. As such, it means there is likely to be an area of North Carolina that suits an individual’s needs and situation the best. Whether they are moving to North Carolina for a fresh start in a new state or moving to provide their children with an opportunity to receive an excellent education, there is a part of the state that will accommodate them best.
These cities boast excellent education opportunities, top job opportunities, diverse culture, safe environment, and affordable to live in. These factors could contribute to the property market in North Carolina thriving in 2022.
There are plenty of cities to choose from when moving to North Carolina. However, these are some of the top ones most favored by those choosing to migrate to the state.
- Asheville – For those that want to live in an area with a thriving cultural scene, excellent schools and delicious food scene, Asheville should be one of your top choices. Asheville is one of the smaller cities of North Carolina, with under 100,000 residents living across the city. Although the cost of houses might be for those with a bigger budget, the low unemployment rates, outstanding schools, and diverse culture are the enticing factors that will draw you in.
- Charlotte – Charlotte is a bustling city with daily events and opportunities to take advantage of. Those who enjoy sampling excellent cuisine will be overwhelmed with the delicious food available to feast upon. From Southern comfort-style cuisine to international flavors, you are bound to find one or multiple food spots to visit once you move to the city. When looking for homes for sale in Charlotte, consider working with a real estate agent, EZ Home Search. The team knows all about Charlotte’s real estate, enabling them to help you find your dream property in the city.
- Raleigh – Some of the key benefits of living in Raleigh are the healthy job market, education, and being a safe city to live in. All three qualities are factors that any family moving to North Carolina are after. The city is also becoming an increasingly desirable place for top IT talent. It is starting to reach a competitive level with Silicon Valley. Despite it becoming a desirable area for technology companies, Raleigh has been able to avoid the rising housing costs that are often linked with top-tech cities.
- Wilmington – If bustling cities are not your pace of life, but a charming coastal city is, Wilmington is an excellent choice. The city has iconic beaches to relax on, allowing you to soak in the sun’s rays as you listen to the calming ocean waves. If you do not want to spend a day at the beach, there is a vast range of biking and running trails to spend time doing. The city also is home to numerous large corporations, all of which offer an excellent selection of job opportunities to take advantage of.
The Bottom Line
The reasons behind North Carolina’s property market success are endless. The state is home to numerous affordable properties, making it an appealing option for first-time buyers. It is also benefiting from job growth and other favorable economic conditions. Both are additional factors enticing more people to consider moving to the state.
With the property market in North Carolina currently flourishing, the value of homes is beginning to rise. Investors are noticing this demand for properties and are taking advantage by purchasing properties whilst they are still relatively low in cost. In areas with a growing population and increase in demand, investors benefit from stable growth as it leads to potential high returns on their investments.
Ultimately, the property market in North Carolina is one to watch. The cities across the state are thriving, and so will the property market.
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