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Axios Raleigh Thought Bubble

Axios Raleigh

Did someone say rooftop? Enjoy a drink with a view at these spots as the weather heats up.

Why it matters: Lofty bars and restaurants are multiplying as new developments crop up across the city.

Details: A mid-century modern terrace offering panoramic downtown sights.

Go when: You want to lounge with friends at golden hour.

Details: Overlook the growing skyline from this stylish patio at the AC Hotel downtown.

Go when: You want to get dressed up for photos with friends.

Cityscape. Photo: Dylan Cross, courtesy of Early Bird Night Owl.

Details: Sip colorful cocktails crafted with house-made spirits at this downtown distillery and restaurant.

Pro-tip: Some seats are held for walk-ins, but we suggest booking a reservation well in advance.

Lush greenery. Photo: Samantha Bechtold/Trophy Brewing Company

Details: A high-energy and luxe lounge atop the AC Hotel in North Hills.

Go when: You want to show off Raleigh to an out-of-towner.

Views. Photo courtesy of Tabletop Media Group.

🚨 Subscribe for more: Axios Raleigh will officially launch on May 2. Sign up to receive our free weekday newsletter and get all the news you need to start your day.

4 must-try rooftop bars in the Triangle

People dine in front of the Raleigh skyline

The Willard in downtown. Photo: Baxter Miller, courtesy of Early Bird Night Owl.

Alcohol

Did someone say rooftop? Enjoy a drink with a view at these spots as the weather heats up.Why it matters: Lofty bars and restaurants are multiplying as new developments crop up across the city.

Things to Do

Food and Drink

Raleigh takes silver when it comes to building new homes, per the latest analysis by real estate company Redfin.

What they found: Raleigh had 30.7 single-family building permits per 10,000 people in the first quarter of this year, the second-most per capita among major U.S. metros.

Why it matters: As the number of homes for sale remains near all-time lows and monthly mortgage payments are near their record high, building more homes is one way to ease the affordability crisis.

The homes are especially needed in the booming Triangle region, which was the second fastest-growing large metropolitan area in the U.S. last decade. 

A lot of the housing construction is happening in Raleigh's surging suburbs, where land is cheaper. Wake County towns like Apex, Wendell and Zebulon saw big growth during the pandemic, Axios Raleigh reported. 

Zoom out: Single-family and multifamily building permits are up from pre-pandemic in most U.S. metros, Redfin found.

Of note: Redfin defines "single-family" as buildings with one to four housing units and "multifamily" as buildings with five or more housing units.

Yes, but: "There still aren't enough homes to meet the pace of household creation, and we need to be more prepared when demand inevitably picks back up," said Redfin chief economist Daryl Fairweather.

What's next: The momentum in building might be slowing, however. New home construction dropped 14.4% in May compared to April according to data released last week.  

The slide was more than economists had expected, as interest rates have soared over the past few months, making home buying more expensive, Reuters reported. 

The bottom line: Ramping up new home construction will help move the market toward balance, if only a little. However, rising interest rates could slow down construction. 

Raleigh is second in homebuilding as housing costs skyrocket

Raleigh has seen a boom in new construction. But demand still outpaces supply.

Illustration of a plywood house that is also an upward arrow. 

Housing

Raleigh takes silver when it comes to building new homes, per the latest <a class="gtmContentClick" data-vars-link-text="analysis" data-vars-click-url="https://www.redfin.com/news/metros-building-new-construction-Q1-2022/" data-vars-content-id="88998bc1-0e6d-44d1-b560-5cabdb25c2d6" data-vars-headline="Raleigh is second in homebuilding as housing costs skyrocket" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/metros-building-new-construction-Q1-2022/" target="_blank">analysis</a> by real estate company Redfin.What they found: Raleigh had 30.7 single-family building permits per 10,000 people in the first quarter of this year, the second-most per capita among major U.S. metros.

Business

Data: Moody's Analytics; Table: Kavya Beheraj/Axios

Rents in Raleigh are still much higher than they were before the pandemic. But since the second half of last year, they've been on a steady downward trajectory. 

By the numbers: In the fourth quarter of 2022, the average asking rent in Raleigh was $1,494, up 8.6% from a year earlier, per economic research firm Moody's Analytics.

The good news: In November, rents fell faster in Raleigh (1.3%) than any other large metro area. 

What's happening: Many would-be home buyers chose to rent longer last year, sustaining apartment demand, economists at Moody's Analytics say. But folks are hitting their spending limit.

What they're saying: Year-over-year rent growth slowed in the second half of the year across the board, "and we expect further deceleration as new supply makes it to market at the same time the labor market softens," senior economist Lu Chen tells Axios.

