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Agenda - 02-09-2006-8a
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Agenda - 02-09-2006-8a
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9/2/2008 8:37:42 AM
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BOCC
Date
2/9/2006
Document Type
Agenda
Agenda Item
8a
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Minutes - 20060209
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\Board of County Commissioners\Minutes - Approved\2000's\2006
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Median household income is likewise much higher than state and national averages. In 2004, <br />the median household income for Orange County was $69,800. This represents a 49% increase <br />in median income over the past 10 years. The median income in Orange County is about 20% <br />higher than the median family income for North Carolina and 21 % higher than the national aver- <br />age. The estimated median family income in Chapel Hill is over $86,000. In terms of per capita <br />income, Orange County ranks fourth among all Counties in North Carolina and third among <br />Counties located in the Triangle region of North Carolina, according to data obtained from the <br />U S. Bureau of Economic Analysis, <br />Housing Market Conditions <br />In 1990, the total number of housing units in Orange County was 38,683, During the period <br />1990 to 2000, the total number of housing units increased by 27..4% to 49,289 units. Also during <br />this period, the number of owner-occupied units increased by 32.4% and represented over one- <br />half of all housing units in Orange County,. In 2000, owner-occupied housing in Chapel Hill rep- <br />resented 43% of all occupied units. In renter-occupied housing, structures with five or more <br />units continue to be the majority of the housing stock at 52.9% in 2000. <br />Average and median sales prices of both new and existing homes in Orange County for 2004 <br />exceed $100,000. The lowest prices are reflected in the sales of condominiums and town- <br />houses.. Sales prices for new detached homes exceed $250,000 for both new and existing <br />homes, The average home sales price in 2004 was $279,996 and the median was $229,500. In <br />2004, 20% of homes sold for less than $160,000 down from 24% in 2003 and 29% in 2002.. Al- <br />most two-thirds of single-family homes sold in 2004 had a sales price of $200,000 or more with <br />almost one half of those having a sales price over $350,OOO,According to the 2000 census, the <br />median value of owner-occupied housing in Orange County was $179,000-up from $100,400 <br />in 1990. More than 40% of owner-occupied housing in Orange County is valued between <br />$100,000 and $199,999. Almost 9% of owner-occupied housing has a value of $400,000 or <br />more.. There are only 708 units (or 3.6%) of owner-occupied housing with a value below <br />$60,000,. Housing in the Chapel Hill area is currently among the most expensive in the Re- <br />search Triangle region. The In 2003, the average purchase price of a home in Orange County <br />rose from about $261,895 to $280,592. In Chapel Hill, the average purchase price was <br />$320,913. Since 2000, t he average purchase price has i ncreased 22,4% in Chapel Hilh <br />Rental Housing housing in Orange County is dominated by larger apartment developments- <br />those with five or more units- which represent 52.9% of the renter-occupied housing in the <br />County. The median gross rent (rent plus utility expenses) for 2000 was $684. The 2005 fair <br />market rents (FMR) for atwo-bedroom apartment in Orange County is $779. <br />Puk~lic Housing Programs <br />The Orange County Department of Housing and Community Development is responsible for the <br />administration of the Section 8 rental assistanceHousing Choice Voucher Program. The De- <br />partment does not operate public housing developments, Currently, the Department administers <br />approximately 623 units of Section 8 assistance with 964 909 people re maining on a waiting list. <br />The Town of Chapel Hill Department of Housing administers 336 units of low-rent housing lo- <br />cated at 13 sites (12 in Chapel Hill and one in Carrboro) The department's goal is to refurbish <br />all 336 units of public housing over afive-year cycle using Community Development Block Grant <br />[5J <br />
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