Raleigh’s Housing Crisis – Cost of Rent Exceeding Inflation Rate | Eastern North Carolina Now | Families are feeling the pinch as cost of living continues to increase in North Carolina’s capitol

Coronavirus Disease 2019 (COVID-19)
    Publisher's Note: This post appears here courtesy of the John Locke Foundation. The author of this post is Brittany Raymer.

    Raleigh is experiencing a housing crisis. Rising apartment costs are currently outpacing inflation in the city, meaning that families are going to find it more and more difficult to afford housing. In fact, the median rise of a rental in North Carolina's capitol is more than $2,000.

    As one of the most pro-business states in the nation, Raleigh is attracting some of the biggest companies in the world to set up shop, but that does have a cost.

    Rents are rising across the city, faster than inflation can keep up. This is putting the squeeze on families, who are already struggling with higher grocery bills and pain at the pump.

    According to a report from Redfin, of the nation's 50 most populous cities, Raleigh had the seventh highest year-over-year rent growth increase. The median price for an apartment in September was $2,030, up $287 from a year ago.

    Home prices are also rising, with the average cost increasing by 14.1% in Wake Count and 12.1% in Johnson County. The rise in inflation, the growing burden of rentals and houses, in addition to a 7% interest rate, makes home purchases almost an impossible option now for families.

    The inability to purchase a home makes it difficult for people to establish long-term.

    "The rise in shelter costs is problematic both for policymakers as it's harder to mitigate these costs and they are slower to decelerate or decline," said Dr. Gerald Cohen in an interview with WRAL TechWire. He's the chief economist at the Kenan Institute. "Especially low-income households, as wages are still not keeping up with inflation."

    Given the looming recession and the possibility of layoffs and an uncertain job market, the pressure of higher housing costs will no doubt be an additional burden.

    Making housing more affordable for North Carolinians is important as the country heads towards an economic downturn. This is especially true as the state continues to attract more and more businesses.

    A way to make construction easier and more cost effective, it's prudent to ease regulations to increase housing opportunities, especially for low-income families.

    The John Locke Foundation is planning on hosting an Affordable Housing Symposium in December.
Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




GOP candidate files cease-and-desist over ‘lies’ of incumbent Kathy Manning Economic Truths, A Business Perspective, John Locke Foundation Guest Editorial, Editorials, Business, Op-Ed & Politics North Carolina Ranks 10th Best on Tax Foundation Index


HbAD0

Latest Op-Ed & Politics

We trust our readers to make their own conclusions. We'd love to hear what you think
A spokesman for Santa's Workshop today announced the organization's latest advance in their ongoing efforts to determine who's naughty and who's nice
demands federal government pays it to all, costing billions
Vice President Kamala Harris is spearheading a White House initiative to electrify the nation’s school buses, the administration announced Wednesday.
politization of leadership is biggest public concern
Twitter CEO Elon Musk said Monday that he will soon be releasing files on how the social media platform has engaged in suppressing free speech.
In the age of wokeness, ideological (re)education trumps mission-preparedness.
A new book alleges that after Ted Kennedy left his car and his passenger, Mary Jo Kopechne, in a pond off of Chappaquiddick Island, where Kopechne drowned, he returned to the party they had attended and told his close friends he wanted to say Kopechne was driving the car.
Hawaii’s largest active volcano began erupting Sunday night, with lava flow warnings issued to the surrounding area.

HbAD1

Apple CEO Tim Cook confirmed this morning that he's prepared to remove the Twitter app from the App Store but that he's waiting for orders from CCP President Xi before he makes a move.
A wave of Twitter users began impersonating government officials and major corporations after Elon Musk introduced a new scheme for verifying users on the platform.
In a dramatic ruling issued just days before midterm elections, the North Carolina Supreme Court upheld a lower court’s ruling and ordered the transfer of millions of dollars to pay for a school improvement plan designed to ensure North Carolina’s school children receive a sound basic education
Chest reconstruction surgeries performed on minors across the United States increased by approximately 400% during a three-year span, according to a new report.
bill would subsidize MSM, leave out conservative media
Christine McVie, the English singer-songwriter who helped launch the rock band Fleetwood Mac into international fame, has died. She was 79.
Research suggests that certain octopuses deliberately throw objects like silt, sand, and shells at other octopuses.
Balenciaga is facing a wave of online criticism after a MyPillow pillow was spotted in the background of one of the company's photo shoots for its winter collection. The CEO of MyPillow Mike Lindell is known for his strong support of Donald Trump.

HbAD2

 
Back to Top