Nominations have ended. Thank you for your participation!
The age of enlightenment. The age of disruptors. The age of peak performance. Raleigh Magazine will feature forward-thinking local 50-somethings at the top of their game—changemakers, rainmakers, peak performers, impactful visionaries, etc.
You don’t have to look far to find a celebrated cast of professionals and performers serving proof positive that 50s is the moment. Think: Vice President Kamala Harris; Walmart CEO Doug McMillon, The Humane Society CEO Kitty Block & Lowe’s CEO Marvin Ellison; Canes’ Tom Dundon & Rod Brind’Amour; thespians Jennifer Aniston, Matthew McConaughey, Viola Davis, Gwyneth Paltrow, Snoop Dogg, JLo and beyond—people who have spent their lives getting to this moment when their star is shining brightest… and proving success has no age limit. Sound like someone you know? View the full nomination form and guidelines below for spotlight in a spring issue.
Guidelines
Votes must be cast by Feb. 28, 2024, at 11:59pm EST
Nominees must currently reside in Wake County.
Nominees must be between the ages of 50 and 59.
Nominations from coworkers, friends and family are welcome.
Candidates may run the gamut of professional paths from C-suite execs, visionaries, advocates, public servants, arts/culture creators, business owners, philanthropists, founders, entrepreneurs, educators, policymakers, activists, etc.
Your nominee cannot have already won in an RM category for 40s & Fearless. Those candidates are already part of the revered RM awardees, and we kindly request no repeat nominations.
All required portions of the form below must be completed for a nominee to be considered. Please clearly and succinctly identify why your nominee is an ideal candidate for this award.
Nominations are vetted and awarded by RM. Upon selection, finalists will be contacted for additional information and a photo shoot.
Raleigh ranks as one of the top capitals in the country with people moving here in droves. But with historic property tax hikes and decades-high interest rates, can the people who call Raleigh home still afford to buy in?
2024 came in hot with historic tax hikes. As residents around Raleigh—and Wake County—received their reevaluation letters in the mail, the sticker shock was real. Soaring values across the board present quite a different picture than the prepandemic landscape.
While property tax is now assessed every four years—last Jan. 1, 2020—this year, Wake County wilded out. But the numbers are not arbitrary. According to Wake County Tax Administration, following the culmination of ~two years of work on 425K+ properties, “by law, properties are appraised at ‘fair market value,’ which is the most probable price a property would bring in a competitive and open market.” Translation: They determine the assessed value through a combo of field visits and in-office analysis “by comparing what similar properties are selling for, the cost to replace the property, the potential income generated, the highest and best use of the property, as well as many other factors that may affect value.”
The largest ever, “the increase in values is unprecedented for Wake County” said Wake County Tax Administrator Marcus Kinrade, pointing to the county’s continued growth, and high housing demand vs. limited supply as key factors, “but we’re confident the updated assessed values reflect fair market value.”
Clearly, Raleigh is a hot commodity. But beyond what those rapidly increasing real estate values say about Raleigh’s worth and appeal, there’s the bottom line. New tax values mean new tax bills for residents—and thus an escalated cost of living. But in the face of exorbitant leaps, residents have options. Essentially, silence equals acceptance. Per the administration, “if you accept your updated assessed valuation, no action is required.” But if you don’t, there’s an appeal process for that.
55% | Deer Hill Court | North Raleigh | 2024: $737,565 | Raised from: $475,239
62% Increase | Worth Street | Fayetteville Street District 2024: $690,165 | Raised from: $425,717
Calculating Your Tax Bill
When it comes to calculating your tax bill—hold tight, as that depends on the budget (and the local budgets aren’t expected to be approved until June, in front of the July 1 fiscal new year). Instead of computing the current tax rate, property owners can find an estimate of upcoming tax obligations via the county’s Revenue-Neutral Tax Calculator. And for the curious, its Reevaluation Comparable Sales tool allows you to view a home’s assessed value and compare it to residences in the neighborhood. Plus, check the website for other useful information, including property search, comparable sales, tax portal, the appeals process and more.wake.gov/revaluation
Overall Property Value Increase 53% ↑ for residential 45%↑ for commercial
How to Appeal
If you’re not too keen on your new property tax value, you can challenge it via an appeal. Here’s what you need to know and what to do to carry out the process.
What you need: Real estate ID and access code (contact the tax administration for a new one if you lost yours), as well as a recent appraisal or other relevant info and clarifications on the property’s characteristics
Deadline: March 1
Formal appeal After submitting a formal appeal to the Wake County Board of Equalization and Review either by mail or online at services.wake.gov/taxportal, a letter will be mailed to you with a hearing date at the Wake County Commons Building.
