🏢 Top Five 26.20
👋Welcome to the Top Five, a weekly newsletter by Jed Byrne that demystifies Raleigh development. If a friend sent you this email, you can subscribe below!
Good morning!
No major updates this week. Just working on selling/distributing books and growing the Small Scale Raleigh group!
That said, there have been a bunch of articles this week about tree canopy, tree loss, and tree preservation. What is the best way to measure tree canopy loss as our cities grow? Total trees lost, trees lost per person of population growth, or something else?
Best Regards,
Jed Byrne
Advisor & Broker
Oak City CRE, LLC
On to the Top Five! ⤵️
1) Priced Out: According to the NAHB, 66% of households in NC are priced out of buying a new home. Priced out being defined as housing costs for the new home exceeding 28% of income. I find it interesting that we are very similar - from a percentage basis - to both Texas and California.
2) Grads: It’s graduation season again, and as it turns out Raleigh is the #5 best market for recent grads. If you read the original report from ADP, Raleigh scored 92 (Compared to #1, Birmingham, at 100 points) based on wages, cost of living, and hiring rates.
3) Infrastructure: According to a recent study, the Cities in the US have a differed maintenance backlog on infrastructure totaling $1.03T. To put that in perspective, that’s roughly 3% of GDP or $2,950 per person in the US. In the long run, if we don’t keep up with our infrastructure, the only options are cutting services or raising taxes.
4) DMV Site: The City of Raleigh is evaluating its options for what to do with the former DMV site on New Bern Avenue.
5) New Concept: Happy + Hale founder, Tyler Helikson is working to open a new concept called Churp at 3121 Edwards Mill Road later this summer.
6) Not CRE: If you’ve never witnessed the Kirby Derby, put it on your calendar for August 22nd.
