Agenda - 02-05-2008-5b - Laserfiche WebLink

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3 The unemployment rates for Orange County have been 2% or more below the statewide unemployment rates and about 3% to 4% below the national unemployment rates for the past 10 years. In Orange County, unemployment has ranged from a low of only 1.1% in 1999 to a high of 3.2% in 2002. Median household income is likewise much higher than state and national averages. In 2004, the median household income for Orange County was $69,800. This represents a 49% increase in median income over the past 10 years. The median income in Orange County is about 20% higher than the median family income for North Carolina and 21% higher than the national average. The estimated median family income in Chapel Hill is over $86,000. In terms of per capita income, Orange County ranks fourth among all Counties in North Carolina and third among Counties located in the Triangle region of North Carolina, according to data obtained from the U.S. Bureau of Economic Analysis. Housing Market Conditions In 1990, the total number of housing units in Orange County was 38,683. During the period 1990 to 2000, the total number of housing units increased by 27.4% to 49,289 units. Also during this period, the number of owner-occupied units increased by 32.4% and represented over one- half of all housing units in Orange County. In 2000, owner-occupied housing in Chapel Hill represented 43% of all occupied units. In renter-occupied housing, structures with five or more units continue to be the majority of the housing stock at 52.9% in 2000. Average and median sales prices of both new and existing homes in Orange County for 2004 exceed $100,000. The lowest prices are reflected in the sales of condominiums and townhouses. Sales prices for new detached homes exceed $250,000 for both new and existing homes. The average sales price for unincorporated Orange County in 2004 was $296,890. In 2004, 20% of homes sold for less than $160,000 down from 24% in 2003 and 29% in 2002. Almost two-thirds of single-family homes sold in 2004 had a sales price of $200,000 or more with almost one half of those having a sales price over $350,000. Housing in the Chapel Hill area is currently among the most expensive in the Research Triangle region. In 2003, the average purchase price of a home in Orange County rose from about $261,895 to $280,592. In Chapel Hill, the,average purchase price was $320,913. Since 2000, the average purchase price has increased 22.4% in Chapel Hill. Rental housing in Orange County is dominated by larger apartment developments-those with five or more units- which represent 52.9% of the renter-occupied housing in the County. The median gross rent (rent plus utility expenses) for 2000 was $684. The 2005 fair market rents (FMR) for a two-bedroom apartment in Orange County is $779. Public Housing Programs The Orange County Department of Housing and Community Development is responsible for the administration of the Section 8 Housing Choice Voucher Program. The Department does not operate public housing developments. Currently, the Department administers approximately 623 units of Section 8 assistance with approximately 9,278 people remaining on a waiting list as of February 2006. The Town of Chapel Hill Department of Housing administers 336 units of low-rent housing located at 13 sites (12 in Chapel Hill and one in Carrboro). The department's goal is to refurbish [3]