RALEIGH – Newly available data from the United States Census Bureau shows how much each county’s housing stock expanded in the decade between 2010 and 2020, and a new analysis from Apartment List finds that, of the top 100 most populous metropolitan areas, Raleigh is third, behind Provo, Utah, and Austin, Texas, and just ahead of Boise, Idaho, with housing growth of 23.5%.
The report tracks 9 million net new housing units from 2010 to 2020, which is a national increase of 6.9%.
Source: Apartment List
The report also finds that only 4 of the largest 25 metropolitan areas built enough homes to align with the growth of local jobs during this period, and the authors note that what is considered “healthy” is a housing unit to job growth ratio of between 1 and 2, as many households may have more than one working adult.
All five of the largest cities in North Carolina fall into that ratio range, according to the data set, with an eight-county region of the Triangle posting a ratio of 1.4 new jobs for every new housing unit.
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In the Triangle, across the eight-county region that the researchers studied, housing unit growth between 2010 and 2020 was 20.9%, but in Wake and Durham Counties, it was 23.6%, outpacing the other counties in the region, which averaged 14.9%.
Raleigh is also seeing an increase in rental rates, found Apartment List, in a recent analysis of the rental market, with a 7% increase in comparison to the same time last year, though Raleigh lags the state average of 8.4% and exceeds the national average of 5.3%. Rental rate growth, year over year, in Asheville, Cary, Charlotte, High Point, Fayetteville, Greensboro, and Winston-Salem all outpaced rental growth in Raleigh, the analysis found.
