Orange County NC Website
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Training and Development Associates, Inc. prepared an overall housing market analysis for Orange <br />County including the Towns of Carrboro, Chapel Hill, and Hillsborough and provided the following <br />components. <br />Population <br />^ Orange County's population increased by more than 25 percent from 93,851 in 1990 to 118,227 <br />in 2000, outpacing the state by mare than 3 percent. The County is expected to continue to grow <br />through 2010, with the number of people increasing another 19 percent to 140,750. <br />^ Chapel Hill's population growth rate between 2000 and 2003 was 11.9 percent, or 3.96 percent <br />annually. Based on this rate of growth, the population can be expected to reach 57,827 by the <br />year 2009. <br />^ Carrboro's estimated growth rate for the period 2000 through 2003 was 4.8 percent or 1.6 <br />percent annually; the population there can be expected to reach 21,340 by 2009.2 <br />^ Hillsborough's population grew 1.7 percent between 2000 and 2003, ar .57 percent each year,3 <br />suggesting the population of Hillsborough will possibly reach 7,328 by 2009. <br />Income <br />^ HUD reports the median income for a family of four in Orange County to be $71,300 in 2005.° <br />Assuming a constant growth rate, the percent of households with annual incomes of less than 50 <br />percent of the County's median would represent approximately 25 percent of households in 2005. <br />Fifty percent of the Orange County median income is an annual income of $35,650 in 2005 for a <br />family of four. <br />Housing Market <br />Evaluation measures include: <br />1. The Affordab!!!ty Index calculates the difference between what a family can pay and what the <br />market indicates the family must pay on a monthly basis; and <br />2. The Availab!!!ty Index determines appropriately sized housing currently listed for sale and <br />defines what percentage of the available housing is affordable to various income levels. <br />3. The Cash-to-Close Index which defines the amount of cash needed by a given family to close <br />the purchase of their first home; and <br />4. The Affordable Nouse Index takes various income levels and derives what an affordable <br />house would cost for that income level. <br />Future Demand <br />Overall, Orange County is expected to experience a 1.3 percent annual population growth rate between <br />2005 and 2020. The projected population growth rate estimates are: <br />(rising from 93,662 to 118,227). <br />2 State of North Carolina Municipal Population Estimates, 2003 <br />a State of North Carolina Municipal Population Estimates, 2003 <br />' HUD February 2005, Raleigh, Durham Chapel HiII MSA <br />