Agenda - 09-19-2007-6f1 - Laserfiche WebLink

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Section V. DRAFT County Profile (Data) Element Orange County Comprehensive Plan B3 Housing Highlights This section examines Orange County's existing housing conditions including housing sales, prices, and trends. When possible, data for the municipalities (cities) have been listed separately. However, much of the information is available only for the county as a whole. Data for Orange County excluding the cities will be labeled as Unincorporated Orange County. In -depth information and analysis of the housing market, and more specifically affordable housing, can be found within the Housing Element of the Comprehensive Plan. Information contained in this section has been obtained primarily from the US Census Bureau, the Orange County Department of Housing and Community Development and the Triangle MLS. JX According to the 2000 Census (corrected), there were 47,706 housing units in Orange County with an average household size of 2.6 people. i Median house values for owner occupied housing in all of Orange County has increased by over $160,000 (a nine -fold increase) since 1970. X Orange County's re -sale and new housing sales prices (for homes on the real estate market) have increased 87% from 1995 -2005 to an average price of $320,489 for homes sold in 2005. Only 18% of homes on the market in 2005 were considered affordable for families of four making median income or less. Of the Triangle counties, Orange County has the highest housing sales price. The sales price gap continues to widen among these counties, with housing prices increasing nearly twice as fast in Orange as Durham and Wake counties since 1995. i Availability of homes with sales prices in the $120,000 and less range has dropped over 40% while the number of homes available in the $250,000+ range has increased 32% since 2000. Within Orange County, housing prices vary significantly. Hillsborough homes sell on average for $100,000 less B3.1 than homes sold in the Chapel Hill/Carrboro area in 2005. Similarly, existing housing tax values are polarized within the county. In the unincorporated areas of Orange County, 50% of the houses are valued under $120,000 whereas in Chapel Hill 45% of the homes are valued at $250,000 or more. Renters occupy over 50% of available housing units in Chapel Hill. Likewise, the majority of large complex rental apartments are in Chapel Hill, accounting for 56.7% of all large complex apartments in Orange County for 2005. 1Z Based on information by the Orange County Department of Housing & Community Development, in 2005, there were a significant number of three bedroom apartment units available at all income levels except for those at the incomes less than 30% of median. Unincorporated Orange County only contains 1.8% of available apartment housing. Average rents in Orange County were $708 in 2005. Median contract rent prices have nearly tripled since 1980.