What Makes Raleigh a Hip and Affordable Place to Be?
Long renowned for being the site of three leading universities – North Carolina State University, the University of North Carolina at Chapel Hill, and Duke University – Raleigh, NC is emerging as a haven for young renters looking for a hip and affordable place to live and work.
According to a recent study from Fannie Mae’s Multifamily Economics and Market Research Group (MRG), an estimated 24 percent of Raleigh’s population falls in the 20-34 age bracket – so-called Millennials looking to rent apartments or condos in a city that offers culture, affordability, and high-paying jobs.
Kim Betancourt, director of economics for Fannie Mae, who co-authored the study, cites “improving multifamily fundamentals such as shifting demographics, a surge in job growth, and positive net migration,” for the area’s popularity.
“There’s a lot of culture because there are things to do,” Betancourt adds.
What Do Millennials Want?