From shrinking spaces and listings to rising rents—the squeeze is real.
Less for Your Money?
What a difference a year makes. While people continue to flock south—and to Raleigh in particular—for the region’s relative affordability, ironically, surging demand (and mortgage rates) has meant a skyrocketing housing market.
The result?
Many longtime locals can no longer afford to live at “home.” With the U.S. population center trending south this decade, according to a recent AP report, the region added a whopping 1.3 million new residents in 2022, with North Carolina not surprisingly trending among states for the biggest growth—behind only Texas and Florida.
Raleigh is the #1 Hottest Real Estate Market in the U.S.
Feel like you’re in a fever dream? You’re not. The cost of real estate in Raleigh has skyrocketed. We scoured citywide listings to show the seismic jump in housing costs across ZIP codes.
$2,245 Median-priced home mortgage payment Raleigh-Cary from late November 2021–late November 2022
$1,325 Nov. 2020–Nov. 2021
AFFORDABILITY
While Raleigh grapples with a shifting skyline and growth for the good (attracting big business,huge events, hospitality titans and the like), the city is also facing mounting concerns with housing affordability—not to mention cost of living, crime and transit woes (see p. 24). As the third-fastest growing county in the U.S., Wake County has work to do. No one is denying affordability as a huge issue—from Wake County Board of Commissioners Chair Sig Hutchinson to Mayor Mary-Ann Baldwin, city and county leaders have acknowledged the crisis and emphasized the need for a solution. Case in point, Baldwin believes housing is a right—not a privilege—and recently revealed the city is just under 70% on its way toward its goal of 5,700 affordable housing units by 2026. “We are on track to meet our goal,” says Baldwin. “However, increases in labor and supply costs, as well as interest rates, have and will continue to present challenges. City Council has approved additional funding for communities in the development pipeline and will continue to be aggressive in meeting our goals.” But while leaders grapple with affordability and the missing middle (see below), in the meantime, demand has outweighed supply—and suburban flight is real. While home prices did dip to end 2022 after a record peak last summer, sky-high 7% interest rates kept mortgages still out of reach. We take a look at what house you get for your money across Raleigh right now—and how that once median ~$300K single-family home suddenly feels out of reach.
Least Expensive Single-Family Home: Northeast Raleigh 7805 Wakebrook Drive 27616 $290K 2023 YEAR BUILT 1953
THE MISSING MIDDLE
Raleigh is growing—but is an entire population being left out of that growth? Yes, we’re referring to the “missing middle,” a hot-button term referring to “housing types between detached single-family homes and large apartment buildings, including duplexes, triplexes, townhouses and small apartments,” as defined by the City of Raleigh. Before 2021, many of these housing types were prohibited in select Raleigh neighborhoods, sparking heated conversations, but, despite text changes to Raleigh’s Unified Development Ordinance (UDO) in 2021 and 2022, affordable housing options for low- to middle-income residents are still, well, missing (a quick Zillow search for homes at $300,000 will garner just over 100 listings).
To be fair, the city is taking strides to mitigate the issue and provide more options for those stuck in the in-between. For instance, off Edwards Mill Road, a single home is being broken up into four more affordable ones; and a home in the Hayes Barton area is being knocked down to make way for 17 proposed high-end townhomes. But these projects are getting major pushback as residents fight to reverse the rezoning. In Hayes Barton, residents are frustrated and have gone as far as to say these townhomes would destroy the character of their community. Clearly we need a solution to meet in the middle on the missing middle…
Tiny Homes Raleigh, The Hannah, 320 sq. ft.
Are ADUs a Solution?
A prime example of missing middle housing are accessory dwelling units (ADUs)—which were approved by Raleigh City Council in 2020. These typically 450- to 800-square-foot single-unit homes (think around the same size as a studio or one-bedroom apartment) are located on the same lot as a principal dwelling—either detached, attached or internal. And the City of Raleigh is making it easier than ever for residents to build ADUs on their properties with its ADU Fast Track program, which offers a gallery of plans already reviewed for building code compliance (permits, however, must still be individually submitted). Naturally, because these units are small and on an existing property, they’re way more affordable than building or buying a standard home—and in some cases cheaper than renting as well.
RISING RENT
What happened to supply & demand?
