It has been nearly four years since housing prices bottomed out nationwide. Since then, the fortunes of homeowners and renters alike have been mixed across a wide spectrum depending on where they live, according to a report by Trulia recently.
Recovery in housing markets across the country has varied widely when other factors enter the equation, such as how much economic growth the area has seen (particularly in employment and wages) and how much housing prices have appreciated. Based on those factors, housing in some metros over the last four years has recovered more quickly driven by substantial economic growth, while housing has been slow to recover in some metros based on sluggish economic growth. Some metros have even seen slow recovery in housing and booming employment or vice versa.
Based on Trulia’s number crunching that figured in house prices, job prospects, wages, vacancy rates, home values, and amount of rent increase to determine what are the best housing markets for both renting and buying. What they discovered was that cities in North Carolina are strong for renters since 2012 due to strong economic gains.
North Carolina is a great area for renting in general—because of strong wage growth and modest rent increases in the last three years. Two North Carolina cities in particular, Charlotte and Raleigh, are in both the top 10 for renting. Compared with other cities that have seen steep drops in unemployment and rising wages in the last three years, the burdens of increasing rental prices and declining vacancy rates in Charlotte and Raleigh have been fairly forgiving.