according to the 2015 U.S. census, and it jumps to over one million residents when the metro area is added in. This includes the area known as the “research triangle”, which is made up of three major universities. The large number of college students and recent grads helps to explain why the median age for residents is 32, which is 14 percent lower than the rest of the state.

The city also has a diverse population that is 60 percent Caucasian, with African Americans comprising 30 percent. Asians and Hispanics make up the remaining 10 percent, and this diversity can be experienced in the city’s numerous neighborhoods. The ratio between men and women is basically even, and 47 percent of the population is married.

Raleigh has an average credit score of 676, which is actually considered “good” by Experian. This should indicate that residents are financially stable and able to take on new debt without problems, but this is not factoring in the high cost of living in the city. This is causing problems for residents in the city and metro area, especially when it is time to apply for a car loan. Even those with fair credit ratings can find it difficult to get the approval they need from a traditional lending institution.

When residents are turned down by banks and credit unions many are finding that their best option is to accept the high interest auto loans offered at the Buy Here Pay Here lots.

http://www.areavibes.com/raleigh-nc/demographics/

At first glance it would seem like residents in Raleigh should be doing fine financially. The average annual salary is listed at $53,699, which is one percent above the national average. Income per capita is also higher at 8 percent. This drops sharply if there is only one income coming into the household, and it also varies in different neighborhoods. In general North Raleigh residents tend to have higher annual salaries, but this is quickly offset by the cost of living.

Living expenses are typically over $1,500 per month and this can increase depending on the neighborhood and number of people in the household. Statistics show that cost of living in the city is 7 percent higher than the average for the rest of the state. The cost of housing is 10 percent above the national average, and income tax is a startling 159 percent higher than the rest of the country.

Once you have combined all of this information it is not hard to see why many residents are struggling with a large amount of debt. When this happens it can be tough to find a bank or credit union willing to approve a loan application for a vehicle, which means many residents are left with little choice but those offered at the Buy Here Pay Here lots.

https://www.expatistan.com/cost-of-living/raleigh-north-carolina

The capital and surrounding Wake County have the 9^th highest bankruptcy rate out of the state’s 100 counties. According to Lexington Law, a national credit repair firm, this puts the city right on the national average at 26.1 bankruptcy filings annually per 100,000 residents. With new jobs moving into the area and the city’s economy improving it can be hard to understand why so many residents are still finding it difficult to make ends meet.

One of the reasons why so many residents are filing for Chapter 7 and Chapter 13 is due to the high cost of living in the city. With annual salaries at or slightly above national averages it is not uncommon for many residents to have to choose which bills to pay each month. As the missed and late payments add up foreclosures and repossessions becomes a real threat, and residents often feel that the only way they can get out of debt and retain some of their assets is to seek bankruptcy protection.

While filing for Chapter 7 or Chapter 13 might provide cash strapped residents with some financial relief, it can also have a devastating effect on their credit score. According to Experian a bankruptcy filing can stay on a credit report for up to 7 years, and it can cause many traditional lending institutions to reject any loan application. When this happens residents looking to purchase a car often find that they only one willing to work with them is the Buy Here Pay Here dealerships.

What is surprising to many people is that even though the Midtown area is seeing a surge in new businesses coming into the area,

This means that a vast number of households are struggling to survive on one income and with the city’s high cost of living it is easy to see how bills and debt can quickly add up.

The poverty level in the city is estimated at 16.3 percent, which is 9 percent higher than the rest of the country. The cost of living in the city is significantly higher than state and national averages, and this includes the price of a home. Food and clothing are estimated to be 33 percent higher, and when utilities and health care are added in the average salary is simply not enough to cover basic living expenses.

For those residents employed and the thousands who are still looking for work many are discovering that they need a dependable car. When it is time to look for financing many are finding that their options are limited. Most major dealerships require more than simple proof of income, and this puts residents still looking for work at a disadvantage. Thankfully the city does have several Buy Here Pay Here lots in the metro area that are willing to work with residents that have less than perfect credit.

