Raleigh can’t match the cultural splendors of New York, the financial clout of Chicago, or the ethnic diversity of Los Angeles. But it does have plenty of attractive qualities of its own.
Such as its high-tech industries, which have established Raleigh as an anchor of the famed Research Triangle. Then there are its high-profile universities, led by North Carolina State, which have cemented its reputation as an educational center. And its status as a state capital, which has brought political prominence and economic stability.
And now you can add this: Raleigh is the major metropolitan market that offers the best quality of life in the United States, according to a new study by Portfolio.com/bizjournals.
Explore an interactive that breaks down the largest U.S. metropolitan areas and how they rank as best places to have fun.
The study compared the performances of the nation's 67 biggest metropolitan areas in 20 statistical categories. The highest scores went to well-rounded markets with healthy economies, moderate costs of living, light traffic, impressive housing stocks, and high-powered educational systems.
Raleigh earned first place, edging out two metros that are substantially larger, No. 2 Washington and No. 3 Minneapolis-St. Paul.
Several factors pushed Raleigh to the top of the list:
•It’s growing at a rapid pace. No major market is expanding as rapidly as Raleigh, whose metropolitan population has increased by 37 percent since 2000.
•It has a vast inventory of new homes. More than half of all houses in the Raleigh area have been built since 1990. Las Vegas is the only other market above 50 percent for new homes.
•It has an impressive supply of high-level jobs. Forty-four percent of Raleigh’s workers hold management or professional positions, surpassing all but three markets.
•It has a well-educated workforce. Raleigh, at 41 percent, ranks sixth in the share of adults holding bachelor’s degrees.
Portfolio.com/bizjournals analyzed the 67 metropolitan areas that have populations of 750,000 or more. The raw data used in the study came from the U.S. Census Bureau’s 2006-2008 American Community Survey. Details of the criteria for the rankings are in Metro Quality of Life: Methodology.
These markets are the 10 best in terms of quality of life:
1.Four reasons for Raleigh’s No. 1 rank are listed above. Others include its large percentage of young adults, its historically low unemployment rate, and its impressive array of big houses.
2.Washington leads four categories. It has the lowest poverty rate for families, the largest concentration of management and professional jobs, the highest share of big houses, and the best percentage of college-educated adults.
3.Prosperity is a key to Minneapolis-St. Paul’s high rating. It has the third-lowest poverty rate of any major market, and its median household income of $66,281 is the ninth best.
4.Bridgeport-Stamford, Connecticut, is unusually stable. Eighty-eight percent of its residents have lived in the same house for more than a year, a rate second only to New York City. Its median household income ($83,492) ranks third.
5.No market has a lower jobless rate for workers between the ages of 25 and 64 than Salt Lake City. Only Washington has a larger share of homes with at least nine rooms. One fifth of Salt Lake City’s houses are that size.
6.Denver attracts young, self-motivated individuals. It has the nation’s sixth-highest concentration of young adults, 30.6 percent. And it’s ninth in the share of self-employed workers, 11.6 percent.
7.Education is one of the secrets to Seattle’s success. Ninety-one percent of its adults are high-school graduates, a rate topped only by Minneapolis-St. Paul. It also ranks 10th in the percentage of people with bachelor’s degrees.
8.Forty-five percent of the workers in Boston hold management or professional jobs. Washington and San Jose are the only markets that do better. And Boston’s median household income of $70,344 is sixth in the study group.
9.A recent study by Portfolio.com/bizjournals named Austin the best metro for young adults. That quality helped it crack the top 10 for overall quality of life, as did its strong population growth (32 percent since 2000).
10.San Jose has been on the comeback trail since the dotcom bust a decade ago. It now has the highest household income (median of $86,806) and third-lowest poverty rate (5.6 percent of all families) of any major metro.
Two California markets are mired at the opposite end of the list. Bakersfield is 67th—dead last—in overall quality of life, and Fresno is a notch higher in 66th place.
Bakersfield ranks last in six of the study’s 20 categories. It has the highest poverty rate of any major market, as well as the lightest concentration of management and professional jobs, weakest inventory of big houses, and smallest percentages in the three educational categories that track adults with high-school diplomas, bachelor’s degrees, and advanced degrees.
Also in the bottom five are New Orleans, Memphis, and Riverside-San Bernardino, California.
Source: http://www.portfolio.com/business-news/us-uncovered/2010/05/24/raleigh-north-carolina-tops-us-metros-with-best-quality-of-life#ixzz0ox4mEbkY
Tuesday, May 25, 2010
Monday, May 10, 2010
Raleigh Ranks #8 - Best Places to Live!
