Raleigh Skyline
Raleigh, North Carolina, has been recognized as the best-performing large city in the U.S. according to the 2025 Milken Institute report. The city’s impressive job and wage growth, along with thriving tech sectors and affordable housing initiatives, have contributed to its rise from the second position in 2024. With a population spike and significant economic opportunities, Raleigh is establishing itself as a notable hub for new residents while addressing the challenge of maintaining affordable housing amidst rapid growth.
Raleigh, North Carolina, has made quite the impression recently by snagging the title of “best-performing” large city in the U.S. according to the 2025 Milken Institute report. This marks an exciting leap from its previous ranking of second in 2024, signaling that this vibrant city is on a fantastic upward trajectory.
The Milken Institute’s report shines a light on Raleigh’s remarkable job and wage growth, along with its diverse and thriving tech industries. What’s more, the city is managing to maintain affordable housing despite a rapid influx of new residents. So what’s the secret?
Between 2018 and 2023, Raleigh witnessed a jaw-dropping average job growth of 15.5% and an impressive wage boost of over 47%. When it comes to employment opportunities and economic growth, Raleigh has been hitting all the right notes!
In a comprehensive evaluation of over 400 metropolitan areas, Raleigh performed in the top quarter of large cities across 11 out of 13 crucial economic metrics. Here are some standout rankings that truly reflect Raleigh’s strengths:
This impressive performance is further buoyed by the high-tech sector in the city, which includes a solid foundation in software publishing and computer systems design. Raleigh boasts a higher GDP share in these sectors compared to the national average, solidifying its role as a tech haven.
Another noteworthy point is the population growth, with North Carolina welcoming nearly 165,000 new residents in 2024 alone. This bump pushed the total population past the 11 million mark. The Raleigh metro area specifically experienced a staggering increase of over 30% in population from 2010 to 2023, reaching approximately 1.5 million individuals.
Mayor Janet Cowell has been vocal about the importance of attracting and retaining residents to foster a flourishing community. But it’s not all smooth sailing; despite the city’s success, there’s an increasing challenge to provide affordable housing. Recent statistics indicate a shortage of around 65,000 housing units in Wake County, which needs to be addressed to ensure steady growth.
On the subject of housing, currently, about 75% of Raleigh’s residents manage to spend less than 30% of their income on housing, which is a promising statistic. However, the median home price in Raleigh reached approximately $450,000 in November 2024, marking a nearly 15% increase from the previous year and a staggering 50% jump from November 2020.
The city is facing pressuring questions regarding how to maintain affordable options amidst the growing demand. To tackle these issues, Raleigh has been proactive, pursuing various initiatives aimed at securing partnerships and funding to explore affordable housing solutions.
As Raleigh continues to grow and evolve, community leaders emphasize the need for smart planning and decision-making to manage this growth responsibly while meeting the housing needs of its population. With its rich tapestry of opportunities and challenges, Raleigh is undeniably a city to watch in the years to come.
So if you’re looking for a place bubbling with potential, friendly faces, and a promising future, Raleigh just might be the perfect spot to land!
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