Study finds North Carolina has 10th highest home price and wage growth disparity

David Hoffman, of Hoffman Realty, said it's no surprise that housing prices continue to increase in North Carolina.

"North Carolina is a wonderful place to live, to raise a family, to work, to start a business. And I think the secret is out," Hoffman said.

The Charlotte realtor talked to WCNC Charlotte's Jane Monreal about the numbers and explained there are many reasons for this.

"A lot of people are moving to Florida then coming halfway back," Hoffman said. "The ones that are coming back, or halfway back, retiring. They're empty-nesters. They don't need the high-paying jobs."

The realtor added that the gap is also skewed with homebuyers who don't necessarily work in the state. 

"They're keeping their high-paying jobs north and then moving down here and they're buying a more expensive home," Hoffman explained.

He said he believes people used to move to the Carolinas for the job and cost of living. Now, he said, they're moving for a change in lifestyle. 

"Actually, I'm pretty encouraged, because when I saw how close the wage increase was in North Carolina versus the nation, we're within one percentage point of the average, but we're one of the more popular states," Hoffman said. "So if you think about it, we've actually grown one percent above the average and we're one of the top five most popular states to move to."

MyEListing came up with its findings from data between 2018 and 2022, a timeframe that includes the pandemic. 

Hoffman said during that time, people were seeking more space for a reasonable price compared to where they lived. 

"But since the pandemic has ended, I've seen people move down here in droves but they're keeping their jobs in the North."