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5 <br /> 1 Slide #8 <br /> HOUSING IN ORANGE COUNTY <br /> But, by Some Measures, Orange Remains Less <br /> Affordable Than Surrounding Counties <br /> Median home value as share of median household income Median annual rent as share of median household income <br /> 6 25 <br /> 5 20% <br /> 4 <br /> 15% <br /> 3 <br /> 10% <br /> 2 <br /> 1 5% <br /> 0 0% <br /> Alamance Chatham Durham Orange Wake Alamance Chatham Durham Orange Wake <br /> County County County County County County County County County County <br /> u R 9 A N I N s T I T U T [ Source:US Census ACS 2020-2024. <br /> 2 <br /> 3 Yonah Freemark said it would take 5.7 years for someone to pay off their house in Orange <br /> 4 County, if they spent all their salary on housing. He said that the median household income in <br /> 5 Orange County was lower than Wake, but higher than Durham. <br /> 6 Vice-Chair Fowler asked if this information included students. <br /> 7 Yonah Freemark said it includes students. <br /> 8 Chair Hamilton said there is no control for composition of the households. She said <br /> 9 because the community has a lot of students, it's going to both lower median household income <br /> 10 and increase demand for housing. <br /> 11 Yonah Freemark said that is correct. He said that the student population in Orange County <br /> 12 is declining as a share of the population. <br /> 13 Commissioner Greene said UNC Chapel Hill is looking to add 500 students each year to <br /> 14 increase their student population to 5,000. <br /> 15 Yonah Freemark said something to consider is how well UNC can absorb those students <br /> 16 through dormitories. <br /> 17 Commissioner Portie-Ascott there are other people in the community who are not able to <br /> 18 afford to live in the county. <br /> 19 Yonah Freemark said the students are just a portion of the market. <br /> 20 <br /> 21 <br />