The Raleigh metro area ranks among the top 10 places to live in the United States for 2010, according to a new study by the Web-based research firm RelocateAmerica.com.
Raleigh took the No. 8 spot among the 100 U.S. municipalities nominated for the award. The rankings were based on interviews with local leaders, feedback from residents and a compilation of data related to the community’s economic, environment, education, crime, employment and housing stability.
Charlotte also cracked the top 10, coming in just ahead of Raleigh at No. 7.
Durham was not included in the rankings.
Huntsville, Ala., claimed the No. 1 spot, followed by Washington, D.C.; Austin, Texas; San Diego; San Antonio, Texas; Tulsa, Okla.; Charlotte; Raleigh; Boulder, Colo.; and Minneapolis.
RelocateAmerica.com also compiled top 10 rankings in other categories.
Asheville was ranked at No. 1 on the Top 10 Retirement Cities list, and Wilmington ranked No. 9 on the Top 10 Recreation Cities list. Other breakout categories that did not include cities in North Carolina were rankings for top recovery cities, ‘earth friendly’ cities and small towns with populations under 40,000 people.
“Given the tough economic times our nation is facing, homebuyers have re-evaluated their priorities and are looking to relocate to communities that offer plenty of perks, but minimal hassle and cost,” said Peter Meyers, vice president of research and content development at RelocateAmerica.com, in a statement.
“While some cities are facing a road to recovery that could take years, others are poised for a quick rebound - and already have seen growth. We wanted to highlight those cities that are on the road back to economic health.”
Source: RelocateAmerica
Raleigh took the No. 8 spot among the 100 U.S. municipalities nominated for the award. The rankings were based on interviews with local leaders, feedback from residents and a compilation of data related to the community’s economic, environment, education, crime, employment and housing stability.
Charlotte also cracked the top 10, coming in just ahead of Raleigh at No. 7.
Durham was not included in the rankings.
Huntsville, Ala., claimed the No. 1 spot, followed by Washington, D.C.; Austin, Texas; San Diego; San Antonio, Texas; Tulsa, Okla.; Charlotte; Raleigh; Boulder, Colo.; and Minneapolis.
RelocateAmerica.com also compiled top 10 rankings in other categories.
Asheville was ranked at No. 1 on the Top 10 Retirement Cities list, and Wilmington ranked No. 9 on the Top 10 Recreation Cities list. Other breakout categories that did not include cities in North Carolina were rankings for top recovery cities, ‘earth friendly’ cities and small towns with populations under 40,000 people.
“Given the tough economic times our nation is facing, homebuyers have re-evaluated their priorities and are looking to relocate to communities that offer plenty of perks, but minimal hassle and cost,” said Peter Meyers, vice president of research and content development at RelocateAmerica.com, in a statement.
“While some cities are facing a road to recovery that could take years, others are poised for a quick rebound - and already have seen growth. We wanted to highlight those cities that are on the road back to economic health.”
Source: RelocateAmerica
Wednesday, May 5, 2010
Credit Reform - What Does it Mean for You?
The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 went into effect on February 22, 2010. The new law means significant changes to fees, interest rates and restrictions. Here’s an overview of the new law and what it means for you as a consumer and credit card holder.
Fees
The new regulations limit fees such as those charged when consumers exceed their credit limits or pay bills online or by phone. Credit issuers will no longer be able to charge over-limit fees unless cardholders are notified that the purchase will put them over their limit and they authorize it regardless. And they can no longer engage in double-cycle billing, where interest charges are spread over two billing cycles rather than one. The new laws also limit upfront fees for subprime credit cards issued to people with less-than-great credit. Rules for billing statements have changed too; now they must be mailed at least 21 days before account due dates.
Interest Rates
New interest rate regulations are aimed to help consumers avoid paying hefty interest charges. Credit card issuers face new requirements for how account payments are applied, including one that prohibits them from organizing monthly payments to maximize interest charges to consumers. If a card has more than one interest rate on balances, payments must be applied to the highest interest rate first. Issuers are also prohibited from making arbitrary interest rate increases and setting misleading terms. Consumers now have the right to opt out of certain term changes.
Interest rates can’t be raised during the first year of an account (with a few exceptions, including teaser rates). Customers must be over 60 days late on payments before their interest rate can be raised on balances. If the rate is raised, it will go back to the lower rate if customers make the minimum payment on time for six months in a row.