Window: March 2–May 15
Note: You do not have to submit an informal appeal to file a formal one.
Lowest-priced single-family home for sale* $275,000 | 1100 Hadley Road | Southeast Raleigh
GETTING PRICED OUT
Single & owning a house in Raleigh: Virtually impossible
There’s no denying Raleigh’s missing middle is still, well, missing. Affordability has long been a hot topic, but the City of Raleigh is continuing to make strides in the realm of affordable housing. In the 2022–23 fiscal year, COR was able to create and preserve a total of 411 affordable units, with another 2,135 units currently in the development pipeline. But despite these moves to increase affordable housing options, rising housing costs remain a concern.
Per the standard rule of thumb, you should spend 28% or less of your monthly gross income on your mortgage. Making that math, well, math, according to a recent Redfin analysis, Raleighites would need to earn an annual income of $120,000 to afford a median-priced home and live comfortably (a 17.4% jump from last year). To see how that stat stacks up to real Raleigh living, we take a deep dive into how much local essential workers earn vs. the cost of the lowest-priced two-bedroom, two-bathroom home available right now.*
ESSENTIAL WORKERS
In a city where it takes a single person $80K to afford a home, we wanted to know: Can the people who make Raleigh run afford to own a home here?
Wake County teacher: $56,341
RFD firefighter: $46,540
Registered nurse: $60,724
RPDofficer: $50,301
What we found? These Raleighites would not be able to afford a home on their income alone—right in line with the common gripe that you “can’t be single and own a house in Raleigh.”
The ADU Solution
Accessory dwelling units were the buzz word last year—but where do they stand now? To date, 160+ ADU permits have been issued since the city began tracking them in 2020, per recent permit data, with 93 reaching completion status (meaning a certificate of occupancy has been issued and the units can be occupied).
BY THE NUMBERS
247: Total applications submitted since 2020
8: Applications submitted in 2024
46: Completed in 2022
24: Completed in 2023
*As of press time
RENTAL REDUCTION
If you thought Raleigh has seen an influx of apartment buildings, it’s not your imagination. The market is currently absorbing a record number of units, with new deliveries over the trailing 12 months rising nearly 4 times the 10-year historical average, according to Kane Realty Corporation Managing Director of Residential Rob Reid.
Despite the comparable influx of people migrating to the area, the inundation of rentals has resulted in elevated vacancies, meaning—good news for renters—a leveling out or even decrease in rental rates across the board for new leases in existing apartments. In essence, supply vs. demand.
Per commercial real estate information company CoStar, the market is showing a ~6% decrease in rent compared to this time last year. (Note this stat solely applies to new rental agreements, so if you’re renewing, your rates are likely static or even elevated.)
While the exorbitant supply is “putting some temporary downward pressure on both occupancy levels and rent pricing,” maintains Reid, “the demand remains very robust.” And in keeping up with that demand, brand-new boutique apartment buildings—think like recently bowed 400H and Platform—are able to stay competitive with higher rates right out of the gate. That said, compared to competitive markets like Charlotte, Austin, Atlanta and Nashville, the City of Oaks remains relatively affordable.
“Raleigh’s diverse economy and high quality of life make it such an attractive place to live and work,” echoes Reid, “which is evidenced by the amount of new people who continue to move here and help fuel the vibrancy of the residential housing market.”
That affordability gap not only attracts renters, but provides a major growth opportunity for investors. In the near-term, Reid predicts an attractive spring/summer leasing season, with Raleigh being a seasonal market. And, long-term, “when we’re sitting here this time next year looking back at 2024, I think we’re gonna find the average rent year-over-year stayed pretty flat relative to 2023, maybe grew 1–2%,” he says, adding: “We remain incredibly excited and optimistic about the long-term growth of the greater Raleigh area.” … And, naturally, once the market absorbs the stream of new deliveries, both rates and construction are poised to ramp back up.
Property | 1 bed/1 bath
2022 Monthly Price
2023 Monthly Price
2024 Monthly Price
COST DIFFERENCE
Junction Six Forks North Raleigh | 777 sq. ft.
$1,446–$1,548
$1,508–$1,618
↑$62–70
Park Central North Hills | 726 sq. ft.
$2,010
$1,670+
↓$340
Creekside at CrabtreeWest Raleigh | 819 sq. ft.
$1,575–$2,585
$1,383–$1,895
↓$192–690
The LineSmoky Hollow | 729–762 sq. ft.
$2,118+
$1,824+
↓$294
The DillonDTR | 738 sq. ft.
