How Will Apple’s New Offices Impact the Triangle’s Housing Market?
Apple offices are heading to the Research Triangle.
After Apple’s August announcement that they’d be building a $1 billion campus in Research Triangle Park, many were left wondering how the shift would change the local landscape of the area. From median income to average home prices, numbers are sure to rise in Wake County.
Job Creation
The 1 million-square-foot Apple campus will add 3,000 jobs to North Carolina. With US tech workers already leaving places like the Bay area in search of affordable housing, and with tech companies like IBM, Cisco Systems, and Breezi already dominating Research Triangle Park, the area is set to become an even bigger hub for high-earning tech workers.
Exactly how much does Apple pay employees? Minimum salaries at the new RTP campus are slated to begin at over $133K - more than twice Wake County’s current average of about $64K. In addition to adding jobs, Apple has pledged to invest $100 million in local schools and community initiatives.
Housing Demand
So, what does this influx in tech professionals mean for the Triangle’s house prices?
Home availability in the area is already tight, with new builds and housing developments simply unable to keep up with demand. While the housing market nationwide is finally seeing the cool-off that many experts predicted based on past housing market cycles, North Carolina has continued to see competition among buyers and countless hopeful residents who simply can’t find a house to buy.
Real estate experts in the area predict even further price increases and rising market values on existing homes as companies like Apple and Google make their mark on the Triangle. While this increase looks relatively expensive for residents, it’s a move to try building up in an area with a lower cost of living compared to their current hubs in the Bay area, where housing is much more expensive. This move allows them to get in front of young professionals looking to make their start working for a tech company.
As tough as it is to find housing today in Raleigh or Durham, it will likely only get tougher as companies like Apple begin attracting more young tech professionals to North Carolina. Just like housing in the Bay area shot up in price because of Apple in California, experts expect a similar pattern in the Tar Heel state. The housing market is already hot, and it isn’t getting any cooler.
Rethinking Housing Options
Instead of diving into the competitive market or waiting for prices to go down, many young professionals are opting to custom build their homes instead. Commonly, workers find themselves bidding on home after home with no success, or they can’t find a house that fits their needs and preferences.
While the custom building process used to entail time-consuming back-and-forth and often-frustrating details, it’s become more streamlined than ever. With Atmos, you can design and build your dream home from a user-friendly platform, all with a team of experts on your side.
Ready to skip the competition for an existing home and build what you really want instead? Start building with Atmos today!
