Agenda - 04-12-2005-8c - Laserfiche WebLink

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higher than the median family income for North Carolina and 21 % higher than the national aver- age. The estimated median family income in Chapel Hill is over $86,000. Housing Market Conditions In 1990, the total number of housing units in Orange County was 38,683.. During the period 1990 to 2000, the total number of housing units increased by 27.4% to 49,289 units, Also during this period, the number of owner-occupied units increased by 32.4% and represented over one- half of all housing units in Orange County are owner occupied. In 2000, owner-occupied hous- ing in Chapel Hill represented 43% of all occupied units in 2000. In renter-occupied housing, structures with five or more units continues to be the majority of the housing stock at 52.9% in 2000. According to the 2000 census, the median value of owner-occupied housing in Orange County was $179,000-up from $100,400 in 1990. More than 40% of owner-occupied housing in Or- ange County is valued between $100,000 and $199,999. Almost 9% of owner-occupied housing has a value of $400,000 or more. There are only 708 units (or 3.6%) of owner-occupied housing with a value below $60,000. Housing in the Chapel Hill area is among the most expensive in the Research Triangle region. The average purchase price of a home in Orange County rose from about $261,895 to $280,592. In Chapel Hill, the average purchase price was $320,913. Since 2000, the average purchase price has increased 22.4% in Chapel Hill. Rental Housing in Orange County is dominated by larger apartment developments-those with five or more units- which represent 52.9% of the renter-occupied housing in Orange County. The median gross rent (rent plus utility expenses) for 2000 is $684. The 2005 fair market rents (FMR)for atwo-bedroom apartment in Orange County is $779. Public Housing Programs The Orange County Department of Housing and Community Development is responsible for the administration of Section 8 rental assistance. The Department does not operate public housing developments, Currently, the Department administers approximately 623 units of Section 8 as- sistance. The Town of Chapel Hill Department of Housing administers 336 units of low-rent housing lo- cated at 13 sites (12 in Chapel Hill and one in Carrboro) with one additional development un- derway in Chapel Hill. The department's goal is to refurbish all 336 units of public housing over a five-year cycle using Community Development Block Grant funds to pay for refurbishing work. The Department does not administer Section 8 tenant-based rental assistance. There is a wait- ing list of 195 persons for housing assistance from the Town of Chapel Hill's Department of Housing. Housing Needs Assessment Renter Households One-half of all renter households experience a housing problem, which represents a 0.8% re- duction since 1990. The percentage of extremely low-income renters who experience housing problems has increased overall since 1990. However, among extremely low- and very low- [Sl