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50 <br /> Housing Market Analysis <br /> MA-05 Overview <br /> Housing Market Analysis Overview <br /> Orange County lies within central North Carolina—a region known as the Piedmont—and is part of the <br /> Durham-Chapel Hill Metro Area and the Raleigh-Durham-Cary Combined Statistical Area. This region is <br /> known as the "Triangle" as the three cities of Raleigh, Durham, and Chapel Hill (and their universities of <br /> North Carolina State University, Duke University, and the University of North Carolina-Chapel Hill)form a <br /> geographic triangle. <br /> Orange County comprises extensive rural land and three urban centers—Chapel Hill, Carrboro, and <br /> Hillsborough. In recent years, residential development has extended beyond these urban centers into <br /> previously-rural land as the population of the county expands.These developments not only cater to <br /> Orange County's growing population, but to commuters to jobs in surrounding counties, especially in <br /> Research Triangle Park. <br /> This section presents an analysis of the Orange County housing market. In it, we rely on CHAS and ACS <br /> data. <br /> We find that a substantial proportion of Orange County's housing stock has been constructed since <br /> 2000, and that the cost of both owner-occupied and renter-occupied housing has increased about 15% <br /> since the previous Consolidated Plan. While it appears that the supply of market-rate housing is <br /> adequate for the county's population,there is a need for quality affordable housing, especially in the <br /> urban centers of the county. <br /> FFY 2020–2024 Orange County, NC HOME Consortium 47 <br /> Consolidated Plan <br /> OMB Control No:2506-0117(exp.06/30/2018) <br />