$2,137–$4,825
$1,500–$1,527
↓$637–3,298
Peace Raleigh ApartmentsSmoky Hollow | 810–815 sq. ft.
$1,985+
$2,109+
↑$124
616 at the VillageVillage District | 730 sq. ft.
$1,600+
$1,811+
↑$211
MAA Wade ParkWest Raleigh | 758 sq. ft.
$1,415+
$1,555+
↑$140
Conclave Glenwood Northwest Raleigh | 832 sq. ft.
$1,644
$1,513+
↓$131
Mariners CrossingNorth Raleigh | 823 sq. ft.
$1,269+
$1,289+
↑$20
The Dartmouth North Hills ApartmentsMidtown | 720 sq. ft.
$1,746+
$1,899+
↑$153
712 TuckerGlenwood South | 837–847 sq. ft.
$1,817+
$1,739+
↓$78
Summermill at Falls RiverNortheast Raleigh | 752 sq. ft.
$1,346+
$1,148+
↓$198
The NinetyNineSouth Raleigh | 766 sq. ft.
$1,429+
$1,351
↓$78
The SignalSeaboard Station | 729 sq. ft.
$2,204
$1,764+
↓$440
*Prices and availability as of press time
The Complete Package
When it comes to apartment living, there’s a gift of abundance. And with seemingly limitless residential ops popping up in the City of Oaks, properties must continue to deliver the best new thing to stay competitive. Enter the next on-the-rise need for luxury apartment communities: resident services—think concierge services, private training access, package delivery, nutrition services and more.
“As Raleigh continues to grow into a large destination city, developers and property managers will need to be innovative with new services and amenities focused on the tenant,” says Grubb Ventures President Gordon Grubb, whose portfolio includes de rigueur local developments like Raleigh Iron Works.
This goes hand-in-hand with the appeal of live, work, play communities, another growing trend across the City of Oaks. Iron Works and its apartment building Forge have banked on an amenity-rich community from the get-go with its impressive cadre of the tantalizing trifecta, leaning into work via on-site offices and play with a range of food, bev and retail, plus easy access to amenity-rich Dock 1053 and the greenway.
“Residents from both in town and out of state are looking for walkable communities with the ability to build and network with a mix of offerings at their fingertips,” adds Grubb. “This lifestyle helps reinforce the appeal of Raleigh’s strong community ties and local feel of the small town-turned-big city.” Thus, the amenity race is only at the starting line.
Relocating buyers from other states amounts to ~23% of our buyer population.
“Sellers remain in an advantageous position with significant home appreciation over the past few years, and home equity is strong! A lot of opportunity exists on both sides of the transaction—whether buying or selling. It’s a great time for potential sellers to take advantage of their high-equity position, and buyers are feeling more settled and accepting of rates!”
“An influx of tech-related jobs will likely influence the demand for housing and commercial real estate in the area.”
—Shawn Britt, broker/owner, Realty World-Triangle Living
“With consumers continuing to prioritize outdoor spaces and community experiences, developers are focusing on building homes in walkable neighborhoods with access to parks and green spaces, as well as amenities like pools, fitness centers and more. This trend could also lead to the development of mixed-use communities combining homes with retail, office space and entertainment options.”
—James Flanagan, VP Community Experience, Tri Pointe Homes Raleigh
Memory Lane
Midtown childhood home becomes a memory.
In front of this feature, I had the (mis)fortune of experiencing the market firsthand as my family sold my Midtown childhood home. (If you’ve ever ridden the Super Shot at the Fair you have a sense of my epic expectations for a quick burst of exciting bids—instead it was more like the pirate ship, a swing of emotions and definitely drought.)
Optimistically listing it in August with the expectation of a bidding war, the updated North Hills home instead sat on the market for months before a sudden and finite surge in showings and a super-quick scoop “as is” (read: zero hassle or modification requests—the seller’s dream—s/o City to Coast Realty’s Sarah Hunter, who stepped in and navigated the sale).
This experience is not at all a reflection of the home—or its many peer listings, which encountered a similar fate. It’s a sign instead of a market gone cold thanks to home affordability and decades-high interest rates crippling the cutthroat seller’s market and stirring a short-lived stalemate.
“Many buyers reluctantly paused in fall 2023 as interest rates rose for 20 consecutive months to an ~8% high,” echoes Compass Raleigh Midtown’s Renee Smith. That is, until, finally, Q4 cooling price tags and a dip in mortgage rates caused a sudden surge in showings.
“Our local real estate market has shown an unusually early surge this year,” says Realty World-Triangle Living’s Shawn Britt, “with a noticeable increase in home showings and a resurgence of buyers—likely attributed to the recent drop in interest rates to 6.5%.”
