Raleigh continues to rank high by independent third party groups, the latest being the Milken Institute.
See our Raleigh-focused summary of the report below.
These types of reports confirm our geographic focus on suburban and exurban communities surrounding Raleigh. We continue to look at neighborhood shopping centers and multi-family for low-risk, stable cash flow in the following smaller cities that support the growth of Raleigh:
| City | Population | Distance (miles) |
| Apex, NC | 58780 | 15 |
| Wake Forest, NC | 47601 | 18 |
| Holly Springs, NC | 45945 | 20 |
| Fuquay-Varina, NC | 40810 | 21 |
| Garner, NC | 33669 | 7 |
| Morrisville, NC | 29630 | 13 |
| Clayton, NC | 26307 | 16 |
| Knightdale, NC | 19703 | 9 |
| Wendell, NC | 12440 | 17 |
| Rolesville, NC | 10661 | 16 |
| Louisburg, NC | 3064 | 29 |
Raleigh-Focused Summary
1. Raleigh, NC: The Best-Performing Large City
- Ranked #1 among large metropolitan areas in the U.S. for the first time in over a decade.
- Outperformed other cities due to strong labor market conditions, a thriving high-tech sector, and robust economic opportunities.
- Ranked in the top quarter of large metros on 11 out of 13 metrics in the Best-Performing Cities (BPC) index.
2. Labor Market and Job Growth
- Consistent job growth over the past five years:
- 9th in five-year job growth.
- 18th in five-year wage growth.
- 19th in one-year job growth.
- Short-term job growth (July 2023 – July 2024) was ranked 22nd, showing continued economic expansion.
3. High-Tech Sector
- Ranks 5th in the number of high-tech industries with a location quotient (LQ) above 1.
- Ranks 11th in overall high-tech industry concentration.
- The city benefits from a steady supply of high-skilled workers from the Research Triangle universities (UNC-Chapel Hill, Duke, and NC State).
4. Economic Opportunities and Affordability
- Ranks 13th in community resilience, showing economic adaptability and stability.
- Ranks 30th in housing affordability.
- Despite rapid population growth due to domestic migration, Raleigh has managed to maintain relatively affordable housing.
- A construction boom (25% growth in employment in this sector over five years) has helped ease housing pressures.
5. Challenges and Future Considerations
- Housing prices have risen above the national average since the pandemic.
- Maintaining a balance between economic growth and affordability will be crucial for Raleigh’s future performance.
- While its high-tech sector is strong, its recent high-tech growth lags behind some other Tier 1 cities.
See the full Milken Institute Jan 2025 Best Performing Cities report.
Doug Kline, PhD, has held income properties in North Carolina for more than 20 years. He holds a North Carolina broker’s license, and is a member of the National Association of Realtors and the Triangle Real Estate Investors Association. A lifelong learner, he holds an MBA and a PhD in business, and continues his education by attending meetings of the Society of Exchange Counselors and the National Counsel of Exchangors. In addition to his extensive real estate activities, Doug enjoyed a successful career in academia, achieving the rank of Full Professor in the Cameron School of Business at UNC Wilmington. He was honored with research and teaching awards, served as Director of the MS Computer Science and Information Systems program, and was awarded the endowed position Distinguished Professor of Information Systems.