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. Oran a Coun North Carolina - AIFCH - 2007 <br />g tY~ <br />Table 11 -Housing Wage -Orange County <br />:::;Bedroom Size Hourly Wage <br />>Zero-Bedroom ' $9:83 <br />>One-Bedroom $13.46 <br />Two-Bedroom $15.10 <br />Three'-Bedroom $19.73 <br />'Four-Bedroom $21:27 <br />Table 12 -Housing Wage as Percent of Minimum Wage <br />Bedroom Size % of`Mtnimum Wage <br />'Zero-Betlroom 191% <br />'One-Bedroom 261 <br />Two-Bedroom 293% <br />Three-Bedroom 383% <br />Four-Bedroom 413% <br />Orange County -Mortgage <br />Between 1998 and 2003, more than 45% of new and existing homes for sale in Orange County <br />were priced at $250,000 or higher, the most rapidly growing segment of the market. In 2003, the <br />average purchase price of a home in Orange County rose from about $261,895 to $280,592. <br />Housing in the Chapel Hill area is currently among the most expensive in the Triangle region. <br />Since 2000, the average purchase price has increased 22.4%, to $320,913. <br />During the same 5-year period, sales of units priced below $120,000 (mostly condominiums and <br />town homes) declined. By 2004,_ 20% of homes sold for less than $160,000, down from 29% in <br />2002. The increase in high-priced homes and decrease in lower-priced homes reduced the <br />availability of more-affordable inventory. <br />Based on the countywide average sale price of $280,592, a home buyer would have to earn <br />$5,533 a month or $65,396 annually to fund a $1660 monthly mortgage payment. This figure <br />represents 30 percent of monthly income and does not include taxes, insurance or any other <br />debt. <br />Occupations and Affordability <br />To illustrate the link between wages and housing affordability, the Consultant analyzed 30 <br />occupations and ownership of an average-priced Orange County home during 2006. The <br />occupations selected represent jobs held by local workers that pay traditional wages. A <br />10 <br />