Move over Los Angeles and New York City because there are more big spenders here in Raleigh! A recent survey shows that the Raleigh area ranks 6th in the nation for spending.
According to the latest Bundle report released last week on how America spends Raleigh came in higher than many larger cities such as New York City and Los Angeles. Bundle is backed by Citigroup which used its credit card data to evaluate the average American spending amount in the top 100 cities in the nation. The average Raleigh household spent a whopping $53,398 on shopping, dining, and travel in 2009 alone. The Bundle Report is unique in that it does not take into consideration the amount a household spends on rent or mortgage, which is one of the reasons that ranked Raleigh above larger cities such as Los Angeles. Even more surprising is that Raleigh ranked number one in shopping with the average Raleigh area household spending on average $15,800 a year.
This finding is interesting as North Carolina was included in the second round of states slated to receive funding from the Housing Finance Agency Hardest Hit Fund (HHF). North Carolina, Ohio, Oregon, Rhode Island and South Carolina are slated to receive a totat of $600 million diverted from Trouble Assets Relief Program (TSRP) funds to combat the results of foreclosures and unemployment in these state.
The figures indicate that many in Raleigh are in a good position to to take advantage of the lower priced real estate market compared to the bigger cities, and buy or sell a home in Wake County. For the next few weeks, the homebuyer’s tax credit is still in effect through April 30 so both first time buyers and longtime homeowners can receive federal dollars to buy your dream home. Take advantage of rarely seen low interest rates and buy a home with me Marti Hampton and team Marti here at RE/MAX One Realty.