Rental prices in Raleigh are—to put it frankly—absurd as of late. And, despite more and more apartment complexes popping up in the area, renting in the City of Oaks remains incredibly expensive. As a matter of fact, rent is rising faster in Raleigh than any other major metropolitan area. We saw a 22.5% YoY increase in January—and Raleigh topped the list for median rent for the third month in a row. So, clearly, the whole supply and demand balance is out of whack here. Case in point: A recent Zillow report found that it would take four full-time minimum wage incomes ($7.25/hour) to afford rent on a typical one-bedroom in Raleigh.
The math… just doesn’t add up. Not to mention most apartments in the area require applicants to make 3 times the rental rate, or be incredibly close to it. So, if the rent is $2,000/month, you must make $6,000/month, which adds up to $72,000—while the average household income in Raleigh is only around $60K.
In essence, gone are the days when renting an apartment was more affordable than paying a mortgage on a home. As a result, many renters are being pushed into a “rent trap” in which they’re unable to save for a down payment on a home because all their money is going toward rent (roughly a quarter of NC renters pay more than 30% of their income in rent).
As one of the top five places to live in the U.S. according to Bankrate, Raleigh is only expected to continue growing in popularity—and population—making real estate likely more sparse and more competitive.
Tiny house interior, living in small spaces.
MICROLIVING
Does size really matter?
You might be wondering who the hell wants to live in a 160-square-foot apartment (aka microapartment)—not to mention for a relatively hefty $1,000 a month. With the announcement of local David Smoot’s plans for 100 single-occupancy 160-square-foot microunits on Hillsborough Street in January, it seems microapartments are the next big—ahem—thing in local real estate.
Clearly, microliving is about to take off. Why? Well, for starters, there’s a whole population of people who are rarely home and don’t feel the need to pay for a 600-plus-square-foot space when they really just need a shower and a place to rest their head. Case in point, Grubb Ventures and Jamestown specifically developed their soon-to-open 430-square-foot microunits at Forge at Raleigh Iron Works with those denizens in mind. Leaning into the lifestyle, they round out the development with a plethora of amenities that encourage residents to be out of the house.
The other driving factor for the microunit trend is price point. While maybe 600SF for $1,000 a month would be more appealing for some, that option just doesn’t exist in Raleigh anymore (see our “missing middle” section). So, this is what it’s come to: a closet, more or less, for four figures.
RIW Micro Units (Grubb Ventures)
The Signal—Seaboard Station (Courtesy of Hoffman & Associates)
9Coolest Big-City Amenities Coming to Raleigh
Conference room that doubles as a podcast recording studio (Forge at RIW)
Chef-inspired outdoor kitchen with grilling stations (Conclave Glenwood)
Two-story fitness center outfitted with a private training room, multiuse studio, Peloton bikes, Echelon smart touchless mirrors, weight training equipment and more (The Signal)
Indoor pet park and spa (The Residences)
Indoor/outdoor rooftop lounge with panoramic city views (The Eastern)
Luxor package room and locker system with climate control modules for perishables such as food and flower deliveries (The Residences)
Saltwater pool designed with an industrial flair including an interior window feature (Forge at RIW)
A dedicated wine lounge outfitted with a striking fireplace, warming drawer, wine refrigerator and TV alongside seating for an elevated retreat or entertaining space (The Signal)
A fully outfitted game and entertainment space with shuffleboard and multiscreen video wall for gaming or game day (The Signal)
The Residences (Grubb Ventures)
Parking Problems
As Raleigh grows, so too do parking woes. And, as long has been a problem in major metropolises, parking spots will not be plentiful enough to meet resident needs—and will come at a cost. We see this playing out in brand-new luxury builds like The Signal at Seaboard Station, which will offer the opportunity to secure a garage parking space for an additional fee. Residents may have access to additional spaces based on availability.
Defining Luxury
The term “luxury” is thrown around a lot these days—perhaps devaluing the term and blurring the line between such posh penthouses as the Eastern vs. say apartment complexes being built along Duraleigh Road (or all over town). True luxury—in such spaces as The Signal or The Residences—is defined by incredible design, best-in-class finishes (think Quartz Carrara Notte countertops and hotel-style backlit vanity mirrors), high-touch hospitality-level services and expansive avant-garde unparalleled amenities (see our list) intended to provide residents with seamless living.
