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53 <br /> MA-15 Cost of Housing - 91.410, 91.210(a) <br /> Introduction <br /> As discussed throughout this plan, Orange County has seen increasing housing costs in recent years that <br /> has resulted in a shortage of affordable housing units for low-and moderate-income households. In fact, <br /> the cost of housing in Orange County has increased over the past five years,with the median home <br /> value rising nearly 14% and the median contract rent rising 16.5%. Only 5%of the housing units in the <br /> county are affordable to households earning below 30%of the area median income (AMI), and only 21% <br /> are affordable to household earning below 50%AMI. <br /> Cost of Housing <br /> Base Year: 2009 Most Recent Year: 2015 %Change <br /> Median Home Value 239,500 272,600 14% <br /> Median Contract Rent 683 796 17% <br /> Table 29—Cost of Housing <br /> Data Source:2005-2009 ACS,2011-2015 ACS <br /> Rent Paid Number % <br /> Less than $500 2,847 13.7% <br /> $500-999 12,353 59.4% <br /> $1,000-1,499 3,596 17.3% <br /> $1,500-1,999 1,259 6.1% <br /> $2,000 or more 754 3.6% <br /> Total 20,809 100.0% <br /> Table 30-Rent Paid <br /> Data Source:2011-2015 ACS <br /> Housing Affordability <br /> %Units affordable to Households Renter Owner <br /> earning <br /> 30%HAMFI 919 No Data <br /> 50%HAMFI 4,142 1,992 <br /> 80%HAMFI 12,995 5,754 <br /> 100%HAMA No Data 8,152 <br /> Total 18,056 15,898 <br /> Table 31—Housing Affordability <br /> Data Source:2011-2015 CHAS <br /> Monthly Rent <br /> Monthly Rent($) Efficiency(no 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom <br /> bedroom) <br /> Fair Market Rent 834 902 1,055 1,435 1,624 <br /> High HOME Rent 834 902 1,055 1,399 1,541 <br /> Low HOME Rent 742 1 795 1 955 1,102 1,230 <br /> Table 32—Monthly Rent <br /> Data Source:HUD FMR and HOME Rents <br /> IFFY 2020—2024 Orange County, NC HOME Consortium 50 <br /> Consolidated Plan <br /> OMB Control No:2506-0117(exp.06/30/2018) <br />