‘Locked out’: Here’s why NC millennials are struggling to buy homes

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Millennial homebuyers in North Carolina are facing steep challenges, with housing costs far surpassing what previous generations experienced.

A national study from Clever Real Estate highlights that today's millennials are spending significantly more on homes than baby boomers did in the 1980s. Back then, it took about 3.5 years' worth of income to buy a home, compared to 6.3 years today.

To afford a median-priced home in 2023, a household would need to earn nearly $134,000, far above the national median income of $74,580.

In North Carolina, the affordability gap is stark. Home prices in the state have risen 144% since 2000, with the typical home now priced at $316,103.

Charlotte and Raleigh have seen even sharper increases of 154% and 148%, respectively, placing both cities among the top 50 metros with the highest home-price growth.

Raleigh's median home price sits at $441,461, and Charlotte’s at $396,550. Meanwhile, the average North Carolina household earns only $67,481, making it difficult to afford a home without stretching finances thin.

Many first-time buyers are opting for more affordable alternatives, like townhouses or condos, or looking in smaller towns like Zebulon, Knightdale, and Pittsboro for better deals.

What strategies do you think millennials should adopt in this challenging housing market?