Restrictions
One of the most significant restrictions in the new legislation concerns credit cards for young adults. From now on, anyone under 21 must have an adult co-sign if they want to open their own credit card accounts or prove that they can repay the card debt themselves. The new law is designed to help prevent college-age young adults from getting in over their heads.
Other restrictions include a ban on shifting due dates so that payments will be due on the same day every month. Gift cards are required to extend for five years, and issuers can’t charge dormancy fees for unused amounts left on cards.
Disclosures on Account Changes
Finally, the law aims to get credit issuers to be more transparent in disclosures about account policies. From now on, creditors must post their written credit card agreements online, and give 30-day advance notice before closing accounts. They are also required to give cardholders at least 45 days notice of any change in terms.
With all these reforms in effect, you may be wondering what hasn’t changed. The new law doesn’t completely eliminate an issuer’s ability to charge new fees or raise rates. And it doesn’t limit payday lenders, who offer short-term loans at very high interest rates.
Fees
The new regulations limit fees such as those charged when consumers exceed their credit limits or pay bills online or by phone. Credit issuers will no longer be able to charge over-limit fees unless cardholders are notified that the purchase will put them over their limit and they authorize it regardless. And they can no longer engage in double-cycle billing, where interest charges are spread over two billing cycles rather than one. The new laws also limit upfront fees for subprime credit cards issued to people with less-than-great credit. Rules for billing statements have changed too; now they must be mailed at least 21 days before account due dates.
Interest Rates
New interest rate regulations are aimed to help consumers avoid paying hefty interest charges. Credit card issuers face new requirements for how account payments are applied, including one that prohibits them from organizing monthly payments to maximize interest charges to consumers. If a card has more than one interest rate on balances, payments must be applied to the highest interest rate first. Issuers are also prohibited from making arbitrary interest rate increases and setting misleading terms. Consumers now have the right to opt out of certain term changes.
Interest rates can’t be raised during the first year of an account (with a few exceptions, including teaser rates). Customers must be over 60 days late on payments before their interest rate can be raised on balances. If the rate is raised, it will go back to the lower rate if customers make the minimum payment on time for six months in a row.
Restrictions
One of the most significant restrictions in the new legislation concerns credit cards for young adults. From now on, anyone under 21 must have an adult co-sign if they want to open their own credit card accounts or prove that they can repay the card debt themselves. The new law is designed to help prevent college-age young adults from getting in over their heads.
Other restrictions include a ban on shifting due dates so that payments will be due on the same day every month. Gift cards are required to extend for five years, and issuers can’t charge dormancy fees for unused amounts left on cards.
Disclosures on Account Changes
Finally, the law aims to get credit issuers to be more transparent in disclosures about account policies. From now on, creditors must post their written credit card agreements online, and give 30-day advance notice before closing accounts. They are also required to give cardholders at least 45 days notice of any change in terms.
With all these reforms in effect, you may be wondering what hasn’t changed. The new law doesn’t completely eliminate an issuer’s ability to charge new fees or raise rates. And it doesn’t limit payday lenders, who offer short-term loans at very high interest rates.
Wednesday, April 7, 2010
Tax Credit Extended through April 30, 2010
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
For more info and frequently asked questions/answers, click here.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
For more info and frequently asked questions/answers, click here.
Monday, March 29, 2010
5 Tips for First Time Home Buyers
Buying a home requires a lot of preparation and research. It’s important to start off on the right foot because the time you initially put in with save you time down the road. Plus, going through the basic steps to get you ready for buying a home will help you decide if you’re truly ready for homeownership.
As a first-time home buyer, here are five basic steps you should take before you make an offer:
Get Pre-qualified
Nothing is more important than understanding your credit situation and getting pre-qualified with a reputable lender before you start your home search. This also means calculating all of additional expenses besides a mortgage payment that come with owning a home. For instance, if you’re looking at condos, you’ll want to take into consideration how the Home Owners Association (fees, etc.) will impact your monthly expenses.
Doing a little prep-work and knowing how much home you can afford will allow you to search for a house with confidence and avoid being disappointed by homes that are out of your price range.
Curious about what your credit situation is right now? Take a peek at your credit report and score for free at Quizzle.com.
Hire a Buyer’s Agent
Outside of getting pre-qualified, this is the single-most important thing a first-time home buyer can do. A buyer’s agent is a real estate agent hired specifically to help a person interested in purchasing a home. This agent will work for you and will always have your best interest in mind.
Buyer’s agents will research a property and give you valuable information that the agent who is representing the seller is not allowed to provide. This includes any public records showing what the current owner paid for the home, the last mortgage on record, comparable homes in the neighborhood and how long the property has really been on the market.