The state and city have a vehicle repossession rate of 1.27 percent. This means that

and has given North Carolina the dubious distinction of having the 4^th worst vehicle repossession rate in the country.

There are several reasons why the vehicle repossession rate is so high in the city. Salaries’ not being equal to the cost of living is one, along with the high unemployment rate. The recent nationwide recession also had a major impact on residents’ lives and financial security, and many were forced to choose between paying their car loans or ensuring that their families’ needs were met.

While vehicle repossessions were often unavoidable now that residents are becoming more financially stable many are finding that it is difficult to get approval for an auto loan with a repossession on their credit report. It is not uncommon for traditional lending institutions to deny approval if there is a past vehicle repossession. If residents are able to afford the high interest rates that comes with a low credit auto loan a Buy Here Pay Here lot might be their best option until their FICO scores improve.

Founded in 1788 and incorporated as the state capital in 1792, Raleigh has the distinction of being the first planned city in the U.S. Since then it has been through the Civil War and survived the devastating economic hardships of the Reconstruction Era. In 1959 the “research triangle” was opened which resulted in a large number of jobs and new residents moving into the city.

By 2007 new subdivisions were springing up around the metro area, and plans were being made to revitalize the aging downtown and city center. Unfortunately all of this changed with the collapse of the housing market, and by 2008 the city was feeling the full effects of the recession. Construction stopped in areas like North Hills and Valley Estates and many residents in these unfinished communities found that their mortgages were higher than the actual value of their properties.

Job losses and home foreclosures were common, along with vehicle repossessions. Bankruptcy rates also rose, including Chapter 11 filings in the business sector. All this is starting to change, and since 2012 the city’s economic future has been steadily improving. More residents are finding it easier to get employment, and home foreclosure rates are starting to fall. According to industry experts this is a strong indicator that Raleigh is coming out of its recession.

This is also good news for residents that are seeking financing for a new or used vehicle. Even though many of them are forced to accept the terms of a high interest auto loan, their chances of being approved have dramatically improved.

There are several business districts in the city and metro area and many are seeing a growth in new companies and residents. The downtown business district is home to PNC and Wells Fargo regional headquarters, along with a large number of hotel chains. Midtown is the commercial center of the city, and its newly formed business alliance is working hard to promote the district and bring additional jobs to the area.

West Raleigh is home to the North Carolina State University, which is one of the major employers in the city. The state fairgrounds and PNC Arena are also located in this popular neighborhood. The southeast quadrant of the city is home to several subdivisions, along with the Time Warner Cable Music Pavilion.

It is the northern section of the city and metro area that is seeing the most growth, both in its business district and number of new subdivisions that seem to be springing up annually. Some of the neighborhoods that are attracting new residents and businesses include Springdale, Crosswinds, North Ridge and Oakcroft. With new jobs being added each year city officials are hopeful that the high unemployment rate will begin to decrease.

The downtown and Midtown areas do have public transportation, and there are several bus lines that service these neighborhoods. Most business districts are designed to be easily accessible for walkers, the only problem is getting there if you live in the greater metro area.

There is also bus service to the international airport, but once again it is limited and typically only an option if you live on or close to one of the routes. Residents can also take advantage of the car sharing opportunities in the city, but for those that do not live near public transportation or where the vehicle is parked they will find it difficult to get there.

City leaders have stated that there are plans in the works to improve and expand the public transportation system, but until then residents will need a dependable vehicle if they want to easily run errands or make it to work on time.

The Redfin walk score is only slightly better than the one for transportation at 30. This means that there are trails and sidewalks in the city, but they are only a convenient option for residents that live in the immediate area. For those that enjoying walking to local shops and restaurants, they might want to consider living in College Park, Stonehedge East and Oakwood. These neighborhoods have plenty of trails for walking and biking, and many businesses are easily accessible on foot.