Rent At A Glance
Finding an apartment in Raleigh in 2022—especially an affordable one—was no easy task. According to RentCafe, as more and more people relocated to our fine city, rental prices skyrocketed and landed the Triangle in the “competitive market” category. And it’s not just Downtown—rent in Raleigh is expensive, period. Though, yes, being in DTR will definitely cost you more. Today, it’s almost impossible to find an apartment for less than $1,000/month—including studios—with the average one-bedroom clocking in at $1,357 as of February 2023. Here, we take a look at different rental properties throughout the city and how they stack up.
Put those random facts taking up space in your brain to use via these local weekly trivia nights.
Weekly bar trivia is more than just a chance to flex your obscure knowledge—it’s a fun, spirited way to spend time with your crew (and, ahem, impress them with what you know). There are a host of fantastic bars and breweries in the Triangle offering weekly trivia nights, with food and beverage specials and prizes usually involved to boot. Let’s see what you got!
Think while you drink! Best known for its immense beer selection, this RM Best Craft Beer Bar also offers weekly trivia on Tuesdays at 7pm and adult trivia at 9:30pm, with over $220 worth of prizes awarded every week (!). P.S. Trivia nights also make for a great time to rack up those beers—drink 200 of ’em and you’ll get rewarded with a plate on the wall or ceiling (aka “Ring of Honor”).
A City Market mainstay, this RM Best Game Day Bar has got game of its own via its weekly Tuesday trivia night at 7pm. Quizzing and brainteasers aren’t the only things on the menu though—with trivia night comes specials on 12- and 16-ounce bottles and cans, Jager bombs and Sloppy Joe subs. You’ve gotta fuel your brain somehow!
Get hammered—trivia, that is—on Thursday nights at this OG Raleigh brewery. Beers cure what ales you (read: drowns your sorrows if you end up losing) while rotating food trucks on-site provide sustenance for when the drunchies hit. Pro tip: A Hell Yes Ma’am is the ideal trivia confidence booster!
Head to RBG’s airstream bar every Wednesday night for a fun-filled round of trivia, a great way to exercise your brain over a beer. And with 350+ brews from which to choose, you’ll have no trouble finding one that ups your mental abilities (or at least your ego). For those looking to flex their musical memory, this RM Best Craft Beer Bar also runs a weekly music bingo on Tuesdays at 7pm.
Come for the good hangs (plus tasty bites and sips), and stay for trivia night every Wednesday at this bright and colorful convenience store-meets-restaurant-meets-wine shop. (That bottle of vino will really come in handy when cheersing to your win!)
Bring your smartest and thirstiest friends to J. Lights at Smoky Hollow for a few rounds of free brain teasers—and some liquid courage, natch (you’ll need it to score a prize, awarded to the top teams). May the most knowledgeable team win!
Come my way for trivia every Tuesday night at this RM Best Game Day Bar (or try your hand at music bingo Wednesdays at 8pm)—NTM delish pub grub like wings, nachos, mac ’n’ cheese (go with the classic or switch it up with the chili mac or seafood mac), burgers, and so much more. To boot, every Tuesday all domestic bottles are only $2.50. … Cheers to that!
Don’t cause a ruckus… but do bring your A-game to Ruckus Mission Valley’s award-winning trivia, which was voted Best Trivia in the WRAL Voters’ Choice Awards three years in a row (!). Prizes are available—but if you don’t win, the pizza will always come through for you. Ruckus also features trivia at its Tryon Village location in Cary (Wednesdays, 7:30pm), Park West location in Morrisville (Mondays) and Costco Plaza location in Apex (Wednesdays, 8pm).
Chow is the perfect spot to well… chow down on some tasty bites and “show off just how much worthless information you really know.” Between questions, enjoy pizza, wings, nachos, sandwiches, burgers, salads and more—NTM beer, wine and cocktails.
Grab a pint of Bond Brothers beer (the Sorcery sour is a great pick for those who enjoy a tart beverage!) at this RM Best Burbs Bar and a meal from one of the daily food trucks, and get ready to answer Q’s on topics ranging from geography to current events to the favorite topic of host Tyler “Macgyver,” science!
Cider more your thing? BCC’s Thursday trivia nights are for you. Faves include the Cherry Tart, Bludacris and Cran-Pappy, but you can also opt for a flight to test out a few different flavors. Pro tip: BYO food.