As the 2024 No. 2 performing city behind Austin, Raleigh persists as the place people want to call home. Our house, case in point, ultimately sold to buyers looking to relocate to Raleigh from New York for their forever home. “Raleigh draws 70+ new residents daily” says Hunter—thus indicative of a projected 4% growth in the 2024 Triangle region housing market.
While it’s impossible to know exactly what a year from now will look like—who could’ve dreamed we’d go from yard wars and buying sight unseen to long listings in a blink. And the Midtown abode I called home since 1988 (for a shocking then-sticker price in the north $80Ks) is a harbinger for what we, alongside local experts, predict as another relatively quick swing for a seller’s market to reemerge. And, with that, a bittersweet goodbye to the house that raised me. —Melissa Howsam
This rant has been lightly edited for style and space and is not endorsed by Raleigh Magazine.
Raleigh, thankfully, is a coffee mecca—brimming with cozy nooks to steep in (my faves include The Optimist and Pine State Coffee). But there’s a small issue percolating on the local coffee scene. A problem brewing beneath the surface, roasting the core of authenticity. … It’s a fraud, it’s a fake, it’s an imposter cappuccino!
A real cappuccino, brewed lovingly in a local shop, is a very simple work of art. It has three distinct equal layers: an espresso base, milk center and froth top. All layers must be equal to be considered a cappuccino. So a typical 2-oz. double shot of espresso would be topped with an equal 2 oz. of milk and 2 0z. of froth.
Armed with this knowledge, it becomes painfully easy to spot the “imposters.” These imitation cappuccinos can’t hold their own weight—the balance becomes impossible to meet, mainly due to the crazy sizes being thrown at the exhausted consumer with the promise to “wake them up” with something hip and large.
A great rule of thumb to detect these frauds is the size. If a cappuccino comes in any size other than a 6 oz.—maybe an 8 oz.—that is not a cappuccino. The proportions get thrown off to the point that not even girl math can account for it.
Case in point: An 18 oz. (real size in the wild) cappuccino would need 6 oz. of espresso (not too many baristas serve more than 4 ounces), 6 oz. of milk and 6 oz. froth. The pure amount of froth alone would not rest on the drink. The most likely scenario is that the amount of milk is actually greater than the espresso and froth—and that ain’t no cappuccino. It’s its cousin, the latte.
Now don’t get me wrong—there’s nothing wrong with lattes. But why lie? Why not just sell the customer a 16-oz. latte and not call it a cappuccino? It begs the question: How are they differentiating these drinks? If one were to order both a 16-oz. latte and a 16-oz. cappuccino, would they be able to tell the difference? My guess is likely not.
So, be careful out there, Raleigh—and don’t be fooled. This cappuccino conundrum must be put to an end.
It’s election season once again! Here, who’s thrown their hat in the ring for NC Governor—and a snapshot of the issues they’re campaigning around.
While we may not cast our votes for the general election until Nov. 5, the gubernatorial race is heating up and the primary election is upon us (aka March 5). The filing period is officially closed and the candidates are set. (Note: Incumbent Gov. Cooper has reached his two-term limit and cannot run again).
Before you push off the primary election, remember state elects have far more impact on your day-to-day spending and rights than anything going down on a national level. Here, we’ve done the hard work for you—so study up on the candidates before you cast your ballot.
Josh Stein (D) Former State Attorney General Safer schools and communities; healthier families & personal freedom
Mike Morgan (D) Former State Supreme Court Justice Accessible/affordable health care; criminal justice reform
Gary Foxx (D) Student & teacher safety; law enforcement training & community involvement
Chrelle Booker (D) Town of Tryon Mayor Pro Tem Filed; no public platform
Dale Folwell (R) Republican State Treasurer Culture of common sense, courtesy, humility & humanity
Mark Robinson (R) Republican Lt. Gov. No current platform available; has shown support for tax cuts, law enforcement & a six-week abortion ban, plus antipathy for LGBTQ+ activism
Bill Graham (R) Former aide to Sen. Jesse Helms and private attorney Immediate tax relief to NC families; fight crime; empower parents & students in education
Mike Ross (L) Cramerton financial planner Eliminate NC’s influence on public education curriculum; support police; protect public via law enforcement transparency
Cheers to another ubersuccessful and fun-filled Best Bars Awards Party! We gathered this year’s Best Bars + Best Bartender nominees together at Circa 1888 to toast to all of our winners and crown Kelly Lynch of Watts & Ward our 2023 Best Bartender (peep her drinking straight tequila from the coveted trophy like a boss). Congrats to all!
