Agenda - 05-03-2005-5e - Laserfiche WebLink

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in median income over the past 10 years. The median income in Orange County is about 20% 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, In terms of per capita income, Orange County ranks fourth among all counties in North Carolina and third among counties located in the Triangle region of North Carolina, according to data obtained from the U S, Bureau of Economic Analysis. 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. In 2000, owner-occupied housing in Chapel Hill rep- resented 43% of all occupied units.. In renter-occupied housing, structures with five or more units continue to be the majority of the housing stock at 52, 9% in 2000. Average and median sales prices of both new and existing homes in Orange County for 2004 exceed $100,000. The lowest prices are reflected in the sales of condominiums and town- houses. Sales prices for new detached homes exceed $250,000 for both new and existing homes. The average home sales price in 2004 was $279,996 and the median was $229,500, In 2004, 20% of homes sold for less than $160,000 down from 24% in 2003 and 29% in 2002. Al- most two-thirds of single-family homes sold in 2004 had a sales price of $200,000 or more with almost one half of those having a sales price over $350,OQO,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 Orange 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 currently among the most expensive in the Re- search Triangle region, The In 2003, 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, t he average purchase price has i ncreased 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 the County. The median gross rent (rent plus utility expenses) for 2000 was $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 the Section 8 rental assistance Housing Choice Voucher Program. The De- partment does not operate public housing developments. Currently, the Department administers approximately 623 units of Section 8 assistance with 909 people rema fining on a waiting I fist. 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) The department's goal is to refurbish all 336 units of public housing over afive-year cycle using Community Development Block Grant funds to pay for refurbishing work. The Department does not administer Section 8 tenant-based rental assistance. According to its most recent PHA plan, there is a waiting list of 223 persons for housing assistance from the Town of C hapel Hill's Department of Housing. [5]