A buyer’s agent can also give you a thorough explanation of the best way to approach a negotiation of the property. In addition, a good buyer’s agent will have a list of resources that will help you in the home buying process, including home inspectors, contractors and attorneys.
The best thing about hiring a buyer’s agent is that it often costs you nothing! Because of the agreement between the seller and the listing agent, compensation is offered through multiple listing services that encourage other agents to show the property. The buyer’s agent only gets paid if they are the one who brings the buyer.
Know the Neighborhood
When searching for your first home it’s important to know and understand the neighborhood. Target an area and drive around at different times of the day or week to observe what’s going on. Often in the evening and on weekends you’ll get a better idea of what the activity level is for a specific neighborhood.
Don’t settle when you’re looking for your first home. While most buyers understand that they may only be in a home for a few years, the decisions you make now will have a huge impact when it comes time to sell the property. Things like not having a garage or basement, or the proximity to commercial or major roads could create some obstacles when you try to sell the house in the future.
Prepare for a Competitive Bid Situation
In this market with so many buyers wanting to take advantage of record-low prices, it’s not uncommon to find yourself in a competitive bidding situation. This is why it’s so important to already have the three previous items under your belt. As an agent, I’ve had buyers who thoroughly understood the value of a property and as a result were able to out-bid other buyers and still get an outstanding deal on the home.
Have the Home Inspected
This is one thing you definitely don’t want to skimp on! Choosing to do the inspection yourself or relying on your family member or friend who has owned a home before will most likely result in a greater cost than if you had hired a professional in the first place.
By not hiring a full-time inspector who is a member of either the American Society of Home Inspectors (ASHI) or your state’s association of home inspectors, something will be missed and it could cost you thousands of dollars in the long run. Not only does a professional inspector provide peace of mind about what you’re buying, but can walk you through the process so you understand the inner-workings of a home and regular maintenance schedules.
As a first-time home buyer, here are five basic steps you should take before you make an offer:
Get Pre-qualified
Nothing is more important than understanding your credit situation and getting pre-qualified with a reputable lender before you start your home search. This also means calculating all of additional expenses besides a mortgage payment that come with owning a home. For instance, if you’re looking at condos, you’ll want to take into consideration how the Home Owners Association (fees, etc.) will impact your monthly expenses.
Doing a little prep-work and knowing how much home you can afford will allow you to search for a house with confidence and avoid being disappointed by homes that are out of your price range.
Curious about what your credit situation is right now? Take a peek at your credit report and score for free at Quizzle.com.
Hire a Buyer’s Agent
Outside of getting pre-qualified, this is the single-most important thing a first-time home buyer can do. A buyer’s agent is a real estate agent hired specifically to help a person interested in purchasing a home. This agent will work for you and will always have your best interest in mind.
Buyer’s agents will research a property and give you valuable information that the agent who is representing the seller is not allowed to provide. This includes any public records showing what the current owner paid for the home, the last mortgage on record, comparable homes in the neighborhood and how long the property has really been on the market.
A buyer’s agent can also give you a thorough explanation of the best way to approach a negotiation of the property. In addition, a good buyer’s agent will have a list of resources that will help you in the home buying process, including home inspectors, contractors and attorneys.
The best thing about hiring a buyer’s agent is that it often costs you nothing! Because of the agreement between the seller and the listing agent, compensation is offered through multiple listing services that encourage other agents to show the property. The buyer’s agent only gets paid if they are the one who brings the buyer.
Know the Neighborhood
When searching for your first home it’s important to know and understand the neighborhood. Target an area and drive around at different times of the day or week to observe what’s going on. Often in the evening and on weekends you’ll get a better idea of what the activity level is for a specific neighborhood.
Don’t settle when you’re looking for your first home. While most buyers understand that they may only be in a home for a few years, the decisions you make now will have a huge impact when it comes time to sell the property. Things like not having a garage or basement, or the proximity to commercial or major roads could create some obstacles when you try to sell the house in the future.
Prepare for a Competitive Bid Situation
In this market with so many buyers wanting to take advantage of record-low prices, it’s not uncommon to find yourself in a competitive bidding situation. This is why it’s so important to already have the three previous items under your belt. As an agent, I’ve had buyers who thoroughly understood the value of a property and as a result were able to out-bid other buyers and still get an outstanding deal on the home.
Have the Home Inspected
This is one thing you definitely don’t want to skimp on! Choosing to do the inspection yourself or relying on your family member or friend who has owned a home before will most likely result in a greater cost than if you had hired a professional in the first place.
