Agenda - 02-01-2011 - 6a - Laserfiche WebLink

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Orange Avg. Listing Median Sales County ZIP Price Price Code Week ending Date range: Dec March 24 '09-Feb'10 27231 $257,362 $134,500 27510 $258,003 $243,000 27278 $333,747 $159,000 27243 $442,601 $185,000 27516 $442,689 $314,000 27514 $466,650 $300,000 27517 $573,211 $235,000 Average: ZIPS $396,323 $224,357 Source: Trulia Real Estate Search htto~%}aww.truT:iti;om~honte ,~r~ces~tinrrh Cru~olinu ~Oranie Co:enri•-heat mnn! In Chapel Hill and Carrboro, the number of rental units far exceeds the number of units occupied by homeowners. This is likely attributable to the large population of UNC-Chapel Hill students living in the Chapel Hill and Carrboro areas. Approximately 38% of the 49,289 housing units in Orange County are available as rental units, as determined by the 2000 Census. Using 2007 American Community Survey data, HUD determined the 2010 fair market rents (which establish the rent ceiling for the HOME Program and are generally considered to represent rents affordable to moderate-income households) for Orange County to be $542 for an efficiency apartment, $742 fora 1-bedroom, $832 fora 2-bedroom, $1,087 fora 3-bedroom, and $1,172 for a four bedroom unit. CHAS data indicates that, of the County's total occupied rental units, only 26.7% paid rent at a rate of less than 20% of the tenant household's income; 43.3% or renter households paid rent in an amount greater than 35% of the household's income, indicating a high degree of cost burden. In order to ease this burden, additional rental units, affordable to households with low and moderate incomes, are needed. 2006-2008 American Community Survey data reported that 15,318 people in Orange County (14.2%) had incomes below the poverty level-an increase of 3,576 people since 1990. Based on 2000 Census data, 6.2% of families and 14.1% of the total population in Orange County fell below the poverty line. Of all children under the age of 18, 9.0% lived in poverty while 7.4% of all County residents aged 65 or greater had income below the poverty level. Families living below the poverty level were more common in Chapel Hill and Hillsborough, but Carrboro showed a significantly higher percentage of individuals in poverty compared with all other Orange County municipalities. In addition to housing problems, persons living in poverty often have other social service needs. Many of them lack the basic skills necessary to obtain and hold decent jobs. Some of them are single mothers who need affordable childcare while they seek or maintain jobs. Others need treatment for medical or substance abuse problems. Many of those living below the poverty level are children who would benefit from special programs to address their educational, recreational and self- esteem issues. The sheer number and variety of problems faced by people living in FY 2010-2015 Consolidated Plan 7