Don your smarty pants and put your noggin’ to use during this Bull City brewery’s weekly trivia night. Hosted by Geeks Who Drink, this quiz night lets you answer virtually via your phone—no pants required. The best part? The team with the least points event gets a prize (!).
Time to get off your hi horse and show what you know at the Durham locale of this Asheville-based beer staple. Whether you’re a science nerd, music lover, new enthusiast or anything in between, surely you’ll have the answer to at least a couple of Q’s.
Sunday funday 🤝 trivia night. Head over to Durty Bull for some award-winning Hammered Trivia with Thor. And no playing durty! … Psst, mimosas, beer and beer slushies are where the “hammered” part comes in.
The hottest trivia nights on Franklin Street take place in the downbar of this Chapel Hill hot spot—not once, but twice a week. First-place winners receive a $25 Linda’s gift card, which you can ultimately put to use on food and drinks from Linda’s extensive menu (we suggest the “Drunchies” menu’s combo basket, loaded sweet potato tots or sprouts). Pro tip: Check Linda’s social media before trivia starts for some helpful clues!
Tuesdays, 9pm Gather your good—er, smart—fellows to take home the W at this Chapel Hill mainstay otherwise popular for watching the Tar Heels play. (Really smart ones will know to check the bar’s Instagram, where they post a weekly giveaway answer). Be sure to order the signature pickleback shots while you’re there, and if you want to keep the party going after trivia, stick around for karaoke from 11:30pm to 2am.
It’s game time. Sports & Social’s highly anticipated Fenton location (as well as PBR Cary, located inside the hip sports bar and entertainment venue) is officially opening to the public on Thursday, Feb. 9, at 4pm—and it’s primed to be one of the coolest yet thanks to a slew of features unique to to this location.
Case in point: the 42-foot LED screen (around the same size as your standard movie theater screen!). Sports & Social’s largest media wall will only add to its exciting and intoxicating game day vibe. “Sports & Social is known for having a game experience that’s the next best thing to the stadium,” says Live! Hospitality & Entertainment SVP of Strategic Partnerships Judy Moore. “When you’re watching a game at Sports & Social and the home team scores a touchdown you’re getting cryo jets; smoke fills the air; you get the blow horns; local team chants; fan cams…” NTM activations like wing-eating contests during commercial breaks (!).
Come Super Bowl Sunday, the entertainment venue will surely be the place to be. And don’t miss a one-of-a-kind performance from Morgan Evans on Friday to kick off opening weekend—just one of many special events Sports & Social has planned for its Fenton location (see also: a UFC 284 watch party Feb. 11, an immersive Bourbon Street experience Feb. 18 in celebration of Mardi Gras, and brunch kicking off Feb. 19).
While Sports & Social is, naturally, known for its game day energy, there’s more to it than just that. The food program will especially stand out thanks to the company’s new James Beard-nominated executive chef John Suley, previously of Constellation Culinary Group, Royal Caribbean Cruises and now-closed Gotham Steak at Fontainebleau Miami Beach, to name just a few highlights of his résumé.
Suley is kicking up the social lounge’s popular sports bar fare with 24 new menu items debuting at the Fenton location. The menu covers all your snackable faves (nachos, wings, burgers), along with elevated dishes like cacio e pepe arancini, beef barbacoa tacos, fresh salads, a Nashville hot chicken sandwich, and a truffle and mushroom flatbread.
“Our approach was to think of Sports & Social as a really good restaurant,” says Suley. “Obviously you have the sports, the entertainment, all that energy—but we also have food that’s fun, imaginative, thoughtful and more creative. The space brings a lot of energy, and I think the food and beverage reflects that personality.”
When it comes to drinks, you’re gonna wanna sip on Sports & Social’s signature cocktail, the Crush. A Baltimore fave (where S&S is headquartered), the orange flavor features freshly squeezed OJ, vodka and crushed ice. The Cary location will have its own signature flavor, the Cary Crush, made with Deep Eddy Lemon Vodka, fresh lemon juice, agave, Sprite and crushed ice. “They go down very easily, so I will pre-warn you on that,” laughs Moore. And it’s just as delish enjoyed while watching a game or during happy hour after work.
“Fenton’s got a lot of new residential development, new people moving in and a lot of great businesses,” adds Moore, “so we really want people to come out after work and enjoy what we have.”