Otherwise walking is not an option in this sprawling city, especially during the hot and humid summer. Being outdoors is not only uncomfortable when the temperatures start to rise it can also be dangerous to residents’ health. If you want to be able to freely move around this southern city you will need a vehicle, and this is another reason that there are a large number of Buy Here Pay Here lots in the metro area.

There are 119 primary and secondary schools in Raleigh and several districts in the metro area. The city is served by two districts Wake County which has a rating of 6 out of 10, and the top rated Raleigh Charter High. On average there are 14 students per teacher in both districts.

Oak Grove Elementary is another top rated school in the district, along with Magellan Charter. Philips High in the downtown area has a dismal rating of 1, along with Longview and Torchlight Academy. Overall the lower rated public schools are in the immediate city with the higher ranked ones in the metro area.

The reason for the discrepancy in ratings is mainly due to the way the schools are funded. Since there is not cross-city busing the districts do not qualify for many of the federal education grants, which puts this responsibility on the individual neighborhoods. Wealthier subdivisions can afford to pass the bonds and levies that are needed to keep education levels high, while lower income neighborhoods are often struggling just to ensure that there are enough books.

This means that many students are graduating without receiving the education and skills needed to be successful as adults. They are often only qualified for menial labor and the low pay rate ensures that they will frequently be struggling to make ends meet. As long as this continues the Buy Here Pay Here lots will always have a steady stream of customers looking for a bad credit auto loan.

State and city leaders understand that it can be difficult for residents to make ends meet, especially during and after the recent recession. Thankfully there are several assistance programs in place ready to help residents in need. There are programs that can help with housing and bill payments, along with food, clothing and other necessities.

Residents can also take advantage of credit and debt counseling services that will teach them how to manage their finances. Residents can learn about the importance of their credit scores, and how to prevent it from falling. This will not only help them become financially stable, but also make it easier for residents to be approved for an auto loan when they are finally ready to take on another payment.

Some of the numbers that residents can take advantage of to receive the help they need include,

Air condition help in the summer: (919) 212-7083

LIEAP: (919) 212-7000

Church of the Good Shepard: (919) 831-2019

http://www.needhelppayingbills.com/html/wake_county_assistance_program.html

Along with job loss and high living expenses one of the most common reasons residents find themselves in financial trouble is mounting medical expenses. Unpaid hospital and doctor bills can cause your credit score to drop, and make it difficult to be approved for a low or even high interest loan. To prevent this from happening there are several clinics and programs in place that can help with everything from health care and prescription costs, to resolving past due medical debt.

Some of the numbers for these programs include,

Affordable Care Act: 855-733-3711

Urban Ministries of Wake County: (919) 836-1642

The Salvation Army: (919) 834-6733

There really is something for everyone in Raleigh, and this is one of the reasons it is growing at such a fast pace. During the summer the state fair comes to the city filled with rides, games, animals, concerts and even a rodeo. Sports and concerts are held at PNC Arena, and the IMAX theater can be found at the Marbles Kids Museum.

A tour of the state capital is always a fun and educational activity, and there also several historic homes that are open for visitors to wander through. The metro area is home to the North Ridge Golf and Country Club, and there is always something going on at the North Carolina State University. Nature lovers can also enjoy seeing native plants and flowers at the JC Raulston Arboretum.

Raleigh is growing rapidly and this is good news for the city that is still struggling to come out of the recent recession. While unemployment is still high, along with the cost of living, analysts are hopeful that this will soon change. In the meantime residents interested in financing a vehicle might discover that it is a little more difficult than they expected, and it is not uncommon for them to be turned down by a traditional lending institution.

Before Raleigh residents take advantage of the options at the Buy Here Pay Here lots it is important that they take a few minutes and consider their finances. Even though these car dealerships are more likely to approve their loan application it is important to make sure that you can afford the added bill. If not you could soon find yourself worse off financially than when you first started looking for a dependable vehicle.