New Google, Fujifilm facilities to increase already exploding housing market in Triangle

Local News

RALEIGH, N.C. (WNCN) – To much fanfare and excitement, Fujifilm and Google are bringing some 1,700 jobs with salaries starting from $95,000 to well into the six figures.

“House prices are already increasing very fast and with these big kind of corporations moving into this area it’s just going to make this a lot worse” said Professor Yongqiang Chu.

Chu is the director of the Childress Klein Center for Real Estate and a professor of urban economics and finance at UNC Charlotte.

According to Zillow, home values are already up 9.6 percent in Durham County, 10.3 percent in Wake County, 8.7 percent in Orange and 10.7 percent in Alamance County compared to this month last year.

Keep in mind that is through a recession and a pandemic.

Chu said we want the big employers to come here.

High-paying jobs mean more spending and tax revenue for local communities.

But he said the same governments need to get behind housing that is affordable to lower and middle-income families.

“The only solution to solve this is to increase construction and I think there needs to be efforts to make land more available and land less expensive.”

You can also count on construction delays and shortages in materials because of the pandemic.

“There’s actually no kind of simple solution to this because we are seeing this kind of problem all over the place, especially during the pandemic, in this part of the country, North Carolina seems to be one of the favorite places people want to move to,” Chu said.

Adding to the housing shortage is the fact that people are afraid to sell their homes because they may not find another one to move into.

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