Additional highlights of Sports & Social Cary include a second-floor stage providing an intimate concert experience (live music will be another huge draw); Crush It Tuesdays, when all Crush drinks are half-off; a year-round outdoor patio with its own Crush bar; and an area within the sports bar called the Tavern (not found at any other S&S location!), featuring lounge seating and its own bar with specialty bevs, making it perfect for birthday parties and the like.
“This is our 11th location, and this one is very special,” says Moore. “There’s a lot of elements to it that aren’t necessarily all sports. That’s what we do very well, but it’s definitely a place for everybody to come and hang out—and we hope that everyone gives it a try.”
Chef’s Take
Top menu items you should come nibble on
Cacio e pepe arancini – Like cacio e pepe wrapped up into a fun rice-based bite
Quesabirria egg rolls – If quesabirria tacos and egg rolls had a baby
Spicy tuna bites – Think what you’d get at a sushi restaurant
French onion grilled cheese – French onion soup in grilled cheese form, aka the best of both worlds
Rack Daddy – Sports & Social’s (more delicious) take on the McRib
S&S signature sundae – Presented like it was bottle service, sparklers and all (!)
As part of our annual Best Bars Issue, we asked y’all to vote on Best Burbs Bars—and while the crowd was loud on its three faves, turns out y’all may have a fave burb to boot. This year, all three of our top billing burbs bars are in Cary. (Looks like Cary really is upping its cool factor.) Here, the three concepts that rocked the vote.
At once stylish, cozy and laid-back, SideBar answered Cary’s call for a cool craft cocktail bar in 2018—and has been a favorite sip spot ever since, even tempting Raleighites to cross borders for a bev or two (no shame!). The brainchild of local cocktail connoisseur Matthew Bettinger, SideBar offers both classic and house cocktails, plus wine, beer and an array of liquors lining the wall behind the L-shaped bar. Pro tip: You won’t find more comfortable bar stools at any other bar—and you’ll get front-row seats to the bartenders working their magic. @sidebarnc
Pass me a beer, bro. … Having already landed on USA Today’s list of best new breweries in the country, this Downtown Cary sup spot has kept the bar high: boasting a brewery, taproom and beer garden—seriously, the patio is huge and the vibes are immaculate—with bar snacks from local faves (think Bakers’ Peanuts and Carolina Kettle chips). And if you’re hankering for something a little heavier, no worries. Check the rotating schedule of food trucks or BYOF… it’s that chill. And be sure to check out Bond Bros’ sister bar, Bond Brothers Eastside, for some live tunes. Go on, hop to it! @bondbrosbeer
Clearly whatever Dram is mixing up, we’re all drinking in. While the flagship Raleigh location has been racking up the awards since it bowed in 2016 (hey, five consecutive Raleigh Mag Best Overall Bar Awards!), the craft cocktail and whiskey haven’s Fenton location (now one of soon-to-be seven total across the state) is already a fan fave. Though that’s hardly a shocker—what with the cozy-chic come-as-you-are two-story lit glass-walled drinking destination, complete with its usual impressive range of spirited selects, NTM the full-service bar and heated patio upstairs, and walkup window… so you can sip while you shop till you drop (ICYMI, Fenton is a social district). And, fun fact: Be on the lookout for this locale to soon add bar food to boot. @dramanddraught
Why wish, just do. That directive discovered in the Free Expression Tunnel—aka an iconic graffitied pedestrian tunnel that runs under the railroad tracks on NC State’s campus—got us thinking. What’s Raleigh ready to do this year? Here, we take a look at the will-do’s of 2023 as we know them.
Wheels up!
New Low-Fare Airlines and Direct Destinations
Blowing into the mix in February is Breeze, launching with five destinations: New Orleans; Hartford, CT; and Providence, RI—and adding Jacksonville, FL; and Columbus, OH, to its lineup May 18.
Keeping us “palm,” Avelo Airlines is adding to its roster of flights in February with service to six Florida cities: Orlando, Tampa, Fort Lauderdale, Fort Myers, Sarasota, Palm Beach.
Reykjavik extension, rejoice! Icelandair’s nonstop service to the Land of Fire and Ice has proven so popular with RDU flyers that the airline just announced it will start the season this March, rather than May.
Council Focus:
Affordable housing
Public safety
More reliable transit
Palate-Pleasers:
East End Bistrot by Giorgios Bakatsias, East End Market, winter, p. 37
