Atlanta vs Raleigh

**Home-Price Appreciation:** Atlanta's FHFA House Price Index posted +4.2% year-over-year and -0.1% quarter-over-quarter as of Q4 2024 — the latest available quarter for that metro, as Atlanta's FHFA series has stopped updating. Raleigh's index, which runs through Q2 2026, showed a much softer +1.1% year-over-year and -0.1% quarter-over-quarter as of Q2 2026. Because these figures come from different periods (Q4 2024 for Atlanta vs. Q2 2026 for Raleigh), a direct like-for-like comparison is not possible; what can be said is that Atlanta was appreciating at nearly four times Raleigh's pace at its last reported reading, while Raleigh's more recent data suggest a market that has largely plateaued after its pandemic-era run-up. Both markets saw sharp gains in 2021–2022 and have since decelerated meaningfully.

**Construction and Population:** Atlanta issued 2,841 building permits in July 2026, up a modest +0.7% versus the same month a year earlier (Census BPS), signaling a construction pipeline that is holding roughly steady. Raleigh issued 1,538 permits in July 2026 — a sharp -17% drop versus a year prior — despite the metro growing at +2.36% per year (2025 Census estimate), more than double Atlanta's +0.96% pace. That combination of faster population growth and contracting new supply in Raleigh could put upward pressure on prices and rents going forward. Atlanta's larger absolute permit count (roughly 85% more units authorized in July 2026) relative to its slower population growth suggests supply is keeping pace better there.

**Labor Markets and Incomes:** Both metros registered identical unemployment rates of 3.2% in July 2026 (not seasonally adjusted, BLS LAUS), down from 3.4% in July 2025 for each city — a parallel improvement over the year. However, Raleigh's median household income of $102,144 (ACS 2024) is about $9,800 higher than Atlanta's $92,344 (ACS 2024). Raleigh's anchor in Research Triangle Park, along with tech, pharma, and university employment, supports that income premium. Atlanta's broader employer base — spanning logistics, film, fintech, and healthcare anchored by Delta, Home Depot, and Coca-Cola — provides more sector diversity across a metro more than four times Raleigh's size.

**Rents, Cost of Living, and Taxes:** On rental costs, Atlanta's HUD 2-bedroom Fair Market Rent is $1,820/month for FY2026, versus $1,750/month in Raleigh — a $70/month difference. Cost of living is essentially equivalent: Atlanta's BEA price level is 100.1 (US = 100) versus Raleigh's 98.2, a gap of under 3% (BEA Regional Price Parities, 2024). On property taxes, Atlanta's effective rate is 0.81% versus Raleigh's 0.66% — a 0.15 percentage-point difference that works out to roughly $600 more per year on a $400,000 home. State income taxes also favor Raleigh: North Carolina's flat rate is 3.99% versus Georgia's flat 4.99% for the 2026 tax year, a full 1.0 percentage-point difference that meaningfully benefits higher-income earners in Raleigh.