Orange County NC Website
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<br />Orange Co. Comprehensive Housing Strategy ~~Snapshot" <br />Analyzing the housing market is an important exercise for any community. However, it is especially <br />important for those communities that are experiencing tremendous growth in population and property <br />values. Assessing the health and fairness of the housing market helps a community to be sure that all of <br />its citizens have choices when it comes to purchasing or renting their living quarters. <br />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 more 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 percent <br />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, or .57 percent each year,' <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 Affordability 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 Availability 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 House Index takes various income levels and derives what an affordable <br />house would cost for that income level. <br />(rising from 93,662 to 118,227). <br />2 State of North Carolina Municipal Population Estimates, 2003 <br />3 State of North Carolina Municipal Population Estimates, 2003 <br />' HUD February 2005, Raleigh, Durham Chapel Hill MSA <br />