Zoom out: Rents are already falling in cities that were near the epicenter of the pandemic home-price boom, Axios' Matt Phillips reports, citing Realtor.com data.

What we're watching: New apartment construction. The expected surge in supply could help bring down prices.

Yes, but: Experts say most cities will "remain undersupplied with the kind of affordable units that see the highest demand," per The Wall Street Journal.

Raleigh rents are still high, for now

What's happening: Many would-be home buyers chose to rent longer last year, sustaining demand.

Rents in Raleigh are still much higher than they were before the pandemic. But since the second half of last year, they&#x27;ve been on a steady downward trajectory. By the numbers: In the fourth quarter of 2022, the average asking rent in Raleigh was $1,494, up 8.6% from a year earlier, per economic research firm Moody&#x27;s Analytics.

News

Dating can be expensive, but you don't have to spend a ton of money to have a good time.

Whether you're on a first date or have been together for years, here are some ideas under $25.

Take a romantic stroll along the picturesque river that's flanked by lush tree groves. Stop and snap a cute selfie, or hop in and swim when it's hot out.

Details: The state park has five scattered access areas around Durham. Plan your route.

Plan a day trip and wander the vibrant grounds dotted with blooming flowers.

Cost: Free admission, with university parking available for $2 per hour.

Details: The grounds at 420 Anderson St. in Durham are open from 8 am to dusk 365 days a year. Plan your visit.

Grab a beer apiece and cheer on the city's minor league baseball team.

Cost: Tickets start at $9 per person. Get them here.

Details: The ballpark is located in downtown Durham at 409 Blackwell St.

A hand holds a beer in front of a baseball field

Take me out to the ballgame. Photo: Zachery Eanes/Axios.

Pack sandwiches or a DIY cheese board and head to the Big Field at Dix Park. Take in skyline views as you dine on the spread.

Best for: Those who romanticize everything.

Details: The park is located at 1030 Richardson Dr., with multiple entrances.

Stop for a scoop of roasted strawberry and honey or sea salt chip cookie dough ice cream before wandering around Oakwood to look at the fancy houses.

Details: There are multiple locations around town. Get directions.

Five Triangle date ideas under $25

Our favorite cheap date options in the Triangle, so you don't go broke.

Eno River hike. Photo: Zachery Eanes/Axios.

Axios Local

Dating can be expensive, but you don&#x27;t have to spend a ton of money to have a good time.<ul><li>Whether you&#x27;re on a first date or have been together for years, here are some ideas under $25.</li></ul>

Data: Point2Homes; Map: Tory Lysik/Axios Visuals

Raleigh renters earned 57% of the income they would need to afford a starter home, according to an analysis by real estate website Point2Homes.

Researchers considered "starter homes" properties valued in the lower one-third of all available homes for sale.

Why it matters: Higher mortgage rates and housing costs are keeping homeownership out of reach from many first-time buyers.

By the numbers: Renters in Raleigh earned a household income of $47,469 on average, while the income needed to cover a mortgage was $83,621, according to the study.

In September, a typical Raleigh starter home cost $323,877, the study found, analyzing Zillow data.

Zoom out: Following October's interest rate hike, renter households in 15 of the 50 largest U.S. cities made less than half the income needed to buy one of the cheapest homes in town, per the analysis.

The big picture: Across the U.S., the share of first-time home buyers has shrunk to a record low, according to the National Association of Realtors. First-time buyers made up 26% of all buyers in 2022, down from 34% last year, the group found.

Go deeper: 3 reasons it's getting harder for renters to buy 

Raleigh renters can't afford starter homes

Higher mortgage rates and housing costs are keeping homeownership out of reach from many first-time buyers.

Raleigh renters earned 57% of the income they would need to afford a starter home, according to an <a class="gtmContentClick" data-vars-link-text="analysis" data-vars-click-url="https://www.point2homes.com/news/research/starter-homes-where-to-find-them-entry-level-house-myth.html" data-vars-item="in_content_link" href="https://www.point2homes.com/news/research/starter-homes-where-to-find-them-entry-level-house-myth.html" target="_blank">analysis</a> by real estate website Point2Homes.<ul><li>Researchers considered &quot;starter homes&quot; properties valued in the lower one-third of all available homes for sale.</li></ul>

Sami Sparber

Featured stories

Raleigh rents are still high, for now

Raleigh renters can't afford starter homes

Raleigh is second in homebuilding as housing costs skyrocket

Five Triangle date ideas under $25

4 must-try rooftop bars in the Triangle