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<br />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 aver 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
<br />average.. The estimated median family income in Chapel Hill is over $86,000.. In terms of per
<br />capita income, Orange County ranks fourth among all Counties in North Carolina and third
<br />among Counties located in the Triangle region of North Carolina, according to data obtained
<br />from the 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
<br />represented 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
<br />townhouses, Sales prices for new detached homes exceed $250,000 for both new and existing
<br />homes, The average sales price for unincorporated Orange Counfy in 2004 was $296,890. In
<br />2004, 20% of homes sold for less than $160,000 down from 24% in 2003 and 29% in 2002,
<br />Almost two-thirds of single-family homes sold in 2004 had a sales price of $200,000 or mare
<br />with almost one half of those having a sales price over $350,000. Housing in the Chapel Hill
<br />area is currently among the most expensive in the Research Triangle region. In 2003, the
<br />average purchase price of a home in Orange County rose from about $261,895 to $280,592, In
<br />Chapel Hill, the average purchase price was $320,913, Since 2000, the average purchase price
<br />has increased 22,4% in Chapel Hill.
<br />Rental housing in Orange County is dominated by larger apartment developments-those with
<br />five or more units- which represent 52,9% of the renter-occupied housing in the County, The
<br />median gross rent (rent plus utility expenses) for 2000 was $684, The 2005 fair market rents
<br />(FMR) far atwo-bedroom apartment in Orange County is $779,
<br />Public Housing Programs
<br />The Orange County Department of Housing and Community Development is responsible for the
<br />administration of the Section 8 Housing Choice Voucher Program. The Department does not
<br />operate public housing developments, Currently, the Department administers approximately 623
<br />units of Section 8 assistance with approximately 1,278 people remaining an a waiting list as of
<br />February 2006.
<br />The Town of Chapel Hill Department of Housing administers 336 units of low-rent housing
<br />located 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 />funds to pay for refurbishing work. The Department does not administer Section 8 tenant-based
<br />rental assistance, According to its most recent PHA plan, there is a waiting list of 220 persons
<br />for housing assistance from the Tawn of Chapel Hill's Department of Hcusing.
<br />[3]
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