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Updated over 1 year ago,
Real Estate Market in Durham NC #2.5
This is a 3 month update to Durham NC market data thread- Previous post: https://www.biggerpockets.com/...
This is counting as the .5 update rather than a full release since this is more of historical data post, as well as produced by AI rather than myself.
This is a Chat GPT report from 2010-2020. If you are familiar with Chat GPT it's sound through 2021 but not later, as it has no active internet access. I am using this report as an addition to information from my previous post which was written by me from my research. Please check that post out for detailed specifics for more up to date information.
It's important to note not to use Chat GPT as your sole decision making device related to investing in any market, but to be utilized to gain additional data points and references of information.
Here is the produced result after many alterations and reiterations to make sure the logic was right, and relevant data pulled:
Certainly! Here's a report for Durham, North Carolina, focusing on the topics you provided for the period of 2010-2020:
Durham, North Carolina, is a vibrant city located in the central part of the state. It is known for its rich history, diverse culture, and renowned universities such as Duke University. Let's delve into various aspects of Durham's development and changes from 2010 to 2020.
Population and Population Growth: Durham experienced notable population growth during the 2010-2020 period. The estimated population in 2010 was around 228,000, and by 2020, it had increased to approximately 287,000 residents. This signifies a growth rate of roughly 25.9%, highlighting Durham's appeal as a place to live, work, and study.
Poverty: The poverty rate in Durham saw fluctuations throughout the decade. In 2010, the poverty rate was approximately 19.4%, and by 2020, it had decreased to around 15.8%. While poverty remains a concern, this reduction indicates efforts to address socioeconomic disparities and improve the well-being of the community.
Cost of Living: Durham's cost of living is typically lower than the national average, making it an attractive city in terms of affordability. The cost of housing, transportation, and healthcare in Durham tends to be relatively lower compared to many other parts of the country. This affordability has contributed to Durham's appeal for residents and businesses alike.
Migration: Durham experienced significant domestic and international migration during the 2010-2020 period. The city's robust job market, renowned educational institutions, and cultural amenities have attracted individuals and families from various backgrounds. The influx of newcomers has played a role in Durham's population growth and contributed to its vibrant diversity.
Gross Domestic Product (GDP): The Gross Domestic Product of Durham has exhibited positive growth. While specific figures for the entire period are not available, the GDP of the Durham-Chapel Hill Metropolitan Statistical Area (MSA), which includes Durham, Orange, and Chatham counties, was approximately $57 billion in 2019, according to the Bureau of Economic Analysis. This reflects a growth rate of around 2.8% from the previous year, highlighting the strength and resilience of Durham's economy.
House Type Breakdowns: Durham's housing market comprises various types of dwellings. Single-family homes make up a significant portion of the housing stock, accounting for approximately 55% of the units. Multi-family homes, including apartments and condominiums, constitute around 35% of the housing stock. The remaining 10% consists of other types of housing, such as townhouses and mobile homes.
Households: The number of households in Durham increased during the 2010-2020 period. In 2010, there were an estimated 91,000 households, and by 2020, this number had risen to approximately 110,000. This growth reflects both the city's expanding population and the development of new residential communities.
Commutes: The average commute time in Durham remained relatively stable from 2010 to 2020. According to available data, the average commute time for residents was around 24 minutes throughout this period. However, individual commute times may vary based on factors such as distance, mode of transportation, and traffic conditions.
Median Household Income: Durham's median household income experienced growth between 2010 and 2020. In 2010, the median household income was approximately $52,000, and by 2020, it had increased to around $65,000. This upward trend suggests improving economic opportunities and the overall prosperity of Durham's residents.
Infrastructure: Durham has invested in infrastructure improvements over the years. These include road expansions, public transportation enhancements, and the development of community facilities and amenities. These efforts aim to support the growing population, improve connectivity, and enhance the quality of life for residents.
Economy: Durham boasts a diverse and thriving economy. Major sectors driving economic growth include healthcare, education, technology, research, and advanced manufacturing. The presence of renowned universities and research institutions has fostered innovation and entrepreneurship, making Durham a hub for startups and high-tech companies.
Real Estate Market Trends: The real estate market in Durham has shown positive trends during the 2010-2020 period. Between 2010 and 2020, the median home value increased from approximately $185,000 to around $271,000, representing significant appreciation. The market has been moderately competitive, with a balanced inventory of homes for sale.
Durham, with its population growth, improving economic indicators, and thriving real estate market, has experienced a transformative decade. Efforts to address poverty, enhance infrastructure, and foster economic diversification have contributed to Durham's appeal as a vibrant and inclusive city. Please note that the data provided here is based on available information and may not capture all nuances of Durham's complex dynamics during the specified period.
Love to hear feedback, do you think Chat GPT did a good job? It took many attempts to get this type of data outputted correctly, and is a couple of response pasted together to generate this response from Chat GPT.
Would love to hear your thoughts on this!