This week, Amazon announced it’s finalists for their newest headquarters. The online retailer is expected to bring over 50,000 new jobs to the city it chooses, one of which could be Raleigh-Durham. With that many new jobs, and an assumingly large headquarters, Triangle real estate will be greatly affected, if chosen. After all, Raleigh was just chosen one of the best places to live in the U.S.
News website MagnifyMoney recently did a study that concluded Raleigh-Durham and Pittsburgh as the best choices for the new headquarters, based on finances and quality of life, reported by WRAL. As Triangle has downtown areas in Raleigh and Durham that are both moderately sized, real estate is booming, and here lies some of the state’s greatest school systems, we can see why Amazon would want to choose the Triangle. However, what would this mean for local housing?
Realtor.com predicts that it will transform the local housing market, wherever it will be located. Not only will home values go up, but so will jobs and wages. New construction will spring up around the headquarters location, as well.
Raleigh-Durham, already home to many tech companies in RTP, has an average commute time of 26 minutes, says the MagnifyMoney study. Given the recent sprawl local cities have seen into smaller towns like Wendell, Fuquay-Varina, and Youngsville, it’s likely this will keep on going if Amazon chooses this area.
It’s reported that reportedAmazon is looking for places that have well-educated hires, a business-friendly environment, and airport access. All of these things seem to line up well with the Triangle, especially given that there are three major universities within miles of each other.
However, another thing to consider if Amazon chooses the Triangle, is exactly where in the area it will go. If they choose a downtown area of Durham or Raleigh, it’s likely that this area will see the biggest affects in home sale prices rising. An area with less population and businesses could give less of a shock to home prices.