By not hiring a full-time inspector who is a member of either the American Society of Home Inspectors (ASHI) or your state’s association of home inspectors, something will be missed and it could cost you thousands of dollars in the long run. Not only does a professional inspector provide peace of mind about what you’re buying, but can walk you through the process so you understand the inner-workings of a home and regular maintenance schedules.
Source: Quizzle
Friday, March 26, 2010
Raleigh-Cary Area Makes Mark in Census!
The Raleigh-Cary area has made the most impressive climb since 2000 in the population rankings of metropolitan areas, according to estimates released Tuesday by the U.S. Census Bureau.
Raleigh-Cary, which ranked 59th in 2000, is 49th in the new standings with a population of almost 1.13 million, up from 797,000 in 2000. Raleigh-Cary's rise of 10 places in nine years is the biggest gain registered by any metro in the current top 50.
Buffalo and New Orleans, on the other hand, suffered the sharpest declines.
The Census Bureau released population estimates for all 940 metropolitan and micropolitan areas across the country on Tuesday. The figures do not come from the decennial census that is presently under way, but reflect the population situation as of July 1, 2009.
While Raleigh-Cary cracked the top 50, the Durham MSA, which includes Chapel Hill, crept up three spots to No. 102. Durham’s population grew to 501,228 as of July 1, 2009, from 426,293 in 2000. Durham’s population fell less than 10,000 short of from breaking into the top 100; Modesto, Calif., currently holds the No. 100 ranking with a population of 510,385.
Buffalo was 42nd in 2000, but is 50th now, a drop of eight places. New Orleans has also dropped eight places since the turn of the century – from 38th to 46th – mainly due to the devastation caused by Hurricane Katrina.
Other big gainers during the past decade were Las Vegas (up six places), Austin and Jacksonville (both up five) and Charlotte (up four).
Other significant declines occurred in Providence, R.I., which fell five places, and Milwaukee, which dropped four.
Source: Triangle Business Journal
Raleigh-Cary, which ranked 59th in 2000, is 49th in the new standings with a population of almost 1.13 million, up from 797,000 in 2000. Raleigh-Cary's rise of 10 places in nine years is the biggest gain registered by any metro in the current top 50.
Buffalo and New Orleans, on the other hand, suffered the sharpest declines.
The Census Bureau released population estimates for all 940 metropolitan and micropolitan areas across the country on Tuesday. The figures do not come from the decennial census that is presently under way, but reflect the population situation as of July 1, 2009.
While Raleigh-Cary cracked the top 50, the Durham MSA, which includes Chapel Hill, crept up three spots to No. 102. Durham’s population grew to 501,228 as of July 1, 2009, from 426,293 in 2000. Durham’s population fell less than 10,000 short of from breaking into the top 100; Modesto, Calif., currently holds the No. 100 ranking with a population of 510,385.
Buffalo was 42nd in 2000, but is 50th now, a drop of eight places. New Orleans has also dropped eight places since the turn of the century – from 38th to 46th – mainly due to the devastation caused by Hurricane Katrina.
Other big gainers during the past decade were Las Vegas (up six places), Austin and Jacksonville (both up five) and Charlotte (up four).
Other significant declines occurred in Providence, R.I., which fell five places, and Milwaukee, which dropped four.
Source: Triangle Business Journal
Tuesday, March 16, 2010
Freon® refrigerant banned...
New Federal Law regarding the manufacture of freon-based air conditioning equipment.
410A Mandate Recap:
Effective January 1, 2010, the Environmental Protection Agency, under Title VI of the Clean Air Act, will no longer allow air conditioning equipment that uses the refrigerant R-22 (commonly known by the brand name Freon®) to be manufactured. This new mandate is designed to protect the environment from ozone depleting hydrochlorofluorocarbons (HCFCs) that can be released through leaks and improper disposal.
A new refrigerant, 410A, (commonly known by the brand name Puron®) is available and is less harmful to the ozone or environment if it leaks from an air conditioning system.
410A Mandate Recap:
Effective January 1, 2010, the Environmental Protection Agency, under Title VI of the Clean Air Act, will no longer allow air conditioning equipment that uses the refrigerant R-22 (commonly known by the brand name Freon®) to be manufactured. This new mandate is designed to protect the environment from ozone depleting hydrochlorofluorocarbons (HCFCs) that can be released through leaks and improper disposal.
A new refrigerant, 410A, (commonly known by the brand name Puron®) is available and is less harmful to the ozone or environment if it leaks from an